Azzad Asset Management Inc. ADV Takes Position in Illinois Tool Works Inc. (NYSE:ITW)

Azzad Asset Management Inc. ADV acquired a new position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 9,966 shares of the industrial products company's stock, valued at approximately $2,472,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Prudent Man Investment Management Inc. acquired a new stake in shares of Illinois Tool Works during the 4th quarter valued at $25,000. Redwood Park Advisors LLC acquired a new stake in shares of Illinois Tool Works during the 4th quarter valued at $26,000. Ameriflex Group Inc. acquired a new stake in shares of Illinois Tool Works during the 4th quarter valued at $26,000. Glass Jacobson Investment Advisors llc boosted its stake in shares of Illinois Tool Works by 336.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock valued at $28,000 after buying an additional 84 shares during the period. Finally, Millstone Evans Group LLC acquired a new stake in shares of Illinois Tool Works during the 4th quarter valued at $31,000. Institutional investors and hedge funds own 79.77% of the company's stock.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. purchased 872 shares of the business's stock in a transaction on Monday, June 2nd. The stock was purchased at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the purchase, the director now directly owns 122,884 shares in the company, valued at $29,634,705.44. The trade was a 0.71% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.88% of the company's stock.

Wall Street Analyst Weigh In

ITW has been the subject of several 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 research note on Wednesday, May 7th. Truist Financial dropped their price objective on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 price objective on the stock in a report on Wednesday, February 19th. UBS Group decreased their target price on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Finally, Barclays reduced their price target on shares of Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $253.42.

Illinois Tool Works Trading Down 1.9%

NYSE:ITW traded down $4.78 during trading hours on Friday, hitting $241.23. The stock had a trading volume of 801,603 shares, compared to its average volume of 1,010,801. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. The company has a market cap of $70.68 billion, a price-to-earnings ratio of 20.58, a P/E/G ratio of 4.56 and a beta of 1.10. The business's 50 day moving average is $241.11 and its 200-day moving average is $252.14.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its 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. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. The business had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.83 billion. During the same quarter in the prior year, the company posted $2.44 earnings per share. The firm's revenue was down 3.4% on a year-over-year basis. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works's payout ratio is 52.77%.

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.