Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Legacy Financial Strategies LLC

Legacy Financial Strategies LLC trimmed its stake in Illinois Tool Works Inc. (NYSE:ITW) by 2.6% in the first quarter, Holdings Channel.com reports. The firm owned 10,413 shares of the industrial products company’s stock after selling 277 shares during the quarter. Legacy Financial Strategies LLC’s holdings in Illinois Tool Works were worth $2,794,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Cornerstone Wealth Management LLC raised its holdings in shares of Illinois Tool Works by 2.8% during the fourth quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company’s stock worth $395,000 after purchasing an additional 41 shares during the period. Summit Financial LLC grew its holdings in Illinois Tool Works by 1.6% during the fourth quarter. Summit Financial LLC now owns 2,601 shares of the industrial products company’s stock valued at $685,000 after purchasing an additional 41 shares during the last quarter. Catalyst Financial Partners LLC grew its stake in shares of Illinois Tool Works by 2.5% in the fourth quarter. Catalyst Financial Partners LLC now owns 1,767 shares of the industrial products company’s stock worth $463,000 after acquiring an additional 43 shares during the last quarter. PFG Advisors lifted its holdings in shares of Illinois Tool Works by 0.7% during the fourth quarter. PFG Advisors now owns 6,655 shares of the industrial products company’s stock valued at $1,743,000 after acquiring an additional 46 shares during the period. Finally, Crestwood Advisors Group LLC increased its position in Illinois Tool Works by 1.3% in the fourth quarter. Crestwood Advisors Group LLC now owns 3,635 shares of the industrial products company’s stock worth $952,000 after purchasing an additional 46 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ITW has been the topic of several research reports. Barclays cut their target price on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research note on Tuesday, June 4th. Stifel Nicolaus increased their price target on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Truist Financial boosted their price target on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Wells Fargo & Company cut their price target on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a report on Wednesday, May 1st. Finally, Citigroup upped their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and an average target price of $256.44.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. bought 775 shares of the stock in a transaction on Thursday, June 13th. The stock was acquired at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the acquisition, the director now owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Down 1.2 %

Shares of NYSE:ITW traded down $2.93 on Friday, hitting $240.40. 1,697,887 shares of the company traded hands, compared to its average volume of 1,179,352. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The stock has a 50 day simple moving average of $244.98 and a 200-day simple moving average of $254.19. The company has a market cap of $71.74 billion, a PE ratio of 24.00, a PEG ratio of 3.57 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.35 by $0.09. The business had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period last year, the firm posted $2.33 earnings per share. As a group, research analysts expect that Illinois Tool Works Inc. will post 10.22 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s payout ratio is 55.23%.

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.