SteelPeak Wealth LLC Sells 52 Shares of Illinois Tool Works Inc. (NYSE:ITW)

SteelPeak Wealth LLC lowered its stake in Illinois Tool Works Inc. (NYSE:ITWFree Report) by 4.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,022 shares of the industrial products company’s stock after selling 52 shares during the quarter. SteelPeak Wealth LLC’s holdings in Illinois Tool Works were worth $276,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Illinois Tool Works by 5.0% during the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock worth $6,035,292,000 after acquiring an additional 1,238,239 shares during the period. Norges Bank purchased a new stake in shares of Illinois Tool Works in the fourth quarter worth $818,408,000. Fisher Asset Management LLC raised its position in shares of 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 buying an additional 122,840 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Illinois Tool Works by 2.0% during 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 buying an additional 26,089 shares in the last quarter. Finally, Alecta Tjanstepension Omsesidigt increased its stake in Illinois Tool Works by 150.0% in the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock worth $294,671,000 after acquiring an additional 675,000 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

ITW opened at $236.96 on Monday. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. The stock’s 50 day simple moving average is $243.51 and its 200 day simple moving average is $253.84. The firm has a market cap of $70.71 billion, a price-to-earnings ratio of 23.37, a PEG ratio of 3.48 and a beta of 1.10. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15.

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

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s payout ratio is 55.23%.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 775 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was bought at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the acquisition, the director now directly owns 121,506 shares in the company, valued at $29,018,062.92. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ITW. Truist Financial boosted their price objective on Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Barclays decreased their price target on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a report on Tuesday, June 4th. Wells Fargo & Company dropped their price objective on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a report on Wednesday, May 1st. Stifel Nicolaus raised their price target on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Finally, StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Friday, June 21st. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $256.44.

Check Out Our Latest Report on Illinois Tool Works

About Illinois Tool Works

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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