Cetera Investment Advisers Buys 5,821 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Cetera Investment Advisers grew its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 9.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,592 shares of the industrial products company's stock after buying an additional 5,821 shares during the quarter. Cetera Investment Advisers' holdings in Illinois Tool Works were worth $17,260,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Prudent Man Investment Management Inc. purchased a new position in Illinois Tool Works during the 4th quarter worth approximately $25,000. Redwood Park Advisors LLC purchased a new position in shares of Illinois Tool Works during the fourth quarter valued at $26,000. Ameriflex Group Inc. acquired a new position in Illinois Tool Works during the fourth quarter valued at $26,000. von Borstel & Associates Inc. acquired a new stake in shares of Illinois Tool Works during the 1st quarter valued at $26,000. Finally, Glass Jacobson Investment Advisors llc increased its holdings in Illinois Tool Works by 336.0% in 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 during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Illinois Tool Works 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 directly owned 122,884 shares in the company, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is currently owned by insiders.

Illinois Tool Works Stock Performance

Illinois Tool Works stock traded down $5.31 during trading hours on Friday, hitting $250.67. The stock had a trading volume of 462,252 shares, compared to its average volume of 1,101,433. The company has a 50-day moving average of $250.93 and a two-hundred day moving average of $250.15. The company has a quick ratio of 1.16, a current ratio of 1.59 and a debt-to-equity ratio of 2.40. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The company has a market cap of $73.44 billion, a PE ratio of 21.97, a price-to-earnings-growth ratio of 5.29 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 EPS for the quarter, topping the consensus estimate of $2.56 by $0.02. The firm had revenue of $4.05 billion during 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%. Illinois Tool Works's quarterly revenue was up .6% compared to the same quarter last year. During the same period last year, the business earned $2.54 earnings per share. On average, equities research analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Analyst Ratings Changes

ITW has been the subject of a number of analyst reports. Truist Financial cut Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price target for the company. in a research report on Thursday. Barclays upped their target price on Illinois Tool Works from $237.00 to $240.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 9th. Evercore ISI dropped their price target on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a research report on Monday, May 19th. Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a report on Thursday. Finally, Robert W. Baird lifted their target price on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a report on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $259.08.

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.