Douglas Lane & Associates LLC Has $6.17 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Douglas Lane & Associates LLC decreased its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 8.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,893 shares of the industrial products company's stock after selling 2,378 shares during the quarter. Douglas Lane & Associates LLC's holdings in Illinois Tool Works were worth $6,174,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. EP Wealth Advisors LLC grew its stake 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 valued at $1,450,000 after acquiring an additional 1,698 shares during the last quarter. MOKAN Wealth Management Inc. acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $1,096,000. Sovran Advisors LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $398,000. Roxbury Financial LLC acquired a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $615,000. Finally, Empower Advisory Group LLC grew its holdings in Illinois Tool Works by 3.2% during the 4th quarter. Empower Advisory Group LLC now owns 346,144 shares of the industrial products company's stock valued at $87,768,000 after buying an additional 10,739 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft raised shares of Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 price target on the stock in a research report on Wednesday, February 19th. Robert W. Baird upped their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a report on Thursday, May 1st. Evercore ISI lowered 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. Barclays decreased their price objective on shares of 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, 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. 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 issued a strong buy rating to the company. According to data from MarketBeat, Illinois Tool Works presently has an average rating of "Hold" and an average price target of $253.42.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 872 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were bought at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the transaction, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Christopher A. O'herlihy sold 48,453 shares of the company's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the completion of the transaction, the chief executive officer now directly owns 55,113 shares of the company's stock, valued at approximately $15,120,802.68. The trade was a 46.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Performance

Illinois Tool Works stock traded up $0.67 during mid-day trading on Thursday, reaching $247.18. The company had a trading volume of 265,152 shares, compared to its average volume of 1,007,480. The company has a 50 day moving average of $239.71 and a 200-day moving average of $253.52. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The firm has a market cap of $72.42 billion, a price-to-earnings ratio of 21.09, a PEG ratio of 4.56 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings results 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 return on equity of 95.39% and a net margin of 21.94%. The firm had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same period in the previous year, the company posted $2.44 earnings per share. The company's quarterly revenue was down 3.4% compared to the same quarter last year. On average, sell-side analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

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 issued 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 is Monday, June 30th. Illinois Tool Works's payout ratio is presently 52.77%.

Illinois Tool Works 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.