Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by D.A. Davidson & CO.

D.A. Davidson & CO. trimmed its position in Illinois Tool Works Inc. (NYSE:ITW) by 2.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,110 shares of the industrial products company’s stock after selling 453 shares during the period. D.A. Davidson & CO.’s holdings in Illinois Tool Works were worth $3,579,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Frazier Financial Advisors LLC purchased a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $26,000. Security National Bank acquired a new position in Illinois Tool Works in the 4th quarter valued at $28,000. Financial Connections Group Inc. purchased a new position in shares of Illinois Tool Works during the 2nd quarter worth $30,000. Christopher J. Hasenberg Inc purchased a new stake in shares of Illinois Tool Works in the first quarter valued at $32,000. Finally, Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works in the first quarter valued at $34,000. 79.77% of the stock is owned by institutional investors and hedge funds.

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 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 transaction, the director now directly owns 121,506 shares in the company, valued at approximately $29,018,062.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Stifel Nicolaus decreased their price target on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research note on Wednesday, July 31st. Truist Financial decreased their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. JPMorgan Chase & Co. upped their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Evercore ISI decreased their price target on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Finally, Argus upgraded Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and an average target price of $250.22.

Illinois Tool Works Trading Down 1.4 %

NYSE:ITW opened at $249.69 on Wednesday. The business’s 50-day moving average is $242.82 and its two-hundred day moving average is $248.99. The firm has a market capitalization of $74.51 billion, a PE ratio of 24.62, a price-to-earnings-growth ratio of 4.03 and a beta of 1.10. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.45 by $0.09. The business had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The company’s revenue was down 1.2% on a year-over-year basis. During the same period last year, the business posted $2.41 EPS. Research analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, September 30th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a dividend yield of 2.40%. Illinois Tool Works’s dividend payout ratio is 59.17%.

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.