Arjuna Capital Increases Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Arjuna Capital raised its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 123.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,833 shares of the industrial products company's stock after acquiring an additional 7,082 shares during the period. Arjuna Capital's holdings in Illinois Tool Works were worth $3,183,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Prudent Man Investment Management Inc. bought a new stake in Illinois Tool Works in the 4th quarter valued at $25,000. Ameriflex Group Inc. purchased a new position in shares of Illinois Tool Works in the 4th quarter worth $26,000. Redwood Park Advisors LLC purchased a new position in shares of Illinois Tool Works in the 4th quarter worth $26,000. von Borstel & Associates Inc. purchased a new position in shares of Illinois Tool Works in the 1st quarter worth $26,000. Finally, 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 buying an additional 84 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. purchased 872 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were purchased at an average cost of $241.16 per share, with a total value of $210,291.52. Following the completion of the acquisition, the director owned 122,884 shares of the company's stock, valued at approximately $29,634,705.44. This represents a 0.71% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.88% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on ITW shares. Wells Fargo & Company lifted their price objective on shares of Illinois Tool Works from $230.00 to $235.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. Truist Financial dropped 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 research note on Thursday, May 1st. Barclays lifted their price objective on shares of Illinois Tool Works from $237.00 to $240.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Evercore ISI dropped their price objective 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. Finally, Bank of America cut shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price target for the company. in a research note on Wednesday, May 7th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Illinois Tool Works presently has an average rating of "Hold" and a consensus price target of $252.83.

Illinois Tool Works Stock Down 0.9%

Shares of NYSE ITW traded down $2.41 during trading hours on Friday, hitting $259.71. 745,703 shares of the stock were exchanged, compared to its average volume of 998,111. The company has a market cap of $76.10 billion, a PE ratio of 22.84, a PEG ratio of 5.50 and a beta of 1.09. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25. The firm has a fifty day moving average price of $247.49 and a 200-day moving average price of $249.48.

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. The business had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The business's revenue for the quarter was down 3.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.44 EPS. On average, sell-side analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Monday, June 30th were issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend was Monday, June 30th. Illinois Tool Works's dividend payout ratio (DPR) is presently 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.