Illinois Tool Works Inc. (NYSE:ITW) Stake Reduced by Ritholtz Wealth Management

Ritholtz Wealth Management lessened its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 14.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,439 shares of the industrial products company's stock after selling 2,243 shares during the quarter. Ritholtz Wealth Management's holdings in Illinois Tool Works were worth $3,333,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Illinois Tool Works by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 26,326,996 shares of the industrial products company's stock worth $6,675,473,000 after buying an additional 94,601 shares during the last quarter. Northern Trust Corp lifted its position in shares of Illinois Tool Works by 3.9% during the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock worth $3,465,570,000 after purchasing an additional 508,188 shares during the last quarter. Geode Capital Management LLC boosted its stake in Illinois Tool Works by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 6,392,021 shares of the industrial products company's stock valued at $1,620,491,000 after purchasing an additional 99,753 shares during the period. Capital Research Global Investors increased its position in Illinois Tool Works by 1.8% in the 4th quarter. Capital Research Global Investors now owns 4,132,493 shares of the industrial products company's stock worth $1,047,837,000 after buying an additional 71,934 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in shares of Illinois Tool Works by 2.9% during the fourth quarter. Fisher Asset Management LLC now owns 3,443,251 shares of the industrial products company's stock worth $873,071,000 after buying an additional 95,925 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

Insider Activity

In other news, Director David Byron Smith, Jr. acquired 872 shares of the company's stock in a transaction dated 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 completion of the purchase, the director now owns 122,884 shares of the company's stock, valued at $29,634,705.44. This represents a 0.71% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.88% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on ITW. Bank of America cut Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price for the company. in a research report on Wednesday, May 7th. UBS Group decreased their price objective on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. Truist Financial cut their price objective on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a report on Thursday, May 1st. 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 report on Thursday, May 1st. Finally, Evercore ISI decreased their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a research note on Monday, May 19th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of "Hold" and a consensus target price of $253.42.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW traded down $3.30 during midday trading on Tuesday, reaching $241.15. 678,716 shares of the company traded hands, compared to its average volume of 1,007,479. The firm's fifty day moving average price is $241.65 and its two-hundred day moving average price is $251.74. The firm has a market capitalization of $70.66 billion, a price-to-earnings ratio of 24.18, a price-to-earnings-growth ratio of 5.26 and a beta of 1.10. 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 Inc. has a 12 month low of $214.66 and a 12 month high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced 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. The business had revenue of $3.84 billion for the quarter, compared to analysts' expectations of $3.83 billion. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The business's revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.44 earnings per share. On average, equities analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.49%. Illinois Tool Works's dividend payout ratio (DPR) is presently 52.77%.

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.