Axxcess Wealth Management LLC Has $2.54 Million Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Axxcess Wealth Management LLC lowered its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 18.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 10,220 shares of the industrial products company's stock after selling 2,270 shares during the period. Axxcess Wealth Management LLC's holdings in Illinois Tool Works were worth $2,535,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Prudent Man Investment Management Inc. bought a new stake in Illinois Tool Works in the fourth quarter worth about $25,000. Ameriflex Group Inc. acquired a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $26,000. Redwood Park Advisors LLC acquired a new position in Illinois Tool Works in the 4th quarter worth approximately $26,000. von Borstel & Associates Inc. purchased a new stake in shares of Illinois Tool Works in the first quarter valued at $26,000. Finally, Glass Jacobson Investment Advisors llc boosted its position in shares of Illinois Tool Works by 336.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock worth $28,000 after buying an additional 84 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ITW. 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 report on Wednesday, May 7th. Evercore ISI cut their price objective on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a report on Monday, May 19th. Citigroup cut their target price on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Stifel Nicolaus raised their price target on Illinois Tool Works from $227.00 to $233.00 and gave the company a "hold" rating in a report on Thursday, May 1st. Finally, Truist Financial cut their price objective on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $252.83.

Insiders Place Their Bets

In related news, Director David Byron Smith, Jr. acquired 872 shares of the company's stock in a transaction on Monday, June 2nd. The stock was purchased 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 $29,634,705.44. The trade was a 0.71% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is currently owned by company insiders.

Illinois Tool Works Price Performance

NYSE ITW traded down $2.65 during mid-day trading on Friday, hitting $259.48. The stock had a trading volume of 311,348 shares, compared to its average volume of 996,365. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The company has a market cap of $76.03 billion, a price-to-earnings ratio of 22.82, a P/E/G ratio of 5.50 and a beta of 1.09. The company has a 50 day simple moving average of $247.15 and a 200 day simple moving average of $249.55. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25.

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 for the quarter, beating analysts' consensus estimates of $2.34 by $0.04. The firm had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. Illinois Tool Works's quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.44 EPS. Equities analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be given a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.31%. Illinois Tool Works's dividend payout ratio (DPR) is presently 52.77%.

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.