Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Clifford Swan Investment Counsel LLC

Clifford Swan Investment Counsel LLC trimmed its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 3.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,041 shares of the industrial products company’s stock after selling 1,143 shares during the quarter. Clifford Swan Investment Counsel LLC’s holdings in Illinois Tool Works were worth $8,066,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ITW. PFG Investments LLC grew its holdings in shares of Illinois Tool Works by 2.1% in the 2nd quarter. PFG Investments LLC now owns 3,948 shares of the industrial products company’s stock worth $935,000 after acquiring an additional 80 shares during the last quarter. Quest Partners LLC grew its holdings in Illinois Tool Works by 23.9% in the 2nd quarter. Quest Partners LLC now owns 10,291 shares of the industrial products company’s stock valued at $2,439,000 after buying an additional 1,987 shares during the last quarter. Prestige Wealth Management Group LLC raised its position in shares of Illinois Tool Works by 5.3% during the second quarter. Prestige Wealth Management Group LLC now owns 1,212 shares of the industrial products company’s stock valued at $289,000 after buying an additional 61 shares during the last quarter. Ballentine Partners LLC raised its position in Illinois Tool Works by 2.6% in the second quarter. Ballentine Partners LLC now owns 10,987 shares of the industrial products company’s stock worth $2,603,000 after purchasing an additional 275 shares in the last quarter. Finally, Caprock Group LLC increased its holdings in shares of Illinois Tool Works by 54.3% during the second quarter. Caprock Group LLC now owns 8,251 shares of the industrial products company’s stock worth $1,967,000 after buying an additional 2,905 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 775 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The shares were bought at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the transaction, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.88% of the stock is currently owned by insiders.

Analyst Ratings Changes

ITW has been the subject of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Stifel Nicolaus lowered their price target on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research report on Wednesday, July 31st. Barclays dropped their price objective on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research note 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 research note on Monday, August 19th. Finally, Truist Financial dropped their target price on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and an average target price of $250.22.

Illinois Tool Works Price Performance

ITW stock opened at $243.60 on Monday. The firm has a 50 day moving average of $243.19 and a 200-day moving average of $248.74. The firm has a market capitalization of $72.32 billion, a P/E ratio of 24.02, a price-to-earnings-growth ratio of 3.88 and a beta of 1.10. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its 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. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. During the same period in the previous year, the firm earned $2.41 earnings per share. The business’s revenue was down 1.2% compared to the same quarter last year. As a group, sell-side 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 firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be given a dividend of $1.50 per share. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date is Monday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is 55.23%.

About Illinois Tool Works

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.