Spectrum Wealth Counsel LLC Lowers Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Spectrum Wealth Counsel LLC trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 17,666 shares of the industrial products company’s stock after selling 136 shares during the period. Spectrum Wealth Counsel LLC’s holdings in Illinois Tool Works were worth $4,479,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in ITW. Assenagon Asset Management S.A. lifted its holdings in shares of Illinois Tool Works by 12.0% during the third quarter. Assenagon Asset Management S.A. now owns 9,332 shares of the industrial products company’s stock valued at $2,446,000 after purchasing an additional 1,000 shares during the last quarter. Diversify Wealth Management LLC purchased a new position in Illinois Tool Works in the 3rd quarter worth approximately $203,000. SteelPeak Wealth LLC raised its holdings in Illinois Tool Works by 4.8% in the 3rd quarter. SteelPeak Wealth LLC now owns 1,057 shares of the industrial products company’s stock worth $279,000 after acquiring an additional 48 shares during the last quarter. Financial Advocates Investment Management raised its holdings in Illinois Tool Works by 4.9% in the 3rd quarter. Financial Advocates Investment Management now owns 4,051 shares of the industrial products company’s stock worth $1,062,000 after acquiring an additional 190 shares during the last quarter. Finally, Goldstone Financial Group LLC purchased a new position in Illinois Tool Works in the 3rd quarter worth approximately $375,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Illinois Tool Works

In related news, Director Ernest Scott Santi sold 70,000 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total value of $18,431,000.00. Following the sale, the director now directly owns 260,224 shares in the company, valued at approximately $68,516,979.20. The trade was a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ITW. Truist Financial boosted their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Stifel Nicolaus dropped their target price on shares of Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating on the stock in a report on Thursday, February 6th. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price for the company in a research note on Wednesday, February 19th. Jefferies Financial Group raised their price target on Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Finally, StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Illinois Tool Works has an average rating of “Hold” and an average target price of $269.30.

Illinois Tool Works Price Performance

NYSE:ITW opened at $263.99 on Friday. The stock has a market cap of $77.48 billion, a PE ratio of 22.52, a P/E/G ratio of 4.56 and a beta of 1.11. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The business’s 50-day simple moving average is $257.00 and its two-hundred day simple moving average is $259.13. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, topping the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. As a group, analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.27%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s payout ratio is currently 51.19%.

Illinois Tool Works Profile

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.