Advisor Resource Council Takes $360,000 Position in Illinois Tool Works Inc. (NYSE:ITW)

Advisor Resource Council bought a new position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm bought 1,485 shares of the industrial products company's stock, valued at approximately $360,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Prudent Man Investment Management Inc. bought a new position in shares of Illinois Tool Works in the fourth quarter valued at approximately $25,000. Redwood Park Advisors LLC bought a new position in Illinois Tool Works during the 4th quarter valued at $26,000. Ameriflex Group Inc. purchased a new position in Illinois Tool Works during the 4th quarter worth $26,000. Glass Jacobson Investment Advisors llc grew its stake in shares of Illinois Tool Works by 336.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock worth $28,000 after acquiring an additional 84 shares in the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $31,000. Institutional investors own 79.77% of the company's stock.

Illinois Tool Works Stock Performance

Illinois Tool Works stock traded up $1.81 during mid-day trading on Tuesday, reaching $246.01. The company's stock had a trading volume of 1,031,427 shares, compared to its average volume of 1,002,548. The firm's fifty day moving average price is $242.55 and its two-hundred day moving average price is $250.54. 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 Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The company has a market capitalization of $72.08 billion, a P/E ratio of 21.64, a PEG ratio of 5.25 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.34 by $0.04. The company had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The firm's quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.44 earnings per share. Sell-side analysts predict 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 will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 annualized dividend and a yield of 2.44%. Illinois Tool Works's dividend payout ratio is currently 52.77%.

Wall Street Analysts Forecast Growth

ITW has been the subject of a number of recent analyst reports. Citigroup reduced their price objective on shares of Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Barclays decreased their price target on Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Bank of America cut Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective on the stock. in a research report on Wednesday, May 7th. Truist Financial decreased their target price on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Finally, UBS Group reduced their price target 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. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Illinois Tool Works presently has an average rating of "Hold" and an average target price of $253.42.

Insider Buying and Selling

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 872 shares of Illinois Tool Works stock in a transaction that occurred on Monday, June 2nd. The stock was acquired at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the transaction, 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 legal filing with the SEC, which is available through this link. 0.88% of the stock is currently owned by insiders.

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.