Kingsview Wealth Management LLC Has $2.65 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Kingsview Wealth Management LLC boosted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 17.2% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 10,126 shares of the industrial products company’s stock after buying an additional 1,483 shares during the period. Kingsview Wealth Management LLC’s holdings in Illinois Tool Works were worth $2,654,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of ITW. Financial Connections Group Inc. bought a new position in Illinois Tool Works during the second quarter worth about $30,000. Fairscale Capital LLC bought a new position in shares of Illinois Tool Works during the second quarter worth approximately $30,000. Catalyst Capital Advisors LLC acquired a new stake in shares of Illinois Tool Works in the third quarter valued at approximately $32,000. Northwest Investment Counselors LLC bought a new stake in shares of Illinois Tool Works in the third quarter valued at approximately $35,000. Finally, Meeder Asset Management Inc. grew its position in Illinois Tool Works by 261.4% during the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after buying an additional 115 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ITW has been the subject of a number of recent analyst reports. Robert W. Baird increased their target price on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their price objective for the stock from $246.00 to $255.00 in a research note on Wednesday, November 13th. JPMorgan Chase & Co. boosted their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” 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 boosted their price objective on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. Four investment 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’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $257.30.

Illinois Tool Works Trading Up 1.5 %

NYSE:ITW opened at $273.95 on Monday. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $277.58. The firm’s fifty day moving average is $262.20 and its 200-day moving average is $249.84. The firm has a market cap of $80.90 billion, a P/E ratio of 23.70, a P/E/G ratio of 4.18 and a beta of 1.10. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36.

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

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s payout ratio is 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.