Sumitomo Mitsui Trust Holdings Inc. Sells 4,234 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Sumitomo Mitsui Trust Holdings Inc. lessened its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 741,667 shares of the industrial products company’s stock after selling 4,234 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.25% of Illinois Tool Works worth $199,012,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Cornerstone Wealth Management LLC lifted its holdings in Illinois Tool Works by 2.8% in the fourth quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company’s stock worth $395,000 after buying an additional 41 shares during the period. Summit Financial LLC increased its stake in shares of Illinois Tool Works by 1.6% during the fourth quarter. Summit Financial LLC now owns 2,601 shares of the industrial products company’s stock valued at $685,000 after purchasing an additional 41 shares in the last quarter. Catalyst Financial Partners LLC boosted its position in shares of Illinois Tool Works by 2.5% in the 4th quarter. Catalyst Financial Partners LLC now owns 1,767 shares of the industrial products company’s stock worth $463,000 after purchasing an additional 43 shares in the last quarter. PFG Advisors grew its stake in shares of Illinois Tool Works by 0.7% in the 4th quarter. PFG Advisors now owns 6,655 shares of the industrial products company’s stock worth $1,743,000 after buying an additional 46 shares during the last quarter. Finally, Crestwood Advisors Group LLC increased its position in Illinois Tool Works by 1.3% during the 4th quarter. Crestwood Advisors Group LLC now owns 3,635 shares of the industrial products company’s stock valued at $952,000 after buying an additional 46 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 0.1 %

ITW stock opened at $235.86 on Thursday. The business’s 50-day moving average is $242.88 and its two-hundred day moving average is $253.50. The company has a market cap of $70.38 billion, a price-to-earnings ratio of 23.26, a P/E/G ratio of 3.46 and a beta of 1.10. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two 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 posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. The company had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The firm’s revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted $2.33 earnings per share. As a group, analysts forecast that Illinois Tool Works Inc. will post 10.22 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.37%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

Insider Buying and Selling

In other news, Director David Byron Smith, Jr. purchased 775 shares of the stock in a transaction on Thursday, June 13th. The shares were acquired at an average price of $238.82 per share, with a total value of $185,085.50. Following the completion of the acquisition, 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 document filed with the SEC, which is available at this hyperlink. 1.26% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ITW shares. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Monday. Wells Fargo & Company dropped their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. Stifel Nicolaus raised their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Truist Financial lowered their price objective on Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Barclays reduced their target price on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a report on Tuesday, June 4th. Four research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and an average target price of $254.00.

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.