Angeles Wealth Management LLC Sells 177 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Angeles Wealth Management LLC trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 11.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,352 shares of the industrial products company’s stock after selling 177 shares during the quarter. Angeles Wealth Management LLC’s holdings in Illinois Tool Works were worth $335,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Sivia Capital Partners LLC bought a new position in Illinois Tool Works in the 1st quarter worth about $214,000. OneAscent Financial Services LLC boosted its holdings in shares of Illinois Tool Works by 25.8% in the first quarter. OneAscent Financial Services LLC now owns 1,664 shares of the industrial products company’s stock valued at $416,000 after purchasing an additional 341 shares during the period. EP Wealth Advisors LLC grew its stake in Illinois Tool Works by 42.2% in the fourth quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company’s stock worth $1,450,000 after purchasing an additional 1,698 shares in the last quarter. Sowell Financial Services LLC purchased a new position in Illinois Tool Works during the 1st quarter worth $946,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Illinois Tool Works by 12.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,557 shares of the industrial products company’s stock valued at $10,242,000 after purchasing an additional 4,560 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $261.87 on Friday. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The business’s fifty day simple moving average is $250.18 and its 200-day simple moving average is $249.90. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25. The company has a market cap of $76.73 billion, a PE ratio of 23.03, a PEG ratio of 5.52 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.34 by $0.04. The company had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The firm’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.44 EPS. Analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Monday, June 30th were paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend was Monday, June 30th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 52.77%.

Insiders Place Their Bets

In related news, Director David Byron Smith, Jr. purchased 872 shares of the firm’s stock in a transaction on Monday, June 2nd. The stock was acquired at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the acquisition, the director owned 122,884 shares in the company, valued at approximately $29,634,705.44. This represents a 0.71% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Truist Financial cut their price target on Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. UBS Group reduced their price target on shares of Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating for the company in a report on Monday, April 7th. Stifel Nicolaus upped their price target on shares of Illinois Tool Works from $233.00 to $255.00 and gave the stock a “hold” rating in a research report on Monday, July 21st. Wells Fargo & Company lifted their price objective on shares of Illinois Tool Works from $230.00 to $235.00 and gave the company an “underweight” rating in a report on Tuesday, July 1st. Finally, Evercore ISI lowered their target price on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating for the company in a report on Monday, May 19th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $255.67.

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.