Prime Capital Investment Advisors LLC Has $3.14 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

Prime Capital Investment Advisors LLC reduced its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 18.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 13,247 shares of the industrial products company’s stock after selling 3,013 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Illinois Tool Works were worth $3,139,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Frazier Financial Advisors LLC acquired a new stake in Illinois Tool Works in the 4th quarter valued at $26,000. Security National Bank acquired a new position in shares of Illinois Tool Works during the 4th quarter worth about $28,000. Christopher J. Hasenberg Inc acquired a new position in shares of Illinois Tool Works during the 1st quarter worth about $32,000. Northwest Investment Counselors LLC acquired a new position in shares of Illinois Tool Works during the 1st quarter worth about $34,000. Finally, Financial Connections Group Inc. acquired a new position in shares of Illinois Tool Works during the 2nd quarter worth about $30,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ITW. Barclays lowered their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 31st. Wells Fargo & Company boosted their price objective on shares of Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 31st. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Friday. Stifel Nicolaus reduced their target price on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. lifted their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus target price of $250.22.

Illinois Tool Works Stock Performance

NYSE ITW opened at $255.13 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The company has a market capitalization of $76.13 billion, a P/E ratio of 25.16, a P/E/G ratio of 3.93 and a beta of 1.10. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month high of $271.15. The firm has a 50-day moving average price of $244.96 and a two-hundred day moving average price of $248.26.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The firm had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.41 EPS. Analysts anticipate that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a $1.50 dividend. The ex-dividend date of this dividend is Monday, September 30th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a dividend yield of 2.35%. Illinois Tool Works’s payout ratio is presently 59.17%.

Illinois Tool Works Company Profile

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.