Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Northstar Asset Management Inc.

Northstar Asset Management Inc. cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 85.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,502 shares of the industrial products company’s stock after selling 8,907 shares during the period. Northstar Asset Management Inc.’s holdings in Illinois Tool Works were worth $373,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Sivia Capital Partners LLC purchased a new stake in shares of Illinois Tool Works in the first quarter valued at approximately $214,000. OneAscent Financial Services LLC grew its position 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 in the last quarter. EP Wealth Advisors LLC grew its position in shares of 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 valued at $1,450,000 after purchasing an additional 1,698 shares in the last quarter. Sowell Financial Services LLC purchased a new stake in shares of Illinois Tool Works in the first quarter valued at approximately $946,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Illinois Tool Works by 12.3% in the first 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 hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ITW shares. Robert W. Baird upped their price target on Illinois Tool Works from $239.00 to $244.00 and gave the company a “neutral” rating in a research report on Thursday, May 1st. Wells Fargo & Company increased their price objective on Illinois Tool Works from $235.00 to $250.00 and gave the stock an “underweight” rating in a research report on Thursday, July 31st. Barclays increased their price objective on Illinois Tool Works from $240.00 to $243.00 and gave the stock an “equal weight” rating in a research report on Monday, August 4th. UBS Group increased their price objective on Illinois Tool Works from $243.00 to $255.00 and gave the stock a “neutral” rating in a research report on Thursday, July 31st. Finally, Stifel Nicolaus increased their price objective on Illinois Tool Works from $255.00 to $261.00 and gave the stock a “hold” rating in a research report on Thursday, July 31st. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $259.33.

Illinois Tool Works Trading Down 1.5%

ITW opened at $258.43 on Friday. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The business has a fifty day simple moving average of $253.84 and a 200-day simple moving average of $250.10. The firm has a market cap of $75.33 billion, a P/E ratio of 22.65, a P/E/G ratio of 5.58 and a beta of 1.09. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 EPS for the quarter, topping the consensus estimate of $2.56 by $0.02. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%. The business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same period last year, the business posted $2.54 earnings per share. The company’s quarterly revenue was up .6% on a year-over-year basis. On average, equities analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be paid a $1.61 dividend. The ex-dividend date is Tuesday, September 30th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.50. This represents a $6.44 annualized dividend and a dividend yield of 2.5%. Illinois Tool Works’s payout ratio is 56.44%.

Insider Activity

In related news, Director David Byron Smith, Jr. acquired 872 shares of Illinois Tool Works stock in a transaction dated Monday, June 2nd. The shares were acquired at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the purchase, the director owned 122,884 shares in the company, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.88% of the company’s stock.

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.