Illinois Tool Works Inc. (NYSE:ITW) Stake Lowered by Unigestion Holding SA

Unigestion Holding SA lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 58.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 50,991 shares of the industrial products company's stock after selling 70,900 shares during the period. Unigestion Holding SA's holdings in Illinois Tool Works were worth $12,646,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Prudent Man Investment Management Inc. acquired a new stake in Illinois Tool Works in the 4th quarter valued at approximately $25,000. Redwood Park Advisors LLC purchased a new stake in shares of Illinois Tool Works in the 4th quarter valued at $26,000. Ameriflex Group Inc. acquired a new position in Illinois Tool Works during the 4th quarter worth about $26,000. Glass Jacobson Investment Advisors llc boosted its holdings in 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 acquiring an additional 84 shares during the period. Finally, Millstone Evans Group LLC acquired a new position in Illinois Tool Works in the 4th quarter valued at about $31,000. Institutional investors and hedge funds own 79.77% of the company's stock.

Illinois Tool Works Stock Down 0.2%

NYSE ITW traded down $0.58 during trading hours on Thursday, reaching $245.93. 1,090,848 shares of the company traded hands, compared to its average volume of 1,010,706. The company has a 50 day moving average of $239.71 and a two-hundred day moving average of $253.52. The stock has a market capitalization of $72.06 billion, a PE ratio of 20.98, a PEG ratio of 4.56 and a beta of 1.10. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90.

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, beating the consensus estimate of $2.34 by $0.04. The firm had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Illinois Tool Works's quarterly revenue was down 3.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.44 earnings per share. As a group, 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. Shareholders of record on Monday, June 30th will be paid a dividend of $1.50 per share. The ex-dividend date is Monday, June 30th. This represents a $6.00 annualized dividend and a yield of 2.44%. Illinois Tool Works's payout ratio is 52.77%.

Analysts Set New Price Targets

Several brokerages have weighed in on ITW. Wells Fargo & Company cut their price target on Illinois Tool Works from $250.00 to $245.00 and set an "underweight" rating on the stock in a report on Thursday, February 6th. Barclays cut their target price on Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Truist Financial cut 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 note on Thursday, May 1st. Stifel Nicolaus raised their price objective on Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a report on Thursday, May 1st. Finally, Deutsche Bank Aktiengesellschaft raised Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 price target on the stock in a research report on Wednesday, February 19th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $253.42.

Insider Transactions at Illinois Tool Works

In related 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 acquired at an average price of $241.16 per share, with a total value of $210,291.52. Following the acquisition, the director now owns 122,884 shares in the company, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Michael M. Larsen sold 41,472 shares of the company's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $271.25, for a total value of $11,249,280.00. Following the transaction, the chief financial officer now owns 50,502 shares of the company's stock, valued at approximately $13,698,667.50. The trade was a 45.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.88% of the company's stock.

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.