Mirae Asset Global Investments Co. Ltd. Trims Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Mirae Asset Global Investments Co. Ltd. decreased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 26.1% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 83,916 shares of the industrial products company’s stock after selling 29,681 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Illinois Tool Works were worth $20,911,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Turtle Creek Wealth Advisors LLC purchased a new stake in Illinois Tool Works in the fourth quarter worth about $26,000. Frazier Financial Advisors LLC purchased a new stake in Illinois Tool Works in the fourth quarter worth about $26,000. Security National Bank purchased a new stake in Illinois Tool Works in the fourth quarter worth about $28,000. Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works in the fourth quarter worth about $28,000. Finally, Bruce G. Allen Investments LLC bought a new position in shares of Illinois Tool Works in the fourth quarter worth about $29,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Down 1.2 %

Shares of NYSE:ITW traded down $2.85 during trading on Friday, hitting $233.14. The company had a trading volume of 1,312,075 shares, compared to its average volume of 983,387. The stock has a market cap of $69.57 billion, a price-to-earnings ratio of 22.99, a price-to-earnings-growth ratio of 3.47 and a beta of 1.10. Illinois Tool Works Inc. has a one year low of $217.50 and a one year high of $271.15. The company has a fifty day simple moving average of $242.02 and a two-hundred day simple moving average of $253.09. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.09. The firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the prior year, the business posted $2.33 earnings per share. As a group, equities analysts forecast that Illinois Tool Works Inc. will post 10.22 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.60 annualized dividend and a yield of 2.40%. Illinois Tool Works’s payout ratio is currently 55.23%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company dropped their price objective on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a research note on Wednesday, May 1st. Citigroup upped their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Stifel Nicolaus upped 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. Barclays dropped their price objective on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a research note on Tuesday, June 4th. Finally, Truist Financial dropped their price target on Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating for the company in a research note on Tuesday. 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. According to data from MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and an average price target of $254.00.

Insider Buying and Selling at Illinois Tool Works

In related news, Director David Byron Smith, Jr. bought 775 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were acquired at an average price of $238.82 per share, with a total value of $185,085.50. Following the transaction, the director now owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.26% of the company’s stock.

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.