Congress Asset Management Co. Sells 547 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Congress Asset Management Co. reduced its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 19.8% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 2,211 shares of the industrial products company’s stock after selling 547 shares during the period. Congress Asset Management Co.’s holdings in Illinois Tool Works were worth $548,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. F M Investments LLC lifted its position in shares of Illinois Tool Works by 4.9% during the 4th quarter. F M Investments LLC now owns 896 shares of the industrial products company’s stock worth $227,000 after buying an additional 42 shares during the last quarter. Trust Co of the South increased its holdings in Illinois Tool Works by 2.9% in the 1st quarter. Trust Co of the South now owns 1,478 shares of the industrial products company’s stock worth $367,000 after purchasing an additional 42 shares in the last quarter. Harbour Investments Inc. increased its holdings in Illinois Tool Works by 1.2% in the 4th quarter. Harbour Investments Inc. now owns 3,696 shares of the industrial products company’s stock worth $937,000 after purchasing an additional 44 shares in the last quarter. Integrated Advisors Network LLC increased its stake in shares of Illinois Tool Works by 0.8% in the fourth quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company’s stock valued at $1,504,000 after buying an additional 45 shares during the period. Finally, Capital Advisors Ltd. LLC increased its stake in shares of Illinois Tool Works by 3.0% in the fourth quarter. Capital Advisors Ltd. LLC now owns 1,569 shares of the industrial products company’s stock valued at $398,000 after buying an additional 46 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Stock Down 0.1%

Illinois Tool Works stock opened at $247.28 on Tuesday. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week 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. The firm has a market cap of $72.45 billion, a price-to-earnings ratio of 21.10, a price-to-earnings-growth ratio of 4.56 and a beta of 1.10. The business’s 50-day moving average price is $239.53 and its 200 day moving average price is $252.82.

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

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Monday, June 30th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 52.77%.

Analyst Ratings Changes

Several research firms recently commented on ITW. Stifel Nicolaus raised their target price on Illinois Tool Works from $227.00 to $233.00 and gave the stock a “hold” rating in a research note on Thursday, May 1st. Evercore ISI cut their price target on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating on the stock in a report on Monday, May 19th. Truist Financial cut 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. Deutsche Bank Aktiengesellschaft upgraded Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target on the stock in a report on Wednesday, February 19th. Finally, Barclays dropped their target price on Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $253.42.

Insider Buying and Selling at Illinois Tool Works

In related news, Director David Byron Smith, Jr. acquired 872 shares of Illinois Tool Works stock in a transaction on Monday, June 2nd. The shares were bought at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the purchase, the director now directly owns 122,884 shares in the company, valued at $29,634,705.44. This trade represents a 0.71% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.88% of the stock is owned by insiders.

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.