Pinnacle Associates Ltd. Sells 1,022 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• Pinnacle Associates Ltd. reduced its holdings in Illinois Tool Works Inc. by 2.1%, owning 47,666 shares valued at approximately $11.82 million after selling 1,022 shares.
• Director David Byron Smith, Jr. purchased 872 shares of Illinois Tool Works at an average price of $241.16, increasing his total ownership to 122,884 shares worth about $29.63 million.
• Illinois Tool Works has recently announced a quarterly dividend of $1.50 per share, translating to a 2.29% dividend yield, with a payout ratio of 52.77%.

Pinnacle Associates Ltd. lowered its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.1% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 47,666 shares of the industrial products company's stock after selling 1,022 shares during the period. Pinnacle Associates Ltd.'s holdings in Illinois Tool Works were worth $11,822,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of ITW. Prudent Man Investment Management Inc. acquired a new position in Illinois Tool Works in the 4th quarter worth about $25,000. Redwood Park Advisors LLC acquired a new position in Illinois Tool Works in the 4th quarter worth about $26,000. Ameriflex Group Inc. acquired a new position in Illinois Tool Works in the 4th quarter worth about $26,000. von Borstel & Associates Inc. acquired a new position in Illinois Tool Works in the 1st quarter worth about $26,000. Finally, Glass Jacobson Investment Advisors llc increased its holdings in Illinois Tool Works by 336.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock worth $28,000 after purchasing an additional 84 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.

Illinois Tool Works Stock Performance

Shares of ITW traded up $0.04 during trading hours on Friday, hitting $261.87. The stock had a trading volume of 1,092,980 shares, compared to its average volume of 879,734. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.60 and a quick ratio of 1.16. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The firm has a market capitalization of $76.73 billion, a PE ratio of 23.03, a PEG ratio of 5.52 and a beta of 1.09. The stock has a fifty day moving average price of $250.18 and a 200 day moving average price of $249.90.

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 (EPS) for the quarter, beating 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 business had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the previous year, the company posted $2.44 earnings per share. Illinois Tool Works's revenue for the quarter was down 3.4% on a year-over-year basis. 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 was paid on Friday, July 11th. Shareholders of record on Monday, June 30th were issued 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 dividend payout ratio is presently 52.77%.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. acquired 872 shares of the business's stock in a transaction on Monday, June 2nd. The stock was acquired at an average cost of $241.16 per share, with a total value of $210,291.52. Following the acquisition, the director directly owned 122,884 shares in the company, valued at $29,634,705.44. This represents a 0.71% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.88% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on ITW. Truist Financial reduced their price target on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Wells Fargo & Company increased their price target on Illinois Tool Works from $230.00 to $235.00 and gave the stock an "underweight" rating in a report on Tuesday, July 1st. 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. UBS Group decreased 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. Finally, Stifel Nicolaus raised their target price on Illinois Tool Works from $233.00 to $255.00 and gave the stock a "hold" rating in a research report on Monday, July 21st. Three analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of "Hold" and a consensus target price of $255.67.

About Illinois Tool Works

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.