Oppenheimer Asset Management Inc. Sells 600 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Oppenheimer Asset Management Inc. lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 10.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,075 shares of the industrial products company’s stock after selling 600 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Illinois Tool Works were worth $1,362,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Illinois Tool Works during the fourth quarter worth $26,000. Frazier Financial Advisors LLC bought a new stake in shares of Illinois Tool Works during the fourth quarter worth $26,000. Security National Bank bought a new stake in shares of Illinois Tool Works in the fourth quarter worth $28,000. Financial Connections Group Inc. bought a new stake in shares of Illinois Tool Works in the fourth quarter worth $28,000. Finally, Bruce G. Allen Investments LLC bought a new stake in shares of Illinois Tool Works in the fourth quarter worth $29,000. Institutional investors own 79.77% of the company’s stock.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. acquired 775 shares of Illinois Tool Works stock in a transaction on Thursday, June 13th. The stock was acquired 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 approximately $29,018,062.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.88% of the stock is currently owned by insiders.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $245.93 on Monday. The firm’s 50-day moving average price is $241.39 and its 200-day moving average price is $252.17. 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 capitalization of $73.39 billion, a P/E ratio of 24.25, a P/E/G ratio of 3.62 and a beta of 1.10. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the prior year, the business posted $2.33 EPS. The firm’s revenue was down 1.1% compared to the same quarter last year. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.19 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 11th. Shareholders of record on Friday, June 28th were given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend was Friday, June 28th. Illinois Tool Works’s payout ratio is 55.23%.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Citigroup boosted their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Barclays reduced their price objective on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research note on Tuesday, June 4th. Stifel Nicolaus boosted 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 note on Wednesday, April 17th. Truist Financial cut their price target on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a research report on Tuesday, July 2nd. Finally, Jefferies Financial Group cut their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research report on Thursday. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $251.20.

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.