SeaCrest Wealth Management LLC Cuts Stake in Illinois Tool Works Inc. (NYSE:ITW)

SeaCrest Wealth Management LLC reduced its position in Illinois Tool Works Inc. (NYSE:ITW) by 6.4% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,664 shares of the industrial products company’s stock after selling 113 shares during the period. SeaCrest Wealth Management LLC’s holdings in Illinois Tool Works were worth $413,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ITW. Norges Bank bought a new stake in Illinois Tool Works in the 4th quarter valued at about $806,291,000. GAMMA Investing LLC raised its stake in Illinois Tool Works by 26,372.8% in the 1st quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company’s stock valued at $5,123,080,000 after acquiring an additional 2,057,872 shares during the period. Raymond James Financial Inc. bought a new stake in Illinois Tool Works in the 4th quarter valued at about $203,949,000. Cerity Partners LLC raised its stake in Illinois Tool Works by 263.9% in the 4th quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company’s stock valued at $229,269,000 after acquiring an additional 655,341 shares during the period. Finally, Northern Trust Corp increased its position in shares of Illinois Tool Works by 3.9% during the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company’s stock valued at $3,465,570,000 after buying an additional 508,188 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director David Byron Smith, Jr. acquired 872 shares of the company’s stock in a transaction dated Monday, June 2nd. The stock was purchased at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the purchase, the director now owns 122,884 shares in the company, valued at $29,634,705.44. This trade represents a 0.71% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.88% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on ITW. Barclays decreased their price target on Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. Truist Financial decreased their price target on Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Deutsche Bank Aktiengesellschaft upgraded Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target on the stock in a research report on Wednesday, February 19th. Stifel Nicolaus upped their price target on Illinois Tool Works from $227.00 to $233.00 and gave the company a “hold” rating in a research report on Thursday, May 1st. Finally, Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price target on the stock. in a research report on Wednesday, May 7th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $253.42.

Illinois Tool Works Stock Up 0.6%

Shares of ITW opened at $247.69 on Friday. The firm has a market cap of $72.57 billion, a P/E ratio of 21.13, a P/E/G ratio of 4.56 and a beta of 1.10. The stock has a 50 day simple moving average of $239.64 and a two-hundred day simple moving average of $253.13. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $2.34 by $0.04. The firm had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The business’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.44 earnings per share. On average, analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date is Monday, June 30th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 52.77%.

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.