North Star Asset Management Inc. Decreases Stake in Illinois Tool Works Inc. (NYSE:ITW)

North Star Asset Management Inc. reduced its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 2.1% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 29,731 shares of the industrial products company’s stock after selling 634 shares during the period. North Star Asset Management Inc.’s holdings in Illinois Tool Works were worth $7,374,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Redwood Park Advisors LLC acquired a new stake in Illinois Tool Works during the fourth quarter worth about $26,000. Ameriflex Group Inc. acquired a new stake in Illinois Tool Works during the fourth quarter worth about $26,000. von Borstel & Associates Inc. acquired a new stake in Illinois Tool Works during the first quarter worth about $26,000. Glass Jacobson Investment Advisors llc increased its position in Illinois Tool Works by 336.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 84 shares during the last quarter. Finally, Park Square Financial Group LLC acquired a new stake in Illinois Tool Works during the fourth quarter worth about $35,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ITW. Evercore ISI cut their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating for the company in a research report on Monday, May 19th. Wells Fargo & Company lifted their price target on shares of Illinois Tool Works from $230.00 to $235.00 and gave the company an “underweight” rating in a research report on Tuesday, July 1st. Truist Financial dropped their price target on shares of Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Citigroup lifted their price target on shares of Illinois Tool Works from $254.00 to $265.00 and gave the company a “neutral” rating in a research report on Monday, July 14th. Finally, Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price target for the company. in a research report on Wednesday, May 7th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $255.67.

Insider Buying and Selling

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 872 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The shares were purchased at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the acquisition, the director owned 122,884 shares of the company’s stock, valued at approximately $29,634,705.44. This represents a 0.71% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $259.24 on Wednesday. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The stock has a market capitalization of $75.96 billion, a P/E ratio of 22.80, a P/E/G ratio of 5.48 and a beta of 1.09. The firm’s 50-day moving average is $250.53 and its two-hundred day moving average is $250.08. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.60 and a quick ratio of 1.16.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The business had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.83 billion. During the same period last year, the company earned $2.44 earnings per share. The company’s quarterly revenue was down 3.4% on a year-over-year basis. Equities analysts predict 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 was paid on Friday, July 11th. Investors of record on Monday, June 30th were given a $1.50 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.31%. Illinois Tool Works’s dividend payout ratio is presently 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.