Clearstead Trust LLC Sells 785 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Clearstead Trust LLC lowered its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 14.2% in the second quarter, HoldingsChannel reports. The firm owned 4,738 shares of the industrial products company’s stock after selling 785 shares during the period. Clearstead Trust LLC’s holdings in Illinois Tool Works were worth $1,123,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Steele Capital Management Inc. lifted its position in Illinois Tool Works by 4.9% during the second quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock worth $206,000 after acquiring an additional 40 shares during the last quarter. EP Wealth Advisors LLC lifted its position in Illinois Tool Works by 1.0% during the first quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock worth $1,178,000 after acquiring an additional 42 shares during the last quarter. Proficio Capital Partners LLC raised its position in shares of Illinois Tool Works by 3.0% in the first quarter. Proficio Capital Partners LLC now owns 1,490 shares of the industrial products company’s stock valued at $400,000 after buying an additional 44 shares in the last quarter. Carson Advisory Inc. raised its position in shares of Illinois Tool Works by 3.0% in the first quarter. Carson Advisory Inc. now owns 1,552 shares of the industrial products company’s stock valued at $417,000 after buying an additional 45 shares in the last quarter. Finally, Trifecta Capital Advisors LLC raised its position in shares of Illinois Tool Works by 0.8% in the first quarter. Trifecta Capital Advisors LLC now owns 5,948 shares of the industrial products company’s stock valued at $1,596,000 after buying an additional 46 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

ITW has been the subject of a number of analyst reports. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday. Jefferies Financial Group dropped their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Wells Fargo & Company lifted their price target on shares of Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research report on Wednesday, July 31st. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Finally, Stifel Nicolaus dropped their price target on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Hold” and an average price target of $250.22.

Illinois Tool Works Stock Performance

NYSE ITW opened at $255.13 on Tuesday. The firm’s fifty day moving average price is $244.96 and its two-hundred day moving average price is $248.26. The stock has a market cap of $76.13 billion, a PE ratio of 25.16, a PEG ratio of 3.93 and a beta of 1.10. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. The firm had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The company’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.41 earnings per share. On average, equities analysts expect that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.35%. 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. Illinois Tool Works’s payout ratio is presently 59.17%.

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.