Advisory Services Network LLC Sells 3,402 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Advisory Services Network LLC lessened its stake in Illinois Tool Works Inc. (NYSE:ITW) by 15.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 18,221 shares of the industrial products company’s stock after selling 3,402 shares during the period. Advisory Services Network LLC’s holdings in Illinois Tool Works were worth $4,773,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in ITW. Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of Illinois Tool Works by 1.4% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock worth $1,590,000 after purchasing an additional 84 shares in the last quarter. Rockline Wealth Management LLC bought a new stake in Illinois Tool Works in the 4th quarter valued at $4,180,000. Wesbanco Bank Inc. lifted its holdings in shares of Illinois Tool Works by 23.4% during the 3rd quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock worth $1,401,000 after acquiring an additional 1,152 shares during the period. Ziegler Capital Management LLC bought a new stake in Illinois Tool Works in the fourth quarter valued at about $224,000. Finally, Tyche Wealth Partners LLC acquired a new position in Illinois Tool Works in the fourth quarter worth about $2,972,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

NYSE:ITW traded down $1.38 during mid-day trading on Friday, reaching $240.07. 997,894 shares of the company were exchanged, compared to its average volume of 1,028,236. Illinois Tool Works Inc. has a 12 month low of $217.06 and a 12 month high of $271.15. The stock has a market cap of $71.64 billion, a PE ratio of 23.68, a PEG ratio of 3.56 and a beta of 1.14. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The company has a fifty day moving average of $254.61 and a 200 day moving average of $254.13.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The business had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the prior year, the firm earned $2.33 earnings per share. Illinois Tool Works’s revenue was down 1.1% compared to the same quarter last year. On average, research analysts anticipate that Illinois Tool Works Inc. will post 10.24 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the sale, the chief financial officer now directly owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.88% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ITW shares. Wells Fargo & Company decreased their price objective on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a report on Wednesday, May 1st. Citigroup upped their price target on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Stifel Nicolaus increased their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Finally, Truist Financial increased their target price on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Four equities research 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.com, the company presently has a consensus rating of “Hold” and an average target price of $257.78.

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.