Fort Washington Investment Advisors Inc. OH Sells 303 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Fort Washington Investment Advisors Inc. OH reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 8.8% during the first quarter, Holdings Channel.com reports. The fund owned 3,152 shares of the industrial products company’s stock after selling 303 shares during the period. Fort Washington Investment Advisors Inc. OH’s holdings in Illinois Tool Works were worth $782,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ITW. Norges Bank acquired a new position in shares of Illinois Tool Works in the fourth quarter worth approximately $806,291,000. GAMMA Investing LLC lifted its stake in shares of Illinois Tool Works by 26,372.8% in the first quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company’s stock worth $5,123,080,000 after acquiring an additional 2,057,872 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Illinois Tool Works in the fourth quarter worth approximately $203,949,000. Cerity Partners LLC lifted its stake in Illinois Tool Works by 263.9% in the fourth quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company’s stock valued at $229,269,000 after buying an additional 655,341 shares during the period. Finally, Northern Trust Corp lifted 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 buying an additional 508,188 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. purchased 872 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The stock was acquired at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the acquisition, the director now owns 122,884 shares of the company’s stock, valued at $29,634,705.44. This represents a 0.71% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.88% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Truist Financial dropped their price target on Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Bank of America lowered Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price target on the stock. in a research note on Wednesday, May 7th. Citigroup dropped their price target on Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Stifel Nicolaus boosted their price target on Illinois Tool Works from $227.00 to $233.00 and gave the company a “hold” rating in a research note on Thursday, May 1st. Finally, Deutsche Bank Aktiengesellschaft raised Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target on the stock in a research note on Wednesday, February 19th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $253.42.

Illinois Tool Works Trading Down 1.9%

NYSE ITW opened at $241.23 on Friday. The company has a market cap of $70.68 billion, a price-to-earnings ratio of 20.58, a P/E/G ratio of 4.56 and a beta of 1.10. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The business has a 50 day moving average price of $241.11 and a 200-day moving average price of $252.30. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating the consensus estimate of $2.34 by $0.04. The firm 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 95.39% and a net margin of 21.94%. The company’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.44 earnings per share. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business 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 is Monday, June 30th. This represents a $6.00 annualized dividend and a yield of 2.49%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 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.