Park Place Capital Corp Decreases Stake in Illinois Tool Works Inc. (NYSE:ITW)

Park Place Capital Corp reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 31.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,051 shares of the industrial products company’s stock after selling 484 shares during the period. Park Place Capital Corp’s holdings in Illinois Tool Works were worth $282,000 at the end of the most recent reporting period.

Other large investors 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 4th quarter worth approximately $26,000. Frazier Financial Advisors LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $26,000. Security National Bank bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $28,000. Financial Connections Group Inc. bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $28,000. Finally, Bruce G. Allen Investments LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $29,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ITW has been the topic of a number of recent analyst reports. Stifel Nicolaus lifted their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Barclays dropped their price target on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 4th. Truist Financial lifted their price target on Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Citigroup lifted their price target on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Monday. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $256.44.

Illinois Tool Works Trading Down 1.5 %

Illinois Tool Works stock opened at $233.41 on Tuesday. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. The business’s fifty day simple moving average is $243.51 and its two-hundred day simple moving average is $253.84. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The company has a market capitalization of $69.65 billion, a price-to-earnings ratio of 23.02, a price-to-earnings-growth ratio of 3.48 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $4.03 billion. During the same quarter in the previous year, the business earned $2.33 earnings per share. The company’s revenue was down 1.1% on a year-over-year basis. As a group, equities analysts predict that Illinois Tool Works Inc. will post 10.22 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 775 shares of the firm’s stock in a transaction dated 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 purchase, the director now directly owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.26% of the company’s stock.

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.