Illinois Tool Works Inc. (NYSE:ITW) Stock Position Cut by Uncommon Cents Investing LLC

Uncommon Cents Investing LLC lessened its stake in Illinois Tool Works Inc. (NYSE:ITW) by 0.4% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 17,640 shares of the industrial products company’s stock after selling 65 shares during the quarter. Illinois Tool Works comprises 1.4% of Uncommon Cents Investing LLC’s holdings, making the stock its 16th biggest position. Uncommon Cents Investing LLC’s holdings in Illinois Tool Works were worth $4,733,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. First Trust Direct Indexing L.P. boosted its position in shares of Illinois Tool Works by 22.0% during the 1st quarter. First Trust Direct Indexing L.P. now owns 6,731 shares of the industrial products company’s stock valued at $1,806,000 after purchasing an additional 1,213 shares in the last quarter. Massachusetts Wealth Management boosted its position in shares of Illinois Tool Works by 9.1% during the 1st quarter. Massachusetts Wealth Management now owns 7,179 shares of the industrial products company’s stock valued at $1,926,000 after purchasing an additional 600 shares in the last quarter. Norden Group LLC boosted its position in shares of Illinois Tool Works by 1,889.1% during the 1st quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock valued at $7,103,000 after purchasing an additional 25,144 shares in the last quarter. Meadow Creek Wealth Advisors LLC bought a new position in shares of Illinois Tool Works during the 1st quarter valued at about $1,062,000. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new position in shares of Illinois Tool Works during the 1st quarter valued at about $159,000. Institutional investors own 79.77% of the company’s stock.

Insider Buying and Selling

In other news, Director David Byron Smith, Jr. acquired 775 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The shares were purchased at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the acquisition, the director now owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.26% of the stock is currently owned by corporate insiders.

Illinois Tool Works Stock Up 0.2 %

Shares of NYSE ITW traded up $0.48 during mid-day trading on Thursday, reaching $235.99. The company had a trading volume of 475,351 shares, compared to its average volume of 1,025,234. The stock has a fifty day moving average of $242.56 and a two-hundred day moving average of $253.38. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32. The company has a market capitalization of $70.42 billion, a price-to-earnings ratio of 23.27, a PEG ratio of 3.46 and a beta of 1.10. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results 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 business had revenue of $3.97 billion during the quarter, compared to analyst estimates 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 period in the prior year, the firm earned $2.33 earnings per share. As a group, equities research analysts expect that Illinois Tool Works Inc. will post 10.22 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be issued a $1.40 dividend. The ex-dividend date is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a yield of 2.37%. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Wall Street Analyst Weigh In

ITW has been the subject of several research reports. Wells Fargo & Company reduced their price objective on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a research report on Wednesday, May 1st. Stifel Nicolaus upped 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. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Monday. Truist Financial reduced their price objective on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Barclays reduced their price objective on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a research note on Tuesday, June 4th. Four research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus 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.