Guardian Investment Management cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 17.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,100 shares of the industrial products company's stock after selling 1,500 shares during the quarter. Illinois Tool Works comprises about 1.4% of Guardian Investment Management's investment portfolio, making the stock its 17th largest position. Guardian Investment Management's holdings in Illinois Tool Works were worth $1,761,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. RKL Wealth Management LLC grew its holdings in Illinois Tool Works by 2.7% in the first quarter. RKL Wealth Management LLC now owns 7,487 shares of the industrial products company's stock valued at $1,857,000 after purchasing an additional 199 shares during the last quarter. Vontobel Holding Ltd. increased its holdings in Illinois Tool Works by 3.9% during the 1st quarter. Vontobel Holding Ltd. now owns 34,204 shares of the industrial products company's stock valued at $8,483,000 after acquiring an additional 1,281 shares in the last quarter. Mather Group LLC. raised its position in Illinois Tool Works by 14.2% during the first quarter. Mather Group LLC. now owns 60,032 shares of the industrial products company's stock worth $14,888,000 after acquiring an additional 7,453 shares during the last quarter. Alta Advisers Ltd lifted its holdings in shares of Illinois Tool Works by 56.8% in the first quarter. Alta Advisers Ltd now owns 1,380 shares of the industrial products company's stock valued at $342,000 after purchasing an additional 500 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators grew its position in shares of Illinois Tool Works by 3.3% in the first quarter. Deseret Mutual Benefit Administrators now owns 1,431 shares of the industrial products company's stock valued at $355,000 after purchasing an additional 46 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.
Illinois Tool Works Trading Up 0.5%
Shares of ITW stock traded up $1.19 on Wednesday, reaching $256.38. 1,121,922 shares of the stock were exchanged, compared to its average volume of 995,752. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13. The stock has a market cap of $75.12 billion, a P/E ratio of 22.55, a price-to-earnings-growth ratio of 5.62 and a beta of 1.09. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25. The firm has a 50 day moving average of $244.59 and a two-hundred day moving average of $249.66.
Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.34 by $0.04. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The business had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.83 billion. During the same quarter in the previous year, the business earned $2.44 EPS. The company's revenue for the quarter was down 3.4% on a year-over-year basis. On average, research analysts anticipate 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. Investors of record on Monday, June 30th will be issued a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 annualized dividend and a yield of 2.34%. Illinois Tool Works's dividend payout ratio is currently 52.77%.
Insider Buying and Selling
In related news, Director David Byron Smith, Jr. bought 872 shares of the firm's stock in a transaction dated 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 directly owned 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.88% of the stock is owned by company insiders.
Analyst Ratings Changes
A number of research firms recently issued reports on ITW. UBS Group reduced their target price on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Citigroup reduced their price objective on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Bank of America cut Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective for the company. in a research report on Wednesday, May 7th. Barclays reduced their target price on shares of Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Finally, Evercore ISI lowered their price target 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. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $252.58.
Read Our Latest Report on ITW
Illinois Tool Works Company Profile
(
Free Report)
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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