Graybill Wealth Management LTD. Buys Shares of 3,444 Illinois Tool Works Inc. (NYSE:ITW)

Graybill Wealth Management LTD. purchased a new position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 3,444 shares of the industrial products company's stock, valued at approximately $854,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Illinois Tool Works by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 26,326,996 shares of the industrial products company's stock worth $6,675,473,000 after purchasing an additional 94,601 shares in the last quarter. Northern Trust Corp raised its holdings in Illinois Tool Works by 3.9% in the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock worth $3,465,570,000 after acquiring an additional 508,188 shares during the last quarter. Geode Capital Management LLC raised its holdings in Illinois Tool Works by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 6,392,021 shares of the industrial products company's stock worth $1,620,491,000 after acquiring an additional 99,753 shares during the last quarter. Capital Research Global Investors raised its holdings in Illinois Tool Works by 1.8% in the 4th quarter. Capital Research Global Investors now owns 4,132,493 shares of the industrial products company's stock worth $1,047,837,000 after acquiring an additional 71,934 shares during the last quarter. Finally, Norges Bank purchased a new position in Illinois Tool Works in the 4th quarter worth approximately $806,291,000. 79.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ITW has been the subject of a number of recent analyst reports. Bank of America lowered shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective for the company. in a report on Wednesday, May 7th. Citigroup boosted their price objective on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday. Truist Financial decreased their price objective on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Stifel Nicolaus boosted their price objective on shares of Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a report on Thursday, May 1st. Finally, 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. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works presently has an average rating of "Hold" and an average price target of $253.83.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. acquired 872 shares of Illinois Tool Works stock in a transaction that occurred on Monday, June 2nd. The shares were bought at an average cost of $241.16 per share, with a total value of $210,291.52. Following the transaction, the director directly owned 122,884 shares of the company's stock, valued at $29,634,705.44. This trade represents a 0.71% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. 0.88% of the stock is owned by company insiders.

Illinois Tool Works Price Performance

Shares of ITW traded up $0.23 during midday trading on Tuesday, hitting $257.85. 242,586 shares of the company traded hands, compared to its average volume of 993,825. The firm has a 50 day moving average of $247.83 and a 200-day moving average of $249.43. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The stock has a market cap of $75.55 billion, a price-to-earnings ratio of 22.67, a PEG ratio of 5.50 and a beta of 1.09. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.16 and a current ratio of 1.60.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The business had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter in the prior year, the firm earned $2.44 EPS. The business's revenue was down 3.4% on a year-over-year basis. On average, analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Monday, June 30th were given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend was Monday, June 30th. Illinois Tool Works's dividend payout ratio (DPR) is currently 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.