Mediolanum International Funds Ltd Sells 2,169 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• Mediolanum International Funds Ltd reduced its stake in Illinois Tool Works by 2.4%, now holding 86,636 shares worth approximately $21.35 million.
• Various institutional investors, including F M Investments LLC and Trust Co of the South, have made adjustments to their holdings in Illinois Tool Works, indicating ongoing interest in the company.
• Wall Street analysts generally hold a "Hold" rating for Illinois Tool Works with price targets ranging from $220.00 to $255.67, suggesting a cautious outlook on the stock's performance.

Mediolanum International Funds Ltd lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 86,636 shares of the industrial products company's stock after selling 2,169 shares during the period. Mediolanum International Funds Ltd's holdings in Illinois Tool Works were worth $21,352,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Prudent Man Investment Management Inc. purchased a new stake in shares of Illinois Tool Works in the 4th quarter valued at about $25,000. Ameriflex Group Inc. purchased a new stake in shares of Illinois Tool Works in the 4th quarter valued at about $26,000. Redwood Park Advisors LLC purchased a new stake in shares of Illinois Tool Works in the 4th quarter valued at about $26,000. von Borstel & Associates Inc. purchased a new position in shares of Illinois Tool Works during the 1st quarter valued at about $26,000. Finally, Glass Jacobson Investment Advisors llc raised its holdings in shares of Illinois Tool Works by 336.0% during the 4th 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 in the last quarter. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Trading Down 0.7%

Shares of ITW stock traded down $1.75 during trading hours on Monday, reaching $259.95. The company's stock had a trading volume of 754,768 shares, compared to its average volume of 1,090,588. The stock has a market capitalization of $76.17 billion, a P/E ratio of 22.86, a P/E/G ratio of 5.52 and a beta of 1.09. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The firm's fifty day simple moving average is $250.18 and its 200 day simple moving average is $249.92. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data 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. 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 period last year, the company earned $2.44 EPS. The business's quarterly revenue was down 3.4% compared to the same quarter last year. Equities research analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Monday, June 30th were given a dividend of $1.50 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.31%. Illinois Tool Works's dividend payout ratio is presently 52.77%.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. purchased 872 shares of the company'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 directly owned 122,884 shares of the company's stock, valued at $29,634,705.44. This trade represents a 0.71% increase in their position. 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 owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Truist Financial decreased their price objective on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Evercore ISI decreased their price objective on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a report on Monday, May 19th. Barclays raised their price objective on Illinois Tool Works from $237.00 to $240.00 and gave the company an "equal weight" rating in a report 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 on the stock. in a report on Wednesday, May 7th. Finally, Citigroup lifted their price target on Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a research note on Monday, July 14th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued 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 an average target price of $255.67.

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.