27,368 Shares in Illinois Tool Works Inc. (NYSE:ITW) Bought by Parr Mcknight Wealth Management Group LLC

Parr Mcknight Wealth Management Group LLC purchased a new position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 27,368 shares of the industrial products company's stock, valued at approximately $6,939,000. Illinois Tool Works comprises about 1.0% of Parr Mcknight Wealth Management Group LLC's holdings, making the stock its 25th largest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Prudent Man Investment Management Inc. bought a new stake in shares of Illinois Tool Works in the fourth quarter worth $25,000. Redwood Park Advisors LLC bought a new stake in shares of Illinois Tool Works in the fourth quarter worth $26,000. Glass Jacobson Investment Advisors llc increased its stake in Illinois Tool Works by 336.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 84 shares during the last quarter. Millstone Evans Group LLC bought a new stake in Illinois Tool Works during the fourth quarter valued at $31,000. Finally, Atlantic Private Wealth LLC bought a new stake in Illinois Tool Works during the fourth quarter valued at $32,000. Institutional investors own 79.77% of the company's stock.

Insider Buying and Selling

In related news, CEO Christopher A. O'herlihy sold 48,453 shares of the company's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $274.36, for a total value of $13,293,565.08. Following the completion of the sale, the chief executive officer now owns 55,113 shares of the company's stock, valued at $15,120,802.68. This represents a 46.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Michael M. Larsen sold 41,472 shares of the company's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the completion of the sale, the chief financial officer now directly owns 50,502 shares of the company's stock, valued at $13,698,667.50. The trade was a 45.09% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Down 0.0%

Illinois Tool Works stock opened at $244.53 on Friday. The company has a 50-day simple moving average of $241.32 and a 200-day simple moving average of $255.21. The firm has a market capitalization of $71.65 billion, a P/E ratio of 20.86, a P/E/G ratio of 4.56 and a beta of 1.12. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, topping the consensus estimate of $2.34 by $0.04. The business had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. The company's quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.44 earnings per share. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.45%. The ex-dividend date is Monday, June 30th. Illinois Tool Works's payout ratio is currently 52.77%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on ITW shares. Bank of America lowered shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price for the company. in a research note on Wednesday, May 7th. Barclays lowered their target price on shares of Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Citigroup lowered their target price on shares of Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Evercore ISI lowered 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. Finally, 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. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $253.42.

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.

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