NewEdge Wealth LLC Sells 720 Shares of Illinois Tool Works Inc. (NYSE:ITW)

NewEdge Wealth LLC reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 15.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,051 shares of the industrial products company’s stock after selling 720 shares during the quarter. NewEdge Wealth LLC’s holdings in Illinois Tool Works were worth $1,061,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of ITW. Cibc World Market Inc. increased its stake in Illinois Tool Works by 3.7% during the 1st quarter. Cibc World Market Inc. now owns 9,666 shares of the industrial products company’s stock valued at $2,024,000 after purchasing an additional 348 shares in the last quarter. Cetera Investment Advisers increased its stake in Illinois Tool Works by 4.2% during the 1st quarter. Cetera Investment Advisers now owns 9,070 shares of the industrial products company’s stock valued at $1,899,000 after purchasing an additional 368 shares in the last quarter. Sequoia Financial Advisors LLC increased its stake in Illinois Tool Works by 54.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 2,859 shares of the industrial products company’s stock valued at $599,000 after purchasing an additional 1,011 shares in the last quarter. Zions Bancorporation N.A. increased its stake in Illinois Tool Works by 9.9% during the 1st quarter. Zions Bancorporation N.A. now owns 2,407 shares of the industrial products company’s stock valued at $504,000 after purchasing an additional 217 shares in the last quarter. Finally, Covestor Ltd boosted its holdings in shares of Illinois Tool Works by 70.7% during the 1st quarter. Covestor Ltd now owns 746 shares of the industrial products company’s stock valued at $156,000 after acquiring an additional 309 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the sale, the chairman now owns 221,015 shares in the company, valued at $56,235,056.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total value of $12,722,000.00. Following the sale, the chairman now owns 221,015 shares in the company, valued at $56,235,056.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the sale, the chief financial officer now owns 46,404 shares in the company, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Insiders have sold a total of 189,471 shares of company stock worth $48,712,316 over the last quarter. Insiders own 1.26% of the company’s stock.

Analysts Set New Price Targets

ITW has been the topic of a number of recent analyst reports. Wells Fargo & Company downgraded shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $277.00 to $240.00 in a report on Tuesday, February 6th. Truist Financial initiated coverage on shares of Illinois Tool Works in a report on Thursday, March 14th. They set a “buy” rating and a $301.00 price target on the stock. Bank of America downgraded shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Barclays raised their price objective on shares of Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a report on Tuesday, April 2nd. Finally, Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $238.00 to $239.00 and gave the stock a “hold” rating in a report on Tuesday, January 23rd. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus price target of $254.78.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $253.88 on Tuesday. 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 1-year low of $217.06 and a 1-year high of $271.15. The company has a market capitalization of $75.84 billion, a P/E ratio of 26.07, a P/E/G ratio of 3.73 and a beta of 1.13. The firm’s 50 day simple moving average is $260.93 and its two-hundred day simple moving average is $250.52.

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, beating the consensus estimate of $2.41 by $0.01. The business had revenue of $3.98 billion for the quarter, compared to the consensus estimate 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 for the quarter was up .3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.34 earnings per share. Research analysts expect that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.21%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s payout ratio is currently 57.49%.

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.