Good Steward Wealth Advisors LLC Makes New Investment in Illinois Tool Works Inc. (NYSE:ITW)

Good Steward Wealth Advisors LLC bought a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 1,706 shares of the industrial products company's stock, valued at approximately $423,000.

A number of other institutional investors have also recently added to or reduced their stakes in ITW. Walter & Keenan Wealth Management LLC IN ADV boosted its position in shares of Illinois Tool Works by 1.2% in the first quarter. Walter & Keenan Wealth Management LLC IN ADV now owns 7,896 shares of the industrial products company's stock worth $1,958,000 after buying an additional 92 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in Illinois Tool Works during the 1st quarter worth approximately $232,000. Norris Perne & French LLP MI boosted its holdings in Illinois Tool Works by 1.8% in the 1st quarter. Norris Perne & French LLP MI now owns 61,567 shares of the industrial products company's stock worth $15,269,000 after acquiring an additional 1,066 shares during the period. Global X Japan Co. Ltd. grew its position in Illinois Tool Works by 14.4% in the first quarter. Global X Japan Co. Ltd. now owns 2,330 shares of the industrial products company's stock valued at $578,000 after acquiring an additional 294 shares in the last quarter. Finally, Premier Path Wealth Partners LLC raised its stake in shares of Illinois Tool Works by 13.5% during the first quarter. Premier Path Wealth Partners LLC now owns 2,490 shares of the industrial products company's stock valued at $618,000 after purchasing an additional 297 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. acquired 872 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was purchased at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the purchase, the director now directly owns 122,884 shares in the company, valued at $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 0.88% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ITW. Evercore ISI decreased their target price on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a research note on Monday, May 19th. Robert W. Baird boosted their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a report on Thursday, May 1st. UBS Group decreased their price objective on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Bank of America lowered Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price on the stock. in a research report on Wednesday, May 7th. Finally, Citigroup reduced their price target on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Illinois Tool Works currently has an average rating of "Hold" and an average price target of $253.42.

Illinois Tool Works Stock Down 0.4%

NYSE ITW traded down $0.90 on Friday, hitting $240.41. 1,504,304 shares of the stock traded hands, compared to its average volume of 1,008,925. 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 stock has a 50-day moving average of $242.18 and a 200 day moving average of $251.33. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The company has a market capitalization of $70.44 billion, a P/E ratio of 21.14, a price-to-earnings-growth ratio of 5.19 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly 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 business 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 business's 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. As a group, analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date is Monday, June 30th. Illinois Tool Works's dividend payout ratio is presently 52.77%.

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.