Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Douglas Lane & Associates LLC

Douglas Lane & Associates LLC lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 14.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 56,562 shares of the industrial products company’s stock after selling 9,673 shares during the quarter. Douglas Lane & Associates LLC’s holdings in Illinois Tool Works were worth $13,403,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Capital Research Global Investors raised its position in Illinois Tool Works by 1.2% in the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock valued at $1,171,006,000 after purchasing an additional 51,654 shares during the period. Norges Bank acquired a new position in Illinois Tool Works in the fourth quarter worth about $818,408,000. Fisher Asset Management LLC lifted its holdings in Illinois Tool Works by 4.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,951,948 shares of the industrial products company’s stock worth $773,234,000 after acquiring an additional 122,840 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Illinois Tool Works by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,350,363 shares of the industrial products company’s stock worth $353,715,000 after acquiring an additional 26,089 shares during the last quarter. Finally, Schroder Investment Management Group boosted its position in shares of Illinois Tool Works by 11.0% during the fourth quarter. Schroder Investment Management Group now owns 1,001,113 shares of the industrial products company’s stock worth $262,232,000 after buying an additional 99,175 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 0.4 %

Shares of NYSE:ITW traded down $0.99 during midday trading on Tuesday, reaching $238.37. 1,047,052 shares of the company were exchanged, compared to its average volume of 1,176,852. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The stock has a fifty day simple moving average of $240.92 and a two-hundred day simple moving average of $250.95. The firm has a market cap of $71.13 billion, a PE ratio of 23.51, a P/E/G ratio of 3.80 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.45 by $0.09. The firm had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The company’s revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.41 EPS. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.25 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a dividend of $1.50 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Monday, September 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.52%. Illinois Tool Works’s payout ratio is presently 55.23%.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. purchased 775 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was bought at an average price of $238.82 per share, with a total value of $185,085.50. Following the acquisition, the director now owns 121,506 shares in the company, valued at approximately $29,018,062.92. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.88% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on ITW. JPMorgan Chase & Co. boosted their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Stifel Nicolaus cut their price objective on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research report on Wednesday, July 31st. Truist Financial cut their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Jefferies Financial Group dropped their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Finally, Barclays decreased their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $250.75.

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.