Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Avantax Planning Partners Inc.

Avantax Planning Partners Inc. cut its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 83.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,867 shares of the industrial products company's stock after selling 9,744 shares during the period. Avantax Planning Partners Inc.'s holdings in Illinois Tool Works were worth $463,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Illinois Tool Works by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 26,326,996 shares of the industrial products company's stock valued at $6,675,473,000 after purchasing an additional 94,601 shares during the last quarter. Northern Trust Corp increased its stake in shares of Illinois Tool Works by 3.9% during the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock valued at $3,465,570,000 after acquiring an additional 508,188 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Illinois Tool Works by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 6,392,021 shares of the industrial products company's stock valued at $1,620,491,000 after acquiring an additional 99,753 shares during the last quarter. Capital Research Global Investors increased its position in Illinois Tool Works by 1.8% during the fourth quarter. Capital Research Global Investors now owns 4,132,493 shares of the industrial products company's stock worth $1,047,837,000 after purchasing an additional 71,934 shares during the last quarter. Finally, Norges Bank acquired a new position in Illinois Tool Works during the fourth quarter worth approximately $806,291,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 872 shares of the stock in a transaction dated Monday, June 2nd. The stock was bought at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the purchase, the director directly owned 122,884 shares of the company's stock, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.88% of the stock is owned by corporate insiders.

Illinois Tool Works Stock Down 1.5%

Shares of ITW stock traded down $3.80 during trading hours on Monday, reaching $254.70. The company had a trading volume of 974,815 shares, compared to its average volume of 995,541. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.16 and a current ratio of 1.60. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The company has a market capitalization of $74.63 billion, a P/E ratio of 22.40, a price-to-earnings-growth ratio of 5.70 and a beta of 1.09. The stock's fifty day simple moving average is $245.97 and its 200 day simple moving average is $249.39.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The company had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter last year, the company earned $2.44 earnings per share. Illinois Tool Works's revenue for the quarter was down 3.4% on a year-over-year basis. As a group, sell-side analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works's payout ratio is 52.77%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ITW shares. Stifel Nicolaus upped their price target on shares of Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. Truist Financial dropped their price objective on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Bank of America lowered Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price target for the company. in a research note on Wednesday, May 7th. Barclays decreased their target price on Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Finally, Wells Fargo & Company increased their target price on shares of Illinois Tool Works from $230.00 to $235.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 1st. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $252.58.

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.