Procyon Advisors LLC Has $388,000 Stake in Illinois Tool Works Inc. (NYSE:ITW)

Procyon Advisors LLC lowered its position in Illinois Tool Works Inc. (NYSE:ITW) by 8.5% during the first quarter, according to its most recent filing with the SEC. The firm owned 1,565 shares of the industrial products company’s stock after selling 146 shares during the period. Procyon Advisors LLC’s holdings in Illinois Tool Works were worth $388,000 as of its most recent filing with the SEC.

A number of other hedge funds have also added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Illinois Tool Works during the fourth quarter valued at about $806,291,000. GAMMA Investing LLC boosted its stake in Illinois Tool Works by 26,372.8% in the 1st quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company’s stock worth $5,123,080,000 after purchasing an additional 2,057,872 shares during the period. Raymond James Financial Inc. purchased a new position in Illinois Tool Works during the 4th quarter valued at about $203,949,000. Cerity Partners LLC increased its holdings in Illinois Tool Works by 263.9% during the 4th quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company’s stock worth $229,269,000 after acquiring an additional 655,341 shares during the period. Finally, Northern Trust Corp boosted its holdings in Illinois Tool Works by 3.9% in the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company’s stock valued at $3,465,570,000 after purchasing an additional 508,188 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 872 shares of Illinois Tool Works stock in a transaction on Monday, June 2nd. The stock was acquired at an average price of $241.16 per share, with a total value of $210,291.52. Following the acquisition, the director now owns 122,884 shares in the company, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.88% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Evercore ISI lowered their price target on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating on the stock in a research report on Monday, May 19th. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target for the company in a report on Wednesday, February 19th. Barclays decreased their price objective on shares of Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. Robert W. Baird increased their target price on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a report on Thursday, May 1st. Finally, Truist Financial reduced their price target on Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $253.42.

Illinois Tool Works Trading Up 0.6%

NYSE ITW opened at $247.69 on Monday. The firm has a market capitalization of $72.57 billion, a PE ratio of 21.13, a P/E/G ratio of 4.56 and a beta of 1.10. The stock’s 50 day moving average is $239.64 and its 200 day moving average is $253.01. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. The firm had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.83 billion. During the same quarter in the previous year, the business posted $2.44 EPS. The company’s quarterly revenue was down 3.4% on a year-over-year basis. Research analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be paid a $1.50 dividend. The ex-dividend date is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.42%. Illinois Tool Works’s dividend payout ratio is currently 52.77%.

About Illinois Tool Works

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.