Legacy Financial Strategies LLC Lowers Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Legacy Financial Strategies LLC lessened its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 2.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,413 shares of the industrial products company’s stock after selling 277 shares during the quarter. Legacy Financial Strategies LLC’s holdings in Illinois Tool Works were worth $2,794,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the company. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $26,000. Frazier Financial Advisors LLC acquired a new stake in shares of Illinois Tool Works in the 4th quarter valued at about $26,000. Financial Connections Group Inc. acquired a new stake in Illinois Tool Works during the fourth quarter worth about $28,000. Security National Bank acquired a new stake in Illinois Tool Works during the fourth quarter worth about $28,000. Finally, Bruce G. Allen Investments LLC acquired a new stake in Illinois Tool Works during the fourth quarter worth about $29,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insider Activity at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 775 shares of the company’s stock in a transaction on Thursday, June 13th. The stock was bought at an average cost 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 of the company’s stock, valued at $29,018,062.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.88% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ITW shares. StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Friday. Barclays cut their target price 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. Stifel Nicolaus increased their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Citigroup raised their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Finally, Wells Fargo & Company lowered 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. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $256.44.

Illinois Tool Works Stock Down 1.2 %

Shares of ITW traded down $2.93 during trading hours on Friday, reaching $240.40. 1,697,887 shares of the stock traded hands, compared to its average volume of 1,179,352. The company has a market cap of $71.74 billion, a price-to-earnings ratio of 24.00, a PEG ratio of 3.57 and a beta of 1.11. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The stock has a fifty day simple moving average of $244.98 and a 200 day simple moving average of $254.19.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results 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 net margin of 19.07% and a return on equity of 97.82%. The business had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the previous year, the company earned $2.33 EPS. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, equities analysts forecast that Illinois Tool Works Inc. will post 10.22 EPS for the current year.

Illinois Tool Works Announces Dividend

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 given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is 55.23%.

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.