Illinois Tool Works Inc. (NYSE:ITW) Position Cut by KFG Wealth Management LLC

KFG Wealth Management LLC trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 1,084 shares of the industrial products company’s stock after selling 51 shares during the quarter. KFG Wealth Management LLC’s holdings in Illinois Tool Works were worth $284,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of Illinois Tool Works by 5.0% during the third quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock valued at $6,035,292,000 after purchasing an additional 1,238,239 shares during the period. Northern Trust Corp increased its holdings in shares of Illinois Tool Works by 1.9% during the third quarter. Northern Trust Corp now owns 12,829,189 shares of the industrial products company’s stock valued at $2,954,691,000 after purchasing an additional 244,145 shares during the period. Moneta Group Investment Advisors LLC increased its holdings in shares of Illinois Tool Works by 106,553.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 7,185,211 shares of the industrial products company’s stock valued at $1,582,902,000 after purchasing an additional 7,178,474 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Illinois Tool Works by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,899,522 shares of the industrial products company’s stock valued at $1,578,299,000 after purchasing an additional 97,568 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Illinois Tool Works by 12.1% during the first quarter. Geode Capital Management LLC now owns 5,611,731 shares of the industrial products company’s stock valued at $1,363,875,000 after purchasing an additional 607,321 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ITW shares. Truist Financial started coverage on Illinois Tool Works in a report on Thursday, March 14th. They set a “buy” rating and a $301.00 target price on the stock. Barclays lifted their target price on Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a report on Tuesday, April 2nd. Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. Stifel Nicolaus lifted their price target on Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, Wells Fargo & Company lowered Illinois Tool Works from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $277.00 to $240.00 in a research report on Tuesday, February 6th. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and an average price target of $257.00.

Illinois Tool Works Stock Performance

Shares of ITW stock traded up $1.63 during trading on Friday, reaching $250.46. The company had a trading volume of 2,095,046 shares, compared to its average volume of 1,254,388. The firm’s 50 day simple moving average is $260.64 and its two-hundred day simple moving average is $250.65. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97. Illinois Tool Works Inc. has a one year low of $217.06 and a one year high of $271.15. The company has a market capitalization of $74.82 billion, a PE ratio of 25.69, a PEG ratio of 3.67 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, topping the consensus estimate of $2.41 by $0.01. The company had revenue of $3.98 billion for the quarter, compared to the consensus estimate of $4.01 billion. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the business posted $2.34 EPS. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were given a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend was Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio is currently 57.49%.

Insiders Place Their Bets

In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $254.83, for a total value of $12,741,500.00. Following the transaction, the chairman now directly owns 221,015 shares of the company’s stock, valued at approximately $56,321,252.45. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CAO Randall J. Scheuneman sold 5,827 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $256.29, for a total transaction of $1,493,401.83. Following the sale, the chief accounting officer now directly owns 8,870 shares in the company, valued at $2,273,292.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $254.83, for a total value of $12,741,500.00. Following the sale, the chairman now owns 221,015 shares in the company, valued at $56,321,252.45. The disclosure for this sale can be found here. Insiders have sold a total of 189,471 shares of company stock valued at $48,712,316 in the last three months. Company insiders own 0.88% 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.