Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Baldwin Wealth Partners LLC MA

Baldwin Wealth Partners LLC MA decreased its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 15.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 29,708 shares of the industrial products company's stock after selling 5,361 shares during the quarter. Baldwin Wealth Partners LLC MA's holdings in Illinois Tool Works were worth $7,368,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of ITW. Norges Bank bought a new position in Illinois Tool Works in the 4th quarter valued at $806,291,000. GAMMA Investing LLC grew its holdings in shares of Illinois Tool Works by 26,372.8% during the first quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock valued at $5,123,080,000 after buying an additional 2,057,872 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Illinois Tool Works in the fourth quarter worth approximately $203,949,000. Cerity Partners LLC raised its position in Illinois Tool Works by 263.9% in the fourth quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company's stock worth $229,269,000 after acquiring an additional 655,341 shares during the period. Finally, Northern Trust Corp raised its position 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 purchasing an additional 508,188 shares during the period. Institutional investors own 79.77% of the company's stock.

Illinois Tool Works Trading Down 1.0%

NYSE ITW traded down $2.49 during trading on Wednesday, reaching $246.51. 727,681 shares of the stock traded hands, compared to its average volume of 1,011,550. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The stock's 50-day moving average price is $240.15 and its 200 day moving average price is $252.75. The firm has a market cap of $72.23 billion, a price-to-earnings ratio of 21.03, a price-to-earnings-growth ratio of 4.56 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating the consensus estimate of $2.34 by $0.04. The business had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. Illinois Tool Works's revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.44 earnings per share. Analysts predict that Illinois Tool Works Inc. will post 10.39 EPS 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. Stockholders of record on Monday, June 30th will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works's dividend payout ratio is presently 52.77%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ITW. Stifel Nicolaus boosted their target price on shares of Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a report on Thursday, May 1st. Evercore ISI dropped their target price on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a research note on Monday, May 19th. Citigroup dropped their target price on shares of 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. Robert W. Baird upped their target price 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. Finally, Truist Financial lowered their price target on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Illinois Tool Works has an average rating of "Hold" and an average target price of $253.42.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. purchased 872 shares of the business's stock in a transaction on Monday, June 2nd. The stock was acquired at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the purchase, the director now directly owns 122,884 shares in the company, valued at $29,634,705.44. This trade represents a 0.71% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.88% of the stock is owned by insiders.

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.