Envestnet Portfolio Solutions Inc. Sells 10,253 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Envestnet Portfolio Solutions Inc. reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 39.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,803 shares of the industrial products company's stock after selling 10,253 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Illinois Tool Works were worth $3,919,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. F M Investments LLC grew its stake in shares of Illinois Tool Works by 4.9% during the fourth quarter. F M Investments LLC now owns 896 shares of the industrial products company's stock valued at $227,000 after buying an additional 42 shares during the last quarter. Trust Co of the South grew its stake in shares of Illinois Tool Works by 2.9% during the first quarter. Trust Co of the South now owns 1,478 shares of the industrial products company's stock valued at $367,000 after buying an additional 42 shares during the last quarter. Harbour Investments Inc. grew its stake in shares of Illinois Tool Works by 1.2% during the fourth quarter. Harbour Investments Inc. now owns 3,696 shares of the industrial products company's stock valued at $937,000 after buying an additional 44 shares during the last quarter. Integrated Advisors Network LLC grew its stake in shares of Illinois Tool Works by 0.8% during the fourth quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company's stock valued at $1,504,000 after buying an additional 45 shares during the last quarter. Finally, Capital Advisors Ltd. LLC grew its stake in shares of Illinois Tool Works by 3.0% during the fourth quarter. Capital Advisors Ltd. LLC now owns 1,569 shares of the industrial products company's stock valued at $398,000 after buying an additional 46 shares during the last quarter. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $240.41 on Friday. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The company has a 50 day simple moving average of $242.34 and a two-hundred day simple moving average of $250.91. The company has a market capitalization of $70.44 billion, a price-to-earnings ratio of 21.14, a P/E/G ratio of 5.17 and a beta of 1.10. 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 announced its 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 business had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter last year, the firm earned $2.44 earnings per share. The business's revenue for the quarter was down 3.4% on a year-over-year basis. Analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors 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 2.50%. The ex-dividend date is Monday, June 30th. Illinois Tool Works's dividend payout ratio (DPR) is currently 52.77%.

Insider Activity at Illinois Tool Works

In other news, Director David Byron Smith, Jr. purchased 872 shares of Illinois Tool Works stock in a transaction that occurred on Monday, June 2nd. The stock was 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 of the company's stock, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.88% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ITW. Citigroup dropped their target price on shares of Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Evercore ISI dropped their target price on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a report on Monday, May 19th. Barclays dropped their target price 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. Truist Financial dropped their target price on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, Robert W. Baird increased their target price 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. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $253.42.

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.

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