Beacon Investment Advisory Services Inc. Lowers Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Beacon Investment Advisory Services Inc. reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 132,508 shares of the industrial products company’s stock after selling 1,008 shares during the quarter. Illinois Tool Works accounts for 1.4% of Beacon Investment Advisory Services Inc.’s holdings, making the stock its 23rd largest position. Beacon Investment Advisory Services Inc.’s holdings in Illinois Tool Works were worth $34,726,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. Financial Connections Group Inc. purchased a new position in Illinois Tool Works during the second quarter worth approximately $30,000. Fairscale Capital LLC purchased a new position in shares of Illinois Tool Works during the 2nd quarter valued at approximately $30,000. True Wealth Design LLC grew its stake in Illinois Tool Works by 1,060.0% in the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 106 shares during the period. Catalyst Capital Advisors LLC purchased a new stake in Illinois Tool Works in the 3rd quarter worth $32,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Illinois Tool Works in the third quarter valued at about $35,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Robert W. Baird lifted their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Barclays upped their price objective on shares of Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Truist Financial raised their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Wells Fargo & Company increased their price target on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Finally, Stifel Nicolaus raised their target price on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. Four analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus price target of $257.30.

Illinois Tool Works Trading Up 0.5 %

NYSE ITW opened at $277.52 on Monday. The firm has a 50 day simple moving average of $264.35 and a 200-day simple moving average of $250.78. The firm has a market cap of $81.95 billion, a price-to-earnings ratio of 24.01, a PEG ratio of 4.30 and a beta of 1.10. Illinois Tool Works Inc. has a one year low of $232.77 and a one year high of $279.13. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.12. The business had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.55 EPS. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is 51.90%.

About Illinois Tool Works

Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.