Prospera Private Wealth LLC Makes New $4.73 Million Investment in Illinois Tool Works Inc. (NYSE:ITW)

Prospera Private Wealth LLC bought a new stake in Illinois Tool Works Inc. (NYSE:ITW) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 18,054 shares of the industrial products company’s stock, valued at approximately $4,731,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Financial Connections Group Inc. acquired a new position in Illinois Tool Works during the second quarter worth about $30,000. Fairscale Capital LLC acquired a new position in Illinois Tool Works during the second quarter worth $30,000. Catalyst Capital Advisors LLC purchased a new stake in Illinois Tool Works in the 3rd quarter valued at $32,000. Northwest Investment Counselors LLC acquired a new stake in shares of Illinois Tool Works in the 3rd quarter worth $35,000. Finally, Meeder Asset Management Inc. raised its holdings in shares of Illinois Tool Works by 261.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 115 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Robert W. Baird upped their price objective on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Evercore ISI cut shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their price target for the company from $246.00 to $255.00 in a research note on Wednesday, November 13th. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Barclays upped their price objective on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Finally, Truist Financial lifted their target price on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus price target of $257.30.

Illinois Tool Works Trading Down 1.3 %

ITW opened at $266.46 on Wednesday. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The firm has a market cap of $78.69 billion, a P/E ratio of 23.05, a P/E/G ratio of 4.19 and a beta of 1.10. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $277.58. The business has a fifty day simple moving average of $260.94 and a 200-day simple moving average of $249.34.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.53 by $0.12. The company had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. Illinois Tool Works’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period last year, the business posted $2.55 EPS. On average, equities analysts expect that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.25%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s payout ratio is currently 51.90%.

Illinois Tool Works 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.