Atria Wealth Solutions Inc. Has $4.64 Million Stake in Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• Atria Wealth Solutions Inc. increased its stake in Illinois Tool Works by 11.3% in the first quarter, holding 18,636 shares valued at approximately $4.64 million.
• Illinois Tool Works reported an earnings per share (EPS) of $2.58 for its most recent quarter, exceeding analysts' expectations of $2.56.
• The company announced a dividend increase to $1.61 per share, reflecting a positive change from the previous quarterly dividend of $1.50.

Atria Wealth Solutions Inc. lifted its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 11.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,636 shares of the industrial products company's stock after purchasing an additional 1,885 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Illinois Tool Works were worth $4,636,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Redwood Park Advisors LLC acquired a new position in shares of Illinois Tool Works during the fourth quarter worth approximately $26,000. Ameriflex Group Inc. bought a new stake in Illinois Tool Works during the fourth quarter worth $26,000. von Borstel & Associates Inc. bought a new stake in Illinois Tool Works during the first quarter worth $26,000. Glass Jacobson Investment Advisors llc grew its holdings 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 worth $28,000 after buying an additional 84 shares in the last quarter. Finally, Park Square Financial Group LLC bought a new stake in Illinois Tool Works during the fourth quarter worth $35,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. acquired 872 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were acquired at an average price of $241.16 per share, with a total value of $210,291.52. Following the acquisition, the director owned 122,884 shares of the company's stock, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.88% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ITW shares. Truist Financial downgraded Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price target for the company. in a report on Thursday, July 31st. Bank of America downgraded Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price target for the company. in a report on Wednesday, May 7th. UBS Group upped their price target on Illinois Tool Works from $243.00 to $255.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Evercore ISI decreased their price target on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a report on Monday, May 19th. Finally, Citigroup upped their price objective on Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, Illinois Tool Works currently has an average rating of "Hold" and a consensus price target of $259.33.

Illinois Tool Works Stock Down 0.3%

Shares of NYSE ITW opened at $256.63 on Friday. 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 2.40, a current ratio of 1.59 and a quick ratio of 1.15. The business's fifty day moving average price is $252.05 and its 200-day moving average price is $250.15. The stock has a market capitalization of $74.81 billion, a PE ratio of 22.49, a P/E/G ratio of 5.55 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.56 by $0.02. The business had revenue of $4.05 billion for the quarter, compared to analysts' expectations of $4.01 billion. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%. The firm's quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.54 EPS. On average, equities research analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be issued a dividend of $1.61 per share. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.44 dividend on an annualized basis and a yield of 2.5%. Illinois Tool Works's payout ratio is currently 52.59%.

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.

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