J.W. Cole Advisors Inc. Cuts Holdings in Illinois Tool Works Inc. (NYSE:ITW)

J.W. Cole Advisors Inc. lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 32.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,458 shares of the industrial products company's stock after selling 2,670 shares during the quarter. J.W. Cole Advisors Inc.'s holdings in Illinois Tool Works were worth $1,354,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in ITW. Prudent Man Investment Management Inc. purchased a new stake in Illinois Tool Works in the fourth quarter valued at about $25,000. Ameriflex Group Inc. purchased a new stake in Illinois Tool Works in the fourth quarter valued at about $26,000. Redwood Park Advisors LLC purchased a new stake in Illinois Tool Works in the fourth quarter valued at about $26,000. von Borstel & Associates Inc. purchased a new stake in Illinois Tool Works in the first quarter valued at about $26,000. Finally, Glass Jacobson Investment Advisors llc raised its stake in 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 buying an additional 84 shares during the last quarter. Institutional investors own 79.77% of the company's stock.

Illinois Tool Works Trading Up 0.0%

ITW traded up $0.04 during mid-day trading on Friday, hitting $261.87. 1,092,980 shares of the stock were exchanged, compared to its average volume of 879,734. The firm's fifty day moving average is $250.18 and its two-hundred day moving average is $249.90. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25. The company has a market cap of $76.73 billion, a PE ratio of 23.03, a PEG ratio of 5.52 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the prior year, the company earned $2.44 EPS. Illinois Tool Works's revenue was down 3.4% on a year-over-year basis. 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 company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Monday, June 30th were paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.29%. The ex-dividend date was Monday, June 30th. Illinois Tool Works's payout ratio is 52.77%.

Insiders Place Their Bets

In related news, Director David Byron Smith, Jr. purchased 872 shares of the business's stock in a transaction on Monday, June 2nd. The shares were bought at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the acquisition, the director directly owned 122,884 shares in the company, valued at $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.88% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Barclays increased their price target on Illinois Tool Works from $237.00 to $240.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 9th. 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 note on Wednesday, May 7th. Truist Financial reduced their price target on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Wells Fargo & Company boosted their price objective on Illinois Tool Works from $230.00 to $235.00 and gave the company an "underweight" rating in a research report on Tuesday, July 1st. Finally, UBS Group dropped their price target on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Illinois Tool Works has an average rating of "Hold" and an average price target of $255.67.

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.