M. Kraus & Co Cuts Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

M. Kraus & Co decreased its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 40,714 shares of the industrial products company's stock after selling 1,044 shares during the quarter. Illinois Tool Works makes up about 3.1% of M. Kraus & Co's holdings, making the stock its 12th largest position. M. Kraus & Co's holdings in Illinois Tool Works were worth $10,097,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sivia Capital Partners LLC acquired a new position in Illinois Tool Works in the 1st quarter valued at about $214,000. EP Wealth Advisors LLC raised its position in Illinois Tool Works by 42.2% during the 4th quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company's stock worth $1,450,000 after buying 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 4th quarter worth $1,096,000. Empower Advisory Group LLC increased its stake in shares of Illinois Tool Works by 3.2% during the fourth quarter. Empower Advisory Group LLC now owns 346,144 shares of the industrial products company's stock worth $87,768,000 after acquiring an additional 10,739 shares during the period. Finally, ABC Arbitrage SA acquired a new stake in Illinois Tool Works in the fourth quarter valued at about $1,219,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ITW shares. Citigroup reduced their price target on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Robert W. Baird raised their target price on Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Stifel Nicolaus boosted their target price on shares of Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. Barclays cut their price target 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, Truist Financial decreased their price objective on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $253.42.

Illinois Tool Works Price Performance

Shares of ITW traded down $0.05 during mid-day trading on Thursday, reaching $241.13. 673,278 shares of the company's stock were exchanged, compared to its average volume of 1,006,945. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The company has a market cap of $70.65 billion, a price-to-earnings ratio of 21.21, a PEG ratio of 5.19 and a beta of 1.10. The company has a 50-day simple moving average of $241.89 and a two-hundred day simple moving average of $251.59.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released 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 company had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The business's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.44 earnings per share. On average, sell-side analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works's dividend payout ratio is presently 52.77%.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 872 shares of the business's stock in a transaction on Monday, June 2nd. The stock was bought at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the acquisition, the director now 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 position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.88% of the company's stock.

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.