Sunbelt Securities Inc. Has $223,000 Position in Illinois Tool Works Inc. (NYSE:ITW)

Sunbelt Securities Inc. cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 16.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 833 shares of the industrial products company’s stock after selling 159 shares during the period. Sunbelt Securities Inc.’s holdings in Illinois Tool Works were worth $223,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in ITW. Turtle Creek Wealth Advisors LLC bought a new stake in Illinois Tool Works in the fourth quarter valued at approximately $26,000. Frazier Financial Advisors LLC acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth $26,000. Security National Bank acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth $28,000. Financial Connections Group Inc. acquired a new position in Illinois Tool Works in the fourth quarter valued at $28,000. Finally, Bruce G. Allen Investments LLC bought a new stake in Illinois Tool Works during the fourth quarter valued at $29,000. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Trading Down 0.2 %

NYSE:ITW opened at $236.84 on Friday. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. Illinois Tool Works Inc. has a one year low of $217.50 and a one year high of $271.15. The company has a market cap of $70.67 billion, a PE ratio of 23.36, a PEG ratio of 3.55 and a beta of 1.11. The firm has a 50-day moving average of $243.51 and a 200-day moving average of $253.82.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $4.03 billion. During the same period in the previous year, the company posted $2.33 EPS. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. As a group, equities research analysts expect that Illinois Tool Works Inc. will post 10.22 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is 55.23%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on ITW shares. Citigroup boosted their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Friday, June 21st. Stifel Nicolaus lifted their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Barclays cut their target price on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research note on Tuesday, June 4th. Finally, Truist Financial upped their price objective on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Hold” and an average price target of $256.44.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. purchased 775 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The shares were bought at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the transaction, the director now directly owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.88% of the company’s stock.

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.