Illinois Tool Works Inc. (NYSE:ITW) Shares Bought by Cerity Partners LLC

Cerity Partners LLC increased its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 930,037 shares of the industrial products company's stock after purchasing an additional 26,327 shares during the quarter. Cerity Partners LLC owned approximately 0.32% of Illinois Tool Works worth $230,661,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ITW. Vanguard Group Inc. raised its stake in Illinois Tool Works by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 26,326,996 shares of the industrial products company's stock worth $6,675,473,000 after buying an additional 94,601 shares in the last quarter. Northern Trust Corp boosted its position in Illinois Tool Works by 3.9% during the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock valued at $3,465,570,000 after purchasing an additional 508,188 shares in the last quarter. Geode Capital Management LLC grew its stake in Illinois Tool Works by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 6,392,021 shares of the industrial products company's stock valued at $1,620,491,000 after purchasing 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 fourth quarter. Capital Research Global Investors now owns 4,132,493 shares of the industrial products company's stock worth $1,047,837,000 after purchasing an additional 71,934 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at about $806,291,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 872 shares of the business's stock in a transaction on Monday, June 2nd. The stock was bought at an average price 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Performance

Shares of ITW stock traded down $2.41 during trading hours on Friday, hitting $259.71. The company's stock had a trading volume of 745,703 shares, compared to its average volume of 998,408. The stock has a market cap of $76.10 billion, a PE ratio of 22.84, a price-to-earnings-growth ratio of 5.55 and a beta of 1.09. The company has a 50 day moving average of $247.15 and a 200 day moving average of $249.55. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, topping analysts' consensus estimates of $2.34 by $0.04. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The firm had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter in the prior year, the business earned $2.44 earnings per share. The company's revenue was down 3.4% compared to the same quarter last year. On average, sell-side 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 announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works's dividend payout ratio is currently 52.77%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ITW. Bank of America downgraded shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price for the company. in a research note on Wednesday, May 7th. Truist Financial lowered their price objective 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. UBS Group dropped their target price on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Citigroup lowered their price target on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Finally, Evercore ISI cut their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a report on Monday, May 19th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Illinois Tool Works currently has an average rating of "Hold" and an average target price of $252.83.

Illinois Tool Works Company 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.