PFG Investments LLC Reduces Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

PFG Investments LLC lessened its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 14.5% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 3,348 shares of the industrial products company’s stock after selling 566 shares during the quarter. PFG Investments LLC’s holdings in Illinois Tool Works were worth $830,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Illinois Tool Works by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 26,326,996 shares of the industrial products company’s stock valued at $6,675,473,000 after acquiring an additional 94,601 shares during the last quarter. Northern Trust Corp increased its stake in Illinois Tool Works by 3.9% in the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company’s stock valued at $3,465,570,000 after purchasing an additional 508,188 shares during the last quarter. Geode Capital Management LLC increased its stake in Illinois Tool Works by 1.6% in the fourth 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 last quarter. Capital Research Global Investors grew its position in shares of 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 valued at $1,047,837,000 after buying an additional 71,934 shares during the last quarter. Finally, Fisher Asset Management LLC grew its position in shares of Illinois Tool Works by 2.9% in the 4th quarter. Fisher Asset Management LLC now owns 3,443,251 shares of the industrial products company’s stock valued at $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.

Wall Street Analyst Weigh In

A number of research firms recently commented on ITW. Truist Financial dropped their target price 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. Barclays dropped their price objective on Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. Robert W. Baird raised their price target on Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a research note on Thursday, May 1st. Stifel Nicolaus raised their price target on Illinois Tool Works from $227.00 to $233.00 and gave the stock a “hold” rating in a research note on Thursday, May 1st. Finally, Evercore ISI dropped their price target on 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 research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and an average target price of $253.42.

Insider Buying and Selling

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 872 shares of the business’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 purchase, the director now owns 122,884 shares in the company, valued at approximately $29,634,705.44. This represents a 0.71% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.88% of the stock is currently owned by corporate insiders.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $240.41 on Monday. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.60 and a quick ratio of 1.16. The business has a 50 day simple moving average of $242.34 and a 200-day simple moving average of $250.74. The stock has a market capitalization of $70.44 billion, a PE ratio of 21.14, a price-to-earnings-growth ratio of 5.18 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.04. The company had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.83 billion. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. Illinois Tool Works’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.44 EPS. Equities analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently declared 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 yield of 2.50%. Illinois Tool Works’s dividend payout ratio is currently 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.