Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC trimmed its stake in Illinois Tool Works Inc. (NYSE:ITW) by 6.6% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 12,931 shares of the industrial products company’s stock after selling 907 shares during the period. Axxcess Wealth Management LLC’s holdings in Illinois Tool Works were worth $3,064,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. PEAK6 Investments LLC lifted its stake in Illinois Tool Works by 17.5% during the first quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock worth $253,000 after purchasing an additional 140 shares in the last quarter. GSA Capital Partners LLP acquired a new position in Illinois Tool Works during the 1st quarter worth about $1,147,000. Norden Group LLC boosted its holdings in Illinois Tool Works by 1,889.1% during the 1st quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock valued at $7,103,000 after acquiring an additional 25,144 shares during the period. Nomura Asset Management Co. Ltd. grew its position in Illinois Tool Works by 6.0% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock valued at $55,821,000 after acquiring an additional 12,065 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its position in Illinois Tool Works by 78.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 36,921 shares of the industrial products company’s stock valued at $9,907,000 after acquiring an additional 16,216 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $254.72 on Wednesday. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The firm has a market capitalization of $76.01 billion, a PE ratio of 25.12, a price-to-earnings-growth ratio of 3.93 and a beta of 1.10. The business’s fifty day moving average price is $245.38 and its 200 day moving average price is $248.22.

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

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend is Monday, September 30th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is currently 59.17%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on ITW shares. Stifel Nicolaus lowered their price objective on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research note on Wednesday, July 31st. Jefferies Financial Group decreased 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. Evercore ISI cut their price objective on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Barclays lowered their target price on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research note on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus price target of $250.22.

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.