Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Raymond James Financial Services Advisors Inc.

Raymond James Financial Services Advisors Inc. decreased its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 3.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 251,655 shares of the industrial products company's stock after selling 8,535 shares during the period. Raymond James Financial Services Advisors Inc. owned 0.08% of Illinois Tool Works worth $67,527,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ITW. Norges Bank acquired a new position in shares of Illinois Tool Works in the 4th quarter valued at $818,408,000. Vanguard Group Inc. boosted its holdings in shares of Illinois Tool Works by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company's stock valued at $6,035,292,000 after buying an additional 1,238,239 shares in the last quarter. Alecta Tjanstepension Omsesidigt boosted its holdings in shares of Illinois Tool Works by 150.0% in the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company's stock valued at $294,671,000 after buying an additional 675,000 shares in the last quarter. Corient Private Wealth LLC boosted its holdings in shares of Illinois Tool Works by 122.7% in the 4th quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company's stock valued at $164,927,000 after buying an additional 346,919 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of Illinois Tool Works by 23,183.6% in the 4th quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company's stock valued at $82,579,000 after buying an additional 313,906 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ITW. Bank of America cut shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and decreased their price target for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. StockNews.com upgraded shares of Illinois Tool Works from a "hold" rating to a "buy" rating in a research note on Wednesday. Wells Fargo & Company decreased their price target on shares of Illinois Tool Works from $255.00 to $244.00 and set an "underweight" rating for the company in a research note on Wednesday. Truist Financial increased their price target on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Citigroup increased their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a "neutral" rating in a research note on Monday, April 8th. Four analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $257.89.

Insider Activity

In other news, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $254.83, for a total value of $12,741,500.00. Following the completion of the transaction, the chairman now owns 221,015 shares in the company, valued at approximately $56,321,252.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Sharon Szafranski sold 801 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the sale, the executive vice president now directly owns 5,870 shares of the company's stock, valued at approximately $1,505,185.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $254.83, for a total transaction of $12,741,500.00. Following the completion of the sale, the chairman now directly owns 221,015 shares in the company, valued at $56,321,252.45. The disclosure for this sale can be found here. Insiders sold 189,471 shares of company stock worth $48,712,316 in the last 90 days. 0.88% of the stock is currently owned by corporate insiders.

Illinois Tool Works Stock Performance

Illinois Tool Works stock traded down $1.84 during trading hours on Wednesday, reaching $242.27. 1,285,306 shares of the stock were exchanged, compared to its average volume of 1,261,157. The stock has a market cap of $72.38 billion, a P/E ratio of 24.87, a P/E/G ratio of 3.67 and a beta of 1.13. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.97 and a current ratio of 1.33. Illinois Tool Works Inc. has a 52-week low of $217.06 and a 52-week high of $271.15. The firm's 50 day moving average is $259.40 and its 200 day moving average is $251.72.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping analysts' consensus estimates of $2.35 by $0.09. The company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. Illinois Tool Works's quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.33 EPS. Analysts predict that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were issued a $1.40 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.31%. Illinois Tool Works's dividend payout ratio is presently 57.49%.

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.

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