Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Crestwood Advisors Group LLC

Crestwood Advisors Group LLC reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,632 shares of the industrial products company’s stock after selling 61 shares during the period. Crestwood Advisors Group LLC’s holdings in Illinois Tool Works were worth $861,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Capital Research Global Investors lifted its position in shares of Illinois Tool Works by 1.2% during the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock worth $1,171,006,000 after purchasing an additional 51,654 shares in the last quarter. Norges Bank bought a new stake in shares of Illinois Tool Works in the fourth quarter worth $818,408,000. Fisher Asset Management LLC increased its stake in shares of Illinois Tool Works by 4.2% in the fourth quarter. Fisher Asset Management LLC now owns 2,949,029 shares of the industrial products company’s stock worth $772,469,000 after buying an additional 119,921 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Illinois Tool Works by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,350,363 shares of the industrial products company’s stock worth $353,715,000 after buying an additional 26,089 shares during the last quarter. Finally, Schroder Investment Management Group increased its stake in shares of Illinois Tool Works by 11.0% in the fourth quarter. Schroder Investment Management Group now owns 1,001,113 shares of the industrial products company’s stock worth $262,232,000 after buying an additional 99,175 shares during the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. acquired 775 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, June 13th. The stock was acquired at an average price of $238.82 per share, with a total value of $185,085.50. Following the completion of the acquisition, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Up 1.1 %

ITW stock opened at $253.18 on Tuesday. Illinois Tool Works Inc. has a 1-year low of $217.50 and a 1-year high of $271.15. The firm has a market cap of $75.55 billion, a price-to-earnings ratio of 24.97, a PEG ratio of 4.03 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The firm has a fifty day moving average price of $242.59 and a two-hundred day moving average price of $249.02.

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

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a $1.50 dividend. The ex-dividend date is Monday, September 30th. This represents a $6.00 annualized dividend and a yield of 2.37%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio is presently 59.17%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ITW shares. Truist Financial dropped their price target on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. JPMorgan Chase & Co. lifted 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 note on Wednesday, July 31st. Jefferies Financial Group dropped their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Evercore ISI dropped their price target on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Finally, StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Three analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $250.22.

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.