Lincoln National Corp trimmed its position in Illinois Tool Works Inc. (NYSE:ITW) by 8.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,665 shares of the industrial products company’s stock after selling 492 shares during the quarter. Lincoln National Corp’s holdings in Illinois Tool Works were worth $1,267,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. Nvwm LLC increased its holdings in shares of Illinois Tool Works by 266.7% during the second quarter. Nvwm LLC now owns 110 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 80 shares during the period. Meridian Wealth Partners LLC acquired a new stake in Illinois Tool Works in the first quarter valued at approximately $27,000. Harbour Investments Inc. acquired a new stake in Illinois Tool Works in the first quarter valued at approximately $28,000. Paragon Wealth Strategies LLC acquired a new stake in Illinois Tool Works in the second quarter valued at approximately $28,000. Finally, Perkins Coie Trust Co acquired a new stake in Illinois Tool Works in the second quarter valued at approximately $29,000. 77.61% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have weighed in on the stock. Citigroup raised their target price on shares of Illinois Tool Works from $252.00 to $256.00 and gave the company a “neutral” rating in a research report on Monday, August 2nd. Credit Suisse Group raised their price target on shares of Illinois Tool Works from $265.00 to $268.00 and gave the company an “outperform” rating in a research note on Monday, August 2nd. Morgan Stanley dropped their price target on shares of Illinois Tool Works from $208.00 to $198.00 and set an “underweight” rating for the company in a research note on Thursday, October 7th. Wells Fargo & Company started coverage on shares of Illinois Tool Works in a research note on Thursday, October 7th. They set an “equal weight” rating and a $219.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Illinois Tool Works from $227.00 to $238.00 and gave the company a “hold” rating in a research note on Wednesday, July 14th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $226.88.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Friday, July 30th. The industrial products company reported $2.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.09 by $0.01. The business had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.56 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 81.66%. The firm’s revenue for the quarter was up 43.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.01 EPS. On average, equities research analysts forecast that Illinois Tool Works Inc. will post 8.63 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 14th. Shareholders of record on Thursday, September 30th will be given a dividend of $1.22 per share. The ex-dividend date is Wednesday, September 29th. This represents a $4.88 annualized dividend and a yield of 2.27%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.14. Illinois Tool Works’s dividend payout ratio is presently 69.71%.
Illinois Tool Works Profile
Illinois Tool Works, Inc engages in the manufacture of industrial products and equipment. It operates through the following segments: Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers & Fluids, Welding, Construction Products, and Specialty Products. The Automotive OEM segment produces components and fasteners for automotive-related applications.
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