Apollon Wealth Management LLC Decreases Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Apollon Wealth Management LLC decreased its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 24.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,730 shares of the industrial products company's stock after selling 3,778 shares during the quarter. Apollon Wealth Management LLC's holdings in Illinois Tool Works were worth $3,074,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of ITW. Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works in the second quarter worth about $30,000. Fairscale Capital LLC bought a new position in shares of Illinois Tool Works in the second quarter worth about $30,000. Catalyst Capital Advisors LLC bought a new position in shares of Illinois Tool Works in the third quarter worth about $32,000. Northwest Investment Counselors LLC purchased a new stake in shares of Illinois Tool Works during the third quarter worth about $35,000. Finally, Meeder Asset Management Inc. grew its position in shares of 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 purchasing an additional 115 shares in the last quarter. Institutional investors own 79.77% of the company's stock.

Illinois Tool Works Price Performance

NYSE ITW traded up $1.88 during trading hours on Wednesday, reaching $273.08. The company's stock had a trading volume of 321,312 shares, compared to its average volume of 1,054,574. The company's 50-day moving average is $258.46 and its two-hundred day moving average is $248.44. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $277.58. The firm has a market capitalization of $80.64 billion, a price-to-earnings ratio of 23.51, a P/E/G ratio of 4.21 and a beta of 1.10. 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 - Get Free Report) 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 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 quarter in the prior year, the firm earned $2.55 earnings per share. On average, equities analysts predict that Illinois Tool Works Inc. will post 10.12 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a $1.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.20%. Illinois Tool Works's payout ratio is 51.90%.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Argus upgraded Illinois Tool Works to a "strong-buy" rating in a research report on Wednesday, July 31st. Truist Financial increased their target price on Illinois Tool Works from $281.00 to $312.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. Barclays increased their target price on Illinois Tool Works from $215.00 to $230.00 and gave the stock an "underweight" rating in a research report on Friday, November 1st. JPMorgan Chase & Co. increased their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 31st. Finally, Robert W. Baird raised their price target on Illinois Tool Works from $240.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, October 31st. Four analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $257.30.

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.