Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Laurel Wealth Advisors Inc.

Posted by on Jun 13th, 2023

Laurel Wealth Advisors Inc. trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW – Get Rating) by 1.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,520 shares of the industrial products company’s stock after selling 44 shares during the quarter. Laurel Wealth Advisors Inc.’s holdings in Illinois Tool Works were worth $996,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Weaver C. Barksdale & Associates Inc. increased its position in shares of Illinois Tool Works by 2.6% during the 4th quarter. Weaver C. Barksdale & Associates Inc. now owns 9,788 shares of the industrial products company’s stock worth $2,156,000 after purchasing an additional 250 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Illinois Tool Works during the 4th quarter worth about $20,794,000. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Illinois Tool Works during the 4th quarter worth about $513,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Illinois Tool Works during the 4th quarter worth about $2,567,000. Finally, Grey Fox Wealth Advisors LLC purchased a new position in Illinois Tool Works during the 4th quarter valued at about $50,000. 79.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on ITW. Stifel Nicolaus lowered their target price on Illinois Tool Works from $240.00 to $236.00 in a report on Wednesday, May 3rd. Barclays lowered their target price on Illinois Tool Works from $205.00 to $203.00 in a report on Wednesday, May 3rd. Deutsche Bank Aktiengesellschaft lowered their target price on Illinois Tool Works from $183.00 to $181.00 and set a “sell” rating for the company in a report on Wednesday, April 12th. Wells Fargo & Company lowered their target price on Illinois Tool Works from $250.00 to $227.00 and set an “equal weight” rating for the company in a report on Thursday, April 13th. Finally, StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $228.21.

Illinois Tool Works Price Performance

ITW stock opened at $239.77 on Tuesday. The business has a 50 day moving average price of $230.57 and a 200 day moving average price of $230.42. The stock has a market cap of $72.87 billion, a price-to-earnings ratio of 23.98, a PEG ratio of 3.58 and a beta of 1.10. Illinois Tool Works Inc. has a fifty-two week low of $173.52 and a fifty-two week high of $253.37. The company has a quick ratio of 0.84, a current ratio of 1.20 and a debt-to-equity ratio of 1.78.

Illinois Tool Works (NYSE:ITW – Get Rating) last posted its earnings results on Tuesday, May 2nd. The industrial products company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.10. The firm had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.98 billion. Illinois Tool Works had a return on equity of 92.13% and a net margin of 19.27%. The firm’s revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.11 earnings per share. Equities research analysts anticipate that Illinois Tool Works Inc. will post 9.65 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 13th. Investors of record on Friday, June 30th will be paid a dividend of $1.31 per share. This represents a $5.24 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend is Thursday, June 29th. Illinois Tool Works’s payout ratio is 52.40%.

Illinois Tool Works Company Profile

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Illinois Tool Works, Inc engages in the manufacture of industrial products and equipment. It operates through the following segments: Automotive OEM, Test and Measurement and Electronics, Food Equipment, Polymers and Fluids, Welding, Construction Products, and Specialty Products. The Automotive OEM segment produces components and fasteners for automotive-related applications.

Further Reading

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

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