Meyer Handelman Co. Sells 310 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Meyer Handelman Co. trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 151,776 shares of the industrial products company’s stock after selling 310 shares during the quarter. Illinois Tool Works accounts for 1.4% of Meyer Handelman Co.’s holdings, making the stock its 21st biggest position. Meyer Handelman Co. owned approximately 0.05% of Illinois Tool Works worth $40,726,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of ITW. FMR LLC grew its stake in shares of Illinois Tool Works by 8.9% during the 3rd quarter. FMR LLC now owns 1,005,817 shares of the industrial products company’s stock worth $231,650,000 after acquiring an additional 82,017 shares in the last quarter. CI Investments Inc. boosted its holdings in shares of Illinois Tool Works by 2.9% in the 3rd quarter. CI Investments Inc. now owns 5,384 shares of the industrial products company’s stock valued at $1,240,000 after buying an additional 154 shares during the last quarter. Dark Forest Capital Management LP boosted its holdings in shares of Illinois Tool Works by 79.6% in the 3rd quarter. Dark Forest Capital Management LP now owns 10,339 shares of the industrial products company’s stock valued at $2,381,000 after buying an additional 4,583 shares during the last quarter. LPL Financial LLC boosted its position in Illinois Tool Works by 9.5% during the third quarter. LPL Financial LLC now owns 395,830 shares of the industrial products company’s stock worth $91,164,000 after purchasing an additional 34,408 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in Illinois Tool Works during the third quarter worth $1,152,000. 79.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ITW shares. Citigroup boosted their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Truist Financial boosted their target price on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Friday. Barclays dropped their price target on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a research note on Tuesday, June 4th. Finally, Wells Fargo & Company dropped their price target on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a research note on Wednesday, May 1st. Four analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $256.44.

Illinois Tool Works Price Performance

NYSE ITW traded down $2.93 during trading on Friday, hitting $240.40. 1,813,650 shares of the company’s stock were exchanged, compared to its average volume of 922,801. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. The company has a market cap of $71.74 billion, a PE ratio of 23.71, a P/E/G ratio of 3.62 and a beta of 1.11. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. The stock’s 50 day moving average price is $244.72 and its two-hundred day moving average price is $254.14.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping the consensus estimate of $2.35 by $0.09. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.33 earnings per share. Research analysts expect that Illinois Tool Works Inc. will post 10.22 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 55.23%.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. purchased 775 shares of Illinois Tool Works stock in a transaction dated Thursday, June 13th. The shares were bought at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the acquisition, the director now owns 121,506 shares in the company, valued at approximately $29,018,062.92. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.88% of the company’s stock.

Illinois Tool Works Company 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.