Clearbridge Investments LLC Cuts Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Clearbridge Investments LLC trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 427,878 shares of the industrial products company’s stock after selling 14,730 shares during the quarter. Clearbridge Investments LLC owned approximately 0.14% of Illinois Tool Works worth $114,813,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ITW. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth $26,000. Frazier Financial Advisors LLC acquired a new position in Illinois Tool Works during the fourth quarter valued at $26,000. Financial Connections Group Inc. acquired a new position in Illinois Tool Works during the fourth quarter valued at $28,000. Security National Bank acquired a new position in Illinois Tool Works during the fourth quarter valued at $28,000. Finally, Rakuten Securities Inc. acquired a new position in Illinois Tool Works during the fourth quarter valued at $29,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Price Performance

NYSE ITW traded down $3.76 during trading hours on Wednesday, hitting $239.30. 892,974 shares of the company’s stock traded hands, compared to its average volume of 1,170,123. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The company has a market capitalization of $71.41 billion, a PE ratio of 23.97, a PEG ratio of 3.73 and a beta of 1.10. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. The firm’s 50-day moving average is $241.29 and its 200-day moving average is $251.55.

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

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 11th. Investors of record on Friday, June 28th were paid a dividend of $1.40 per share. The ex-dividend date was Friday, June 28th. This represents a $5.60 annualized dividend and a yield of 2.34%. Illinois Tool Works’s dividend payout ratio is presently 55.23%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Citigroup boosted their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Barclays decreased 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 report on Tuesday, June 4th. Wells Fargo & Company decreased their price objective on shares of Illinois Tool Works from $244.00 to $230.00 and set an “underweight” rating for the company in a research report on Wednesday, July 10th. Jefferies Financial Group decreased their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Finally, Truist Financial decreased 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 report on Tuesday, July 2nd. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $252.10.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 775 shares of the firm’s stock in a transaction on Thursday, June 13th. The shares were bought at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the acquisition, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.88% of the stock is currently owned by company insiders.

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.