SteelPeak Wealth LLC Lowers Holdings in Illinois Tool Works Inc. (NYSE:ITW)

SteelPeak Wealth LLC reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,022 shares of the industrial products company’s stock after selling 52 shares during the quarter. SteelPeak Wealth LLC’s holdings in Illinois Tool Works were worth $276,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $26,000. Frazier Financial Advisors LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at about $26,000. Financial Connections Group Inc. purchased a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $28,000. Security National Bank bought a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $28,000. Finally, Bruce G. Allen Investments LLC purchased a new position in Illinois Tool Works during the fourth quarter valued at approximately $29,000. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Stock Down 0.2 %

Illinois Tool Works stock opened at $236.96 on Monday. The business’s 50-day simple moving average is $243.51 and its two-hundred day simple moving average is $253.84. 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 cap of $70.71 billion, a PE ratio of 23.37, a PEG ratio of 3.48 and a beta of 1.10. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its 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 return on equity of 97.82% and a net margin of 19.07%. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the previous year, the company posted $2.33 earnings per share. The company’s revenue was down 1.1% compared to the same quarter last year. Equities analysts anticipate that Illinois Tool Works Inc. will post 10.22 EPS for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be issued 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 presently 55.23%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Barclays lowered their target price on 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 price objective on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. Citigroup boosted their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Stifel Nicolaus lifted their price objective 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. Finally, Truist Financial boosted their price objective on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $256.44.

Insider Activity at Illinois Tool Works

In related news, Director David Byron Smith, Jr. purchased 775 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were bought 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 of the company’s stock, valued at $29,018,062.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.26% of the stock is currently owned by insiders.

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.