Mirae Asset Global Investments Co. Ltd. Cuts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Mirae Asset Global Investments Co. Ltd. lessened its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 26.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 83,916 shares of the industrial products company’s stock after selling 29,681 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Illinois Tool Works were worth $20,911,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Turtle Creek Wealth Advisors LLC purchased a new stake in Illinois Tool Works during the 4th quarter worth $26,000. Frazier Financial Advisors LLC purchased a new stake in Illinois Tool Works during the 4th quarter worth $26,000. Financial Connections Group Inc. purchased a new stake in Illinois Tool Works during the 4th quarter worth $28,000. Security National Bank purchased a new stake in Illinois Tool Works during the 4th quarter worth $28,000. Finally, Bruce G. Allen Investments LLC purchased a new stake in Illinois Tool Works during the 4th quarter worth $29,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

ITW has been the topic of several research reports. Barclays cut their price objective on 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. Citigroup upped their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Stifel Nicolaus upped their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Monday, July 1st. Finally, Truist Financial dropped their price target on Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a research report on Tuesday. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $254.00.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. acquired 775 shares of Illinois Tool Works stock in a transaction dated 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 purchase, the director now directly owns 121,506 shares in the company, valued at approximately $29,018,062.92. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.26% of the company’s stock.

Illinois Tool Works Price Performance

NYSE ITW traded down $2.85 on Friday, reaching $233.14. 1,312,075 shares of the stock traded hands, compared to its average volume of 983,387. The firm’s fifty day simple moving average is $242.02 and its 200 day simple moving average is $253.09. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The company has a market cap of $69.57 billion, a price-to-earnings ratio of 22.99, a P/E/G ratio of 3.47 and a beta of 1.10. 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 issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.35 by $0.09. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period last year, the company posted $2.33 EPS. As a group, research analysts predict that Illinois Tool Works Inc. will post 10.22 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is presently 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.