HBK Sorce Advisory LLC Cuts Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

HBK Sorce Advisory LLC reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,666 shares of the industrial products company’s stock after selling 68 shares during the period. HBK Sorce Advisory LLC’s holdings in Illinois Tool Works were worth $436,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Briaud Financial Planning Inc purchased a new stake in shares of Illinois Tool Works during the third quarter worth about $25,000. Bruce G. Allen Investments LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth about $29,000. Quarry LP boosted its holdings in shares of Illinois Tool Works by 52.7% during the first quarter. Quarry LP now owns 142 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 49 shares during the period. Arlington Trust Co LLC purchased a new stake in shares of Illinois Tool Works during the third quarter worth about $38,000. Finally, Carmichael Hill & Associates Inc. boosted its holdings in shares of Illinois Tool Works by 3,400.0% during the fourth quarter. Carmichael Hill & Associates Inc. now owns 175 shares of the industrial products company’s stock worth $46,000 after purchasing an additional 170 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Down 1.3 %

Shares of Illinois Tool Works stock opened at $259.29 on Thursday. The company’s fifty day simple moving average is $260.95 and its 200-day simple moving average is $249.92. The stock has a market capitalization of $77.46 billion, a PE ratio of 26.62, a P/E/G ratio of 3.85 and a beta of 1.13. Illinois Tool Works Inc. has a 1-year low of $217.06 and a 1-year high of $271.15. 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 (NYSE:ITW) last issued its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.01. The business had revenue of $3.98 billion for the quarter, compared to analysts’ expectations of $4.01 billion. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The company’s revenue was up .3% compared to the same quarter last year. During the same quarter last year, the company posted $2.34 EPS. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Stockholders of record on Friday, March 29th will be given a dividend of $1.40 per share. The ex-dividend date is Wednesday, March 27th. This represents a $5.60 annualized dividend and a dividend yield of 2.16%. Illinois Tool Works’s payout ratio is 57.49%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Citigroup increased their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday. Wells Fargo & Company downgraded shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $277.00 to $240.00 in a research note on Tuesday, February 6th. Bank of America downgraded shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. Stifel Nicolaus increased their price target on shares of Illinois Tool Works from $238.00 to $239.00 and gave the stock a “hold” rating in a research note on Tuesday, January 23rd. Finally, Truist Financial began coverage on shares of Illinois Tool Works in a report on Thursday, March 14th. They issued a “buy” rating and a $301.00 target price on the stock. Five research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $247.40.

Insider Activity

In other news, EVP Sharon Szafranski sold 801 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.42, for a total transaction of $205,392.42. Following the sale, the executive vice president now directly owns 5,870 shares in the company, valued at approximately $1,505,185.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $254.83, for a total transaction of $12,741,500.00. Following the sale, the chairman now directly owns 221,015 shares in the company, valued at approximately $56,321,252.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sharon Szafranski sold 801 shares of Illinois Tool Works stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.42, for a total transaction of $205,392.42. Following the completion of the sale, the executive vice president now owns 5,870 shares in the company, valued at $1,505,185.40. The disclosure for this sale can be found here. Insiders have sold 189,471 shares of company stock worth $48,712,316 in the last three months. Company insiders own 1.26% 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.