Illinois Tool Works Inc. (NYSE:ITW) Holdings Lowered by International Assets Investment Management LLC

International Assets Investment Management LLC trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 11.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,204 shares of the industrial products company’s stock after selling 150 shares during the period. International Assets Investment Management LLC’s holdings in Illinois Tool Works were worth $315,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of ITW. Briaud Financial Planning Inc acquired a new position in Illinois Tool Works during the third quarter valued at $25,000. Bruce G. Allen Investments LLC acquired a new position in Illinois Tool Works during the fourth quarter valued at $29,000. Carmichael Hill & Associates Inc. raised its position in 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 valued at $46,000 after buying an additional 170 shares during the period. Fortitude Family Office LLC acquired a new position in Illinois Tool Works during the fourth quarter valued at $54,000. Finally, Orion Capital Management LLC acquired a new position in Illinois Tool Works during the third quarter valued at $58,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

ITW opened at $248.70 on Thursday. The company has a market cap of $74.21 billion, a PE ratio of 24.53, a price-to-earnings-growth ratio of 3.71 and a beta of 1.14. The stock has a 50-day moving average of $255.62 and a 200-day moving average of $253.99. Illinois Tool Works Inc. has a 52-week low of $217.06 and a 52-week high of $271.15. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the prior year, the company earned $2.33 EPS. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, equities research analysts forecast that Illinois Tool Works Inc. will post 10.24 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be paid a dividend of $1.40 per share. The ex-dividend date is Friday, June 28th. This represents a $5.60 annualized dividend and a yield of 2.25%. Illinois Tool Works’s payout ratio is 55.23%.

Insider Activity at Illinois Tool Works

In related news, CFO Michael M. Larsen sold 37,167 shares of the stock in a transaction that occurred 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.26% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have weighed in on ITW shares. Wells Fargo & Company dropped their target price on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. Citigroup upped their target price on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. Truist Financial upped their target price on Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Finally, Barclays dropped their target price on Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating on the stock in a research report on Thursday, May 2nd. Four research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $257.78.

Illinois Tool Works Company 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.