Procyon Advisors LLC Raises Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Procyon Advisors LLC boosted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 6.3% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,711 shares of the industrial products company’s stock after acquiring an additional 102 shares during the quarter. Procyon Advisors LLC’s holdings in Illinois Tool Works were worth $434,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in ITW. Pensionfund Sabic increased its holdings in Illinois Tool Works by 37.0% in the 4th quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company’s stock valued at $1,876,000 after purchasing an additional 2,000 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Illinois Tool Works by 41.0% during the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock worth $358,321,000 after buying an additional 398,676 shares during the period. Clark & Stuart Inc acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at $1,729,000. Wolverine Asset Management LLC purchased a new stake in shares of Illinois Tool Works in the 3rd quarter valued at $1,179,000. Finally, Czech National Bank boosted its holdings in Illinois Tool Works by 5.9% during the 4th quarter. Czech National Bank now owns 58,265 shares of the industrial products company’s stock valued at $14,774,000 after acquiring an additional 3,227 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ITW has been the topic of a number of recent research reports. Evercore ISI lowered shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and boosted their price target for the stock from $246.00 to $255.00 in a research note on Wednesday, November 13th. Robert W. Baird increased their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Truist Financial upped their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Finally, Wells Fargo & Company lowered their target price on Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating for the company in a research note on Tuesday, January 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $270.11.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock opened at $256.50 on Friday. The firm’s fifty day simple moving average is $264.26 and its 200-day simple moving average is $255.45. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $279.13. The stock has a market capitalization of $75.74 billion, a price-to-earnings ratio of 22.19, a PEG ratio of 3.55 and a beta of 1.11. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97.

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 business had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business’s revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.55 earnings per share. As a group, equities analysts forecast that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Tuesday, December 31st were given a $1.50 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.34%. Illinois Tool Works’s dividend payout ratio (DPR) is 51.90%.

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.