Spire Wealth Management Trims Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Spire Wealth Management cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 67.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,391 shares of the industrial products company's stock after selling 4,980 shares during the quarter. Spire Wealth Management's holdings in Illinois Tool Works were worth $593,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ITW. Norges Bank acquired a new position in shares of Illinois Tool Works during the fourth quarter worth about $806,291,000. GAMMA Investing LLC grew its position 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. Raymond James Financial Inc. acquired a new stake in shares of Illinois Tool Works during the 4th quarter valued at approximately $203,949,000. Cerity Partners LLC boosted its stake in shares of Illinois Tool Works by 263.9% during the 4th quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company's stock worth $229,269,000 after acquiring an additional 655,341 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Illinois Tool Works by 3.9% in 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 acquiring an additional 508,188 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ITW has been the topic of a number of research analyst reports. Stifel Nicolaus boosted their target price on Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. UBS Group lowered their price objective on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Barclays cut their target price 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. Truist Financial lowered their price target on shares of 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. Finally, Robert W. Baird upped their target price on Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $253.42.

Insider Buying and Selling

In other news, Director David Byron Smith, Jr. acquired 872 shares of the business's stock in a transaction dated 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 acquisition, the director now directly owns 122,884 shares in the company, valued at $29,634,705.44. This trade represents a 0.71% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.88% of the stock is currently owned by company insiders.

Illinois Tool Works Trading Up 0.5%

Shares of Illinois Tool Works stock opened at $248.09 on Friday. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The business's fifty day moving average is $243.84 and its two-hundred day moving average is $249.95. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25. The firm has a market cap of $72.69 billion, a PE ratio of 21.82, a P/E/G ratio of 5.33 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.34 by $0.04. The firm had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The firm's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period in the prior year, the business posted $2.44 earnings per share. Analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business 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 $1.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.42%. Illinois Tool Works's payout ratio is 52.77%.

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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