Congress Wealth Management LLC DE Sells 1,864 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Congress Wealth Management LLC DE trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.1% in the first quarter, according to its most recent filing with the SEC. The firm owned 58,123 shares of the industrial products company’s stock after selling 1,864 shares during the period. Congress Wealth Management LLC DE’s holdings in Illinois Tool Works were worth $15,596,000 as of its most recent filing with the SEC.

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

Illinois Tool Works Stock Down 1.5 %

Shares of NYSE ITW opened at $233.41 on Tuesday. The stock has a market cap of $69.65 billion, a P/E ratio of 23.02, a P/E/G ratio of 3.48 and a beta of 1.10. The firm has a 50 day moving average price of $243.51 and a 200 day moving average price of $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. 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 issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.35 by $0.09. The firm 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 business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.33 earnings per share. Analysts expect that Illinois Tool Works Inc. will post 10.22 EPS for the current year.

Illinois Tool Works Dividend Announcement

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 issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Insider Activity at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 775 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was purchased at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the acquisition, 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 hyperlink. Corporate insiders own 1.26% of the company’s stock.

Analysts Set New Price Targets

Several equities 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 report on Monday. Citigroup lifted 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. Truist Financial boosted their target price 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. 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 research note on Tuesday, June 4th. Finally, 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 research note on Wednesday, May 1st. Four research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $256.44.

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.