Concurrent Investment Advisors LLC Acquires 6,584 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Concurrent Investment Advisors LLC boosted its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 43.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,732 shares of the industrial products company's stock after buying 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 filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of ITW. Prudent Man Investment Management Inc. bought a new position in shares of Illinois Tool Works in the fourth quarter valued at approximately $25,000. Ameriflex Group Inc. purchased a new stake in Illinois Tool Works in the 4th quarter worth approximately $26,000. Redwood Park Advisors LLC bought a new position in Illinois Tool Works in the 4th quarter valued at $26,000. von Borstel & Associates Inc. purchased a new position in shares of Illinois Tool Works during the 1st quarter valued at $26,000. Finally, Glass Jacobson Investment Advisors llc increased its holdings in shares of 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 purchasing an additional 84 shares during the period. Institutional investors own 79.77% of the company's stock.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 872 shares of the stock in a transaction dated Monday, June 2nd. The stock was purchased at an average cost of $241.16 per share, with a total value of $210,291.52. Following the completion of the purchase, the director owned 122,884 shares in the company, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.88% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ITW shares. Robert W. Baird lifted their price objective on Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Evercore ISI cut their price objective 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. Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. Truist Financial dropped their target price on shares of 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. Finally, Bank of America lowered shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price target on the stock. in a report on Wednesday, May 7th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Illinois Tool Works has an average rating of "Hold" and an average target price of $252.58.

Illinois Tool Works Trading Up 0.8%

NYSE ITW traded up $1.95 during trading on Friday, hitting $258.40. 759,518 shares of the company's stock traded hands, compared to its average volume of 995,625. The stock has a fifty day moving average of $245.68 and a two-hundred day moving average of $249.48. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The firm has a market cap of $75.71 billion, a P/E ratio of 22.73, a PEG ratio of 5.70 and a beta of 1.09. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.60 and a quick ratio of 1.16.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.34 by $0.04. The company had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. Illinois Tool Works's quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the business posted $2.44 EPS. As a group, sell-side analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be given a dividend of $1.50 per share. The ex-dividend date is Monday, June 30th. This represents a $6.00 annualized dividend and a yield of 2.32%. Illinois Tool Works's payout ratio is currently 52.77%.

Illinois Tool Works 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.