Edgestream Partners L.P. Lowers Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Edgestream Partners L.P. decreased its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 3.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,133 shares of the industrial products company’s stock after selling 554 shares during the period. Edgestream Partners L.P.’s holdings in Illinois Tool Works were worth $4,866,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ITW. American Century Companies Inc. boosted its holdings in shares of Illinois Tool Works by 16.4% during the 3rd quarter. American Century Companies Inc. now owns 42,406 shares of the industrial products company’s stock valued at $9,767,000 after purchasing an additional 5,989 shares during the last quarter. Nordea Investment Management AB boosted its stake in Illinois Tool Works by 4.9% during the fourth quarter. Nordea Investment Management AB now owns 27,081 shares of the industrial products company’s stock valued at $7,099,000 after buying an additional 1,266 shares during the last quarter. Bruce G. Allen Investments LLC bought a new stake in Illinois Tool Works in the 4th quarter worth approximately $29,000. BKM Wealth Management LLC purchased a new stake in shares of Illinois Tool Works during the 4th quarter worth approximately $1,770,000. Finally, Ziegler Capital Management LLC bought a new position in shares of Illinois Tool Works during the 4th quarter valued at approximately $224,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 1.2 %

Shares of ITW stock traded up $2.89 on Monday, reaching $245.51. 763,262 shares of the company’s stock were exchanged, compared to its average volume of 1,175,911. The company’s fifty day simple moving average is $241.51 and its 200 day simple moving average is $251.75. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. The stock has a market capitalization of $73.26 billion, a PE ratio of 23.93, a P/E/G ratio of 3.69 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.09. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the company earned $2.33 earnings per share. As a group, analysts forecast that Illinois Tool Works Inc. will post 10.16 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 11th. Stockholders of record on Friday, June 28th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

Insider Activity

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 bought at an average price of $238.82 per share, with a total value of $185,085.50. Following the completion of the purchase, the director now directly owns 121,506 shares in the company, valued at $29,018,062.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Saturday. Truist Financial dropped their price target on Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating for the company in a research report on Tuesday, July 2nd. Barclays reduced their price objective on 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. Stifel Nicolaus raised their price objective on Illinois Tool Works from $259.00 to $268.00 and gave the company a “hold” rating in a research note on Thursday. Finally, Jefferies Financial Group cut their target price on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $252.10.

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.