Oak Asset Management LLC Trims Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Oak Asset Management LLC lessened its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.9% during the 1st quarter, Holdings Channel reports. The institutional investor owned 5,903 shares of the industrial products company’s stock after selling 56 shares during the quarter. Oak Asset Management LLC’s holdings in Illinois Tool Works were worth $1,584,000 at the end of the most recent quarter.

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

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 775 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was acquired at an average cost of $238.82 per share, with a total value of $185,085.50. Following the transaction, the director now owns 121,506 shares in the company, valued at $29,018,062.92. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 1.26% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ITW. Truist Financial lifted their target price on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Stifel Nicolaus lifted their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Barclays dropped 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 report on Tuesday, June 4th. Wells Fargo & Company dropped their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a report on Wednesday, May 1st. Finally, StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Friday, June 21st. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works has an average rating of “Hold” and a consensus price target of $256.44.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $236.96 on Monday. The company has a fifty day simple moving average of $243.51 and a two-hundred day simple moving average of $253.84. The company has a market cap of $70.71 billion, a price-to-earnings ratio of 23.37, a price-to-earnings-growth ratio of 3.48 and a beta of 1.10. The company has a quick ratio of 0.94, a current ratio of 1.32 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.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) 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 analysts’ expectations of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the company earned $2.33 EPS. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.22 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be given a dividend of $1.40 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.60 annualized dividend and a dividend yield of 2.36%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 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.