Avantax Planning Partners Inc. Sells 9,744 Shares of Illinois Tool Works Inc. (NYSE:ITW)

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

Other large investors have also recently added to or reduced their stakes in the company. Prudent Man Investment Management Inc. acquired a new position in Illinois Tool Works in the 4th quarter valued at approximately $25,000. Redwood Park Advisors LLC acquired a new position in Illinois Tool Works in the 4th quarter valued at approximately $26,000. Ameriflex Group Inc. acquired a new position in Illinois Tool Works in the 4th quarter valued at approximately $26,000. Glass Jacobson Investment Advisors llc increased its stake in Illinois Tool Works by 336.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock valued at $28,000 after buying an additional 84 shares during the period. Finally, Millstone Evans Group LLC acquired a new position in Illinois Tool Works in the 4th quarter valued at approximately $31,000. Institutional investors and hedge funds own 79.77% of the company's stock.

Illinois Tool Works Trading Up 1.1%

Shares of NYSE:ITW traded up $2.89 during trading on Tuesday, hitting $257.55. 832,566 shares of the company's stock were exchanged, compared to its average volume of 995,038. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13. The firm has a 50-day moving average price of $245.97 and a two-hundred day moving average price of $249.39. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25. The firm has a market cap of $75.46 billion, a P/E ratio of 22.65, a PEG ratio of 5.70 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the previous year, the firm posted $2.44 earnings per share. The business's revenue was down 3.4% on a year-over-year basis. Equities analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date is Monday, June 30th. Illinois Tool Works's payout ratio is currently 52.77%.

Analyst Ratings Changes

Several brokerages have recently commented on ITW. UBS Group dropped their price target on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Bank of America lowered shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price target on the stock. in a research note on Wednesday, May 7th. Wells Fargo & Company increased their price target on shares of Illinois Tool Works from $230.00 to $235.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. Stifel Nicolaus increased 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 note on Thursday, May 1st. Finally, Robert W. Baird increased their price target on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $252.58.

Insiders Place Their Bets

In related news, Director David Byron Smith, Jr. purchased 872 shares of the business's stock in a transaction on Monday, June 2nd. The shares were purchased at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the purchase, the director owned 122,884 shares in the company, valued at $29,634,705.44. This represents a 0.71% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.88% of the company's stock.

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.