Exchange Traded Concepts LLC Sells 5,224 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Exchange Traded Concepts LLC trimmed its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 53.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,621 shares of the industrial products company's stock after selling 5,224 shares during the period. Exchange Traded Concepts LLC's holdings in Illinois Tool Works were worth $1,146,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Prudent Man Investment Management Inc. bought a new stake in shares of Illinois Tool Works during the 4th quarter worth $25,000. Redwood Park Advisors LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter valued at about $26,000. Ameriflex Group Inc. purchased a new position in shares of Illinois Tool Works in the fourth quarter valued at about $26,000. Glass Jacobson Investment Advisors llc increased 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 valued at $28,000 after acquiring an additional 84 shares during the period. Finally, Millstone Evans Group LLC bought a new stake in shares of Illinois Tool Works during the 4th quarter valued at about $31,000. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Stock Performance

ITW opened at $241.13 on Thursday. The firm has a market cap of $70.65 billion, a P/E ratio of 21.21, a PEG ratio of 5.19 and a beta of 1.10. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13. The company has a 50 day simple moving average of $241.89 and a two-hundred day simple moving average of $251.59. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.60 and a quick ratio of 1.16.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, topping analysts' consensus estimates of $2.34 by $0.04. The business had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The company's revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.44 earnings per share. Equities analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be paid a dividend of $1.50 per share. The ex-dividend date is Monday, June 30th. This represents a $6.00 annualized dividend and a yield of 2.49%. Illinois Tool Works's payout ratio is 52.77%.

Analyst Ratings Changes

ITW has been the topic of a number of research reports. Stifel Nicolaus lifted their target price on shares of Illinois Tool Works from $227.00 to $233.00 and gave the company a "hold" rating in a research note on Thursday, May 1st. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 target price on the stock in a research note on Wednesday, February 19th. Bank of America cut shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective for the company. in a report on Wednesday, May 7th. UBS Group decreased their price objective on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Finally, Truist Financial reduced 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. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $253.42.

Insider Activity at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 872 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were bought at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the transaction, the director now owns 122,884 shares of the company's stock, valued at approximately $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.88% of the stock is currently owned by corporate insiders.

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.

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