Klingenstein Fields & Co. LP Sells 10,897 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Klingenstein Fields & Co. LP cut its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 22.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 37,594 shares of the industrial products company's stock after selling 10,897 shares during the period. Klingenstein Fields & Co. LP's holdings in Illinois Tool Works were worth $9,324,000 as of its most recent SEC filing.

Several other hedge funds and 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 during the fourth quarter valued at about $25,000. Ameriflex Group Inc. purchased a new stake in Illinois Tool Works during the fourth quarter valued at about $26,000. Redwood Park Advisors LLC purchased a new stake in Illinois Tool Works during the fourth quarter valued at about $26,000. Glass Jacobson Investment Advisors llc boosted its position in Illinois Tool Works by 336.0% during 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 period. Finally, Millstone Evans Group LLC purchased a new stake in Illinois Tool Works during the fourth quarter valued at about $31,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. 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 research report on Thursday, May 1st. Wells Fargo & Company increased their target price on shares of Illinois Tool Works from $230.00 to $235.00 and gave the stock an "underweight" rating in a report on Tuesday. Bank of America lowered shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price for the company. in a report on Wednesday, May 7th. 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, 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. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $252.58.

Illinois Tool Works Stock Up 0.8%

Shares of NYSE ITW traded up $1.95 on Friday, reaching $258.40. 759,518 shares of the company's stock traded hands, compared to its average volume of 995,625. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The business's 50 day simple moving average is $245.68 and its two-hundred day simple moving average is $249.48. The company has a market cap of $75.71 billion, a price-to-earnings ratio of 22.73, a price-to-earnings-growth ratio of 5.70 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.

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. As a group, equities research analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

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 2.32%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works's dividend payout ratio (DPR) is currently 52.77%.

Insider Buying and Selling 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 directly owned 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 company insiders.

Illinois Tool Works 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.