ORG Partners LLC Reduces Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

ORG Partners LLC cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 43.3% in the first quarter, HoldingsChannel reports. The institutional investor owned 356 shares of the industrial products company’s stock after selling 272 shares during the quarter. ORG Partners LLC’s holdings in Illinois Tool Works were worth $88,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Walter & Keenan Wealth Management LLC IN ADV increased its holdings in Illinois Tool Works by 1.2% in the first quarter. Walter & Keenan Wealth Management LLC IN ADV now owns 7,896 shares of the industrial products company’s stock valued at $1,958,000 after buying an additional 92 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in Illinois Tool Works in the first quarter valued at about $232,000. Norris Perne & French LLP MI increased its holdings in Illinois Tool Works by 1.8% in the first quarter. Norris Perne & French LLP MI now owns 61,567 shares of the industrial products company’s stock valued at $15,269,000 after buying an additional 1,066 shares in the last quarter. Global X Japan Co. Ltd. increased its holdings in Illinois Tool Works by 14.4% in the first quarter. Global X Japan Co. Ltd. now owns 2,330 shares of the industrial products company’s stock valued at $578,000 after buying an additional 294 shares in the last quarter. Finally, Premier Path Wealth Partners LLC increased its holdings in Illinois Tool Works by 13.5% in the first quarter. Premier Path Wealth Partners LLC now owns 2,490 shares of the industrial products company’s stock valued at $618,000 after buying an additional 297 shares in the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Illinois Tool Works

In related news, Director David Byron Smith, Jr. purchased 872 shares of the firm’s stock in a transaction on Monday, June 2nd. The shares were bought at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the acquisition, the director now directly owns 122,884 shares in the company, valued at $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. 0.88% of the stock is owned by company insiders.

Illinois Tool Works Stock Down 0.4%

Shares of NYSE ITW opened at $240.41 on Friday. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The firm’s 50 day moving average price is $242.34 and its 200 day moving average price is $250.91. The firm has a market cap of $70.44 billion, a P/E ratio of 21.14, a price-to-earnings-growth ratio of 5.17 and a beta of 1.10. 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 (NYSE:ITW) last announced its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The firm had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same quarter last year, the business earned $2.44 earnings per share. Illinois Tool Works’s revenue was down 3.4% compared to the same quarter last year. As a group, sell-side analysts anticipate 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 declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be issued a $1.50 dividend. The ex-dividend date is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.50%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 52.77%.

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.