Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by TI Trust Inc.

TI Trust Inc. cut its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 8.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,983 shares of the industrial products company’s stock after selling 952 shares during the quarter. Illinois Tool Works comprises 1.8% of TI Trust Inc.’s portfolio, making the stock its 11th biggest position. TI Trust Inc.’s holdings in Illinois Tool Works were worth $2,724,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of ITW. Prudent Man Investment Management Inc. purchased a new stake in Illinois Tool Works during the 4th quarter worth $25,000. Redwood Park Advisors LLC acquired a new position in shares of Illinois Tool Works during the fourth quarter worth about $26,000. Ameriflex Group Inc. purchased a new stake in shares of Illinois Tool Works in the fourth quarter worth about $26,000. Glass Jacobson Investment Advisors llc grew its stake in shares of Illinois Tool Works by 336.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock valued at $28,000 after buying an additional 84 shares in the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in shares of Illinois Tool Works during the 4th quarter valued at about $31,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Truist Financial decreased their price target on Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Robert W. Baird boosted their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a report on Thursday, May 1st. Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price objective for the company. in a research report on Wednesday, May 7th. Citigroup dropped their target price on Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Finally, UBS Group lowered their price objective on Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating for the company in a research note on Monday, April 7th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $253.42.

Insider Activity

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 872 shares of Illinois Tool Works stock in a transaction on Monday, June 2nd. The stock was bought at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the transaction, the director now owns 122,884 shares of the company’s stock, valued at $29,634,705.44. The trade was a 0.71% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Trading Up 0.1%

NYSE ITW opened at $246.00 on Thursday. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.16 and a current ratio of 1.60. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The company has a 50-day simple moving average of $243.16 and a 200-day simple moving average of $250.48. The firm has a market capitalization of $72.08 billion, a PE ratio of 21.64, a price-to-earnings-growth ratio of 5.29 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating 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 return on equity of 92.77% and a net margin of 21.37%. Illinois Tool Works’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.44 earnings per share. On average, equities analysts forecast 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. Shareholders of record on Monday, June 30th will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend is Monday, June 30th. 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.