Spire Wealth Management Sells 760 Shares of Illinois Tool Works Inc. (NYSE:ITW)
Spire Wealth Management cut its holdings in Illinois Tool Works Inc. (NYSE:ITW – Get Rating) by 18.6% during the first quarter, HoldingsChannel reports. The firm owned 3,318 shares of the industrial products company’s stock after selling 760 shares during the period. Spire Wealth Management’s holdings in Illinois Tool Works were worth $695,000 as of its most recent filing with the SEC.
Other large investors have also made changes to their positions in the company. Ritter Daniher Financial Advisory LLC bought a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $28,000. Allegheny Financial Group LTD bought a new position in shares of Illinois Tool Works during the 4th quarter worth about $29,000. Amplius Wealth Advisors LLC acquired a new position in shares of Illinois Tool Works during the fourth quarter valued at about $30,000. FSB Premier Wealth Management Inc. bought a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $32,000. Finally, DeDora Capital Inc. acquired a new stake in Illinois Tool Works during the first quarter worth about $35,000. Hedge funds and other institutional investors own 79.03% of the company’s stock.
Several brokerages have recently weighed in on ITW. Morgan Stanley decreased their price objective on Illinois Tool Works from $187.00 to $182.00 and set an “underweight” rating on the stock in a report on Tuesday, May 31st. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Illinois Tool Works from $236.00 to $226.00 and set a “hold” rating for the company in a research note on Thursday, April 14th. JPMorgan Chase & Co. upgraded shares of Illinois Tool Works from a “neutral” rating to an “overweight” rating and decreased their target price for the company from $262.00 to $255.00 in a research report on Monday, March 28th. Credit Suisse Group dropped their price target on shares of Illinois Tool Works from $267.00 to $261.00 in a research report on Wednesday, May 4th. Finally, Stifel Nicolaus dropped their target price on Illinois Tool Works from $242.00 to $202.00 and set a “hold” rating for the company in a report on Monday, April 18th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $227.09.
In other news, EVP Lei Zhang Schlitz sold 1,000 shares of Illinois Tool Works stock in a transaction on Wednesday, May 11th. The stock was sold at an average price of $205.34, for a total value of $205,340.00. Following the completion of the sale, the executive vice president now directly owns 7,803 shares of the company’s stock, valued at approximately $1,602,268.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.78% of the stock is currently owned by corporate insiders.
Illinois Tool Works stock opened at $182.25 on Friday. Illinois Tool Works Inc. has a 52 week low of $177.33 and a 52 week high of $249.81. The firm has a market cap of $56.76 billion, a P/E ratio of 21.42, a P/E/G ratio of 2.05 and a beta of 1.07. The company has a debt-to-equity ratio of 1.90, a quick ratio of 1.24 and a current ratio of 1.73. The business’s fifty day moving average is $198.76 and its two-hundred day moving average is $214.79.
Illinois Tool Works (NYSE:ITW – Get Rating) last issued its quarterly earnings data on Tuesday, May 3rd. The industrial products company reported $2.11 EPS for the quarter, topping analysts’ consensus estimates of $2.07 by $0.04. Illinois Tool Works had a net margin of 18.08% and a return on equity of 72.57%. The firm had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same quarter in the prior year, the firm earned $2.11 EPS. The company’s revenue was up 11.1% on a year-over-year basis. On average, equities research analysts predict that Illinois Tool Works Inc. will post 9.16 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 14th. Investors of record on Thursday, June 30th will be given a $1.22 dividend. This represents a $4.88 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend is Wednesday, June 29th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 57.34%.
Illinois Tool Works Company Profile (Get Rating)
Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.
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