Illinois Tool Works Inc. (NYSE:ITW) Shares Bought by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC increased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 43.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 21,732 shares of the industrial products company's stock after acquiring an additional 6,584 shares during the period. Concurrent Investment Advisors LLC's holdings in Illinois Tool Works were worth $5,390,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $806,291,000. GAMMA Investing LLC raised its position in Illinois Tool Works by 26,372.8% in the first quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock valued at $5,123,080,000 after purchasing an additional 2,057,872 shares during the period. Cerity Partners LLC raised its position in Illinois Tool Works by 263.9% in the fourth quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company's stock valued at $229,269,000 after purchasing an additional 655,341 shares during the period. Northern Trust Corp grew its stake in shares of Illinois Tool Works by 3.9% in the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock worth $3,465,570,000 after acquiring an additional 508,188 shares in the last quarter. Finally, Federated Hermes Inc. grew its stake in shares of Illinois Tool Works by 1,899.3% in the fourth quarter. Federated Hermes Inc. now owns 224,921 shares of the industrial products company's stock worth $57,031,000 after acquiring an additional 213,671 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 872 shares of the firm'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 transaction, the director 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 filing with the SEC, which is accessible through this link. 0.88% of the stock is currently owned by corporate insiders.

Illinois Tool Works Stock Down 1.5%

Shares of ITW traded down $3.80 during midday trading on Monday, hitting $254.70. The company had a trading volume of 974,815 shares, compared to its average volume of 995,541. The company's 50 day moving average price is $245.68 and its 200 day moving average price is $249.42. The stock has a market cap of $74.63 billion, a price-to-earnings ratio of 22.40, a PEG ratio of 5.70 and a beta of 1.09. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week 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.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The company had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter in the previous year, the firm earned $2.44 EPS. The company's revenue was down 3.4% on a year-over-year basis. On average, equities research analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date is Monday, June 30th. Illinois Tool Works's dividend payout ratio is presently 52.77%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ITW. Barclays lowered their target price on shares of Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Stifel Nicolaus increased their target price on shares of Illinois Tool Works from $227.00 to $233.00 and gave the company a "hold" rating in a report on Thursday, May 1st. UBS Group lowered their price target on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Truist Financial decreased their target price on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Finally, Citigroup lowered 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 note on Monday, April 14th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $252.58.

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.