Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Westhampton Capital LLC

Westhampton Capital LLC reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,950 shares of the industrial products company’s stock after selling 50 shares during the period. Westhampton Capital LLC’s holdings in Illinois Tool Works were worth $523,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of Nova Scotia boosted its stake in shares of Illinois Tool Works by 38.6% in the third quarter. Bank of Nova Scotia now owns 34,401 shares of the industrial products company’s stock valued at $7,923,000 after purchasing an additional 9,582 shares during the period. Ancora Advisors LLC boosted its stake in shares of Illinois Tool Works by 13.2% in the third quarter. Ancora Advisors LLC now owns 1,873 shares of the industrial products company’s stock valued at $431,000 after purchasing an additional 218 shares during the period. Waverly Advisors LLC boosted its stake in shares of Illinois Tool Works by 4.7% in the third quarter. Waverly Advisors LLC now owns 2,206 shares of the industrial products company’s stock valued at $508,000 after purchasing an additional 99 shares during the period. Truist Financial Corp boosted its stake in shares of Illinois Tool Works by 29.8% in the third quarter. Truist Financial Corp now owns 100,270 shares of the industrial products company’s stock valued at $23,093,000 after purchasing an additional 23,015 shares during the period. Finally, Advanced Portfolio Management LLC purchased a new position in Illinois Tool Works in the third quarter worth approximately $409,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 775 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were acquired at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the transaction, the director now directly owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.26% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock traded up $1.25 during trading on Tuesday, reaching $234.66. The company’s stock had a trading volume of 333,143 shares, compared to its average volume of 1,184,140. 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 firm has a market cap of $70.02 billion, a PE ratio of 23.10, a P/E/G ratio of 3.48 and a beta of 1.10. The company has a 50-day moving average price of $243.51 and a two-hundred day moving average price of $253.84. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping the consensus estimate of $2.35 by $0.09. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The business’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.33 EPS. On average, analysts forecast that Illinois Tool Works Inc. will post 10.22 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be given a dividend of $1.40 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.60 annualized dividend and a dividend yield of 2.39%. Illinois Tool Works’s payout ratio is currently 55.23%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a research note on Wednesday, May 1st. Barclays reduced their price objective on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a research report on Tuesday, June 4th. Truist Financial reduced their price objective on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating for the company in a research report on Tuesday. 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 report on Monday, April 8th. Finally, 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 report on Wednesday, April 17th. Four equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $254.00.

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.