Raymond James Financial Inc. Sells 28,915 Shares of Illinois Tool Works Inc. $ITW

Key Points

• Raymond James Financial Inc. sold 28,915 shares of Illinois Tool Works Inc., reducing its stake by 3.6%, now owning approximately 0.26% of the company valued at $192.31 million.
• Illinois Tool Works declared a quarterly dividend increase to $1.61 per share, up from the previous $1.50, with a payment date set for October 10th.
• Wall Street analysts have mixed ratings on Illinois Tool Works, with a consensus rating of "Hold" and a price target of $259.33.

Raymond James Financial Inc. lessened its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 3.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 775,427 shares of the industrial products company's stock after selling 28,915 shares during the period. Raymond James Financial Inc. owned approximately 0.26% of Illinois Tool Works worth $192,314,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Northern Trust Corp boosted its stake in Illinois Tool Works by 3.9% during the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock worth $3,465,570,000 after buying an additional 508,188 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Illinois Tool Works by 0.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,528,833 shares of the industrial products company's stock worth $627,176,000 after buying an additional 11,854 shares during the period. GAMMA Investing LLC boosted its stake in Illinois Tool Works by 26,372.8% during the first quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock worth $5,123,080,000 after buying an additional 2,057,872 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Illinois Tool Works by 11.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,059,119 shares of the industrial products company's stock worth $522,110,000 after buying an additional 209,671 shares during the period. Finally, Invesco Ltd. boosted its stake in Illinois Tool Works by 4.7% during the first quarter. Invesco Ltd. now owns 2,034,929 shares of the industrial products company's stock worth $504,683,000 after buying an additional 91,359 shares during the period. Institutional investors own 79.77% of the company's stock.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 872 shares of the business's stock in a transaction that occurred 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 owned 122,884 shares in the company, valued at $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Performance

ITW opened at $258.43 on Monday. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40. The company has a market cap of $75.33 billion, a P/E ratio of 22.65, a price-to-earnings-growth ratio of 5.58 and a beta of 1.09. The firm's 50-day moving average price is $253.84 and its 200-day moving average price is $250.04.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.02. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The firm had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the prior year, the company posted $2.54 earnings per share. The company's revenue for the quarter was up .6% compared to the same quarter last year. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be issued a $1.61 dividend. This is a boost from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date is Tuesday, September 30th. This represents a $6.44 annualized dividend and a yield of 2.5%. Illinois Tool Works's dividend payout ratio is currently 52.59%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ITW shares. Evercore ISI dropped their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a research note on Monday, May 19th. Citigroup boosted their target price on shares of Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Truist Financial lowered shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 target price for the company. in a research note on Thursday, July 31st. Bank of America downgraded Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective for the company. in a report on Wednesday, May 7th. Finally, Robert W. Baird lifted their price objective on Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Three analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $259.33.

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.

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