Ballentine Partners LLC Trims Position in Illinois Tool Works Inc. (NYSE:ITW)

Ballentine Partners LLC cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 15.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,283 shares of the industrial products company's stock after selling 1,830 shares during the quarter. Ballentine Partners LLC's holdings in Illinois Tool Works were worth $2,550,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Sivia Capital Partners LLC bought a new position in shares of Illinois Tool Works during the 1st quarter valued at approximately $214,000. EP Wealth Advisors LLC lifted its holdings in Illinois Tool Works by 42.2% in the 4th quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company's stock worth $1,450,000 after purchasing an additional 1,698 shares in the last quarter. Sowell Financial Services LLC purchased a new position in Illinois Tool Works in the 1st quarter worth approximately $946,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Illinois Tool Works by 12.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,557 shares of the industrial products company's stock worth $10,242,000 after purchasing an additional 4,560 shares in the last quarter. Finally, Alteri Wealth LLC purchased a new position in Illinois Tool Works in the 4th quarter worth approximately $224,000. 79.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 872 shares of Illinois Tool Works stock in a transaction dated Monday, June 2nd. The shares were acquired 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. The trade was a 0.71% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.88% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Truist Financial lowered their price target on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Wells Fargo & Company boosted their price target on Illinois Tool Works from $230.00 to $235.00 and gave the stock an "underweight" rating in a report on Tuesday, July 1st. Stifel Nicolaus boosted their price target on 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 lowered their price target on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a report on Monday, May 19th. Finally, Bank of America cut Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective on the stock. in a report on Wednesday, May 7th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $252.83.

Illinois Tool Works Price Performance

Shares of ITW traded down $2.41 during mid-day trading on Friday, hitting $259.71. 745,703 shares of the stock were exchanged, compared to its average volume of 998,111. The company has a market cap of $76.10 billion, a PE ratio of 22.84, a price-to-earnings-growth ratio of 5.50 and a beta of 1.09. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The firm has a 50-day moving average of $247.49 and a two-hundred day moving average of $249.48. 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 (NYSE:ITW - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, topping 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 analyst estimates of $3.83 billion. During the same period in the previous year, the firm earned $2.44 earnings per share. Illinois Tool Works's quarterly revenue was down 3.4% compared to the same quarter last year. On average, 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 company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Monday, June 30th were paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.31%. The ex-dividend date was Monday, June 30th. Illinois Tool Works's dividend payout ratio is currently 52.77%.

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.