Davis Capital Management Acquires 2,641 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Davis Capital Management boosted its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 354.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,387 shares of the industrial products company's stock after buying an additional 2,641 shares during the quarter. Davis Capital Management's holdings in Illinois Tool Works were worth $840,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Intellectus Partners LLC purchased a new stake in Illinois Tool Works in the 1st quarter valued at $591,000. Curat Global LLC purchased a new stake in Illinois Tool Works in the 1st quarter valued at $390,000. Armstrong Fleming & Moore Inc purchased a new stake in Illinois Tool Works in the 1st quarter valued at $936,000. Annex Advisory Services LLC raised its position in Illinois Tool Works by 6.2% in the 1st quarter. Annex Advisory Services LLC now owns 1,736 shares of the industrial products company's stock valued at $431,000 after buying an additional 101 shares during the last quarter. Finally, Oak Asset Management LLC raised its position in Illinois Tool Works by 2.6% in the 1st quarter. Oak Asset Management LLC now owns 5,978 shares of the industrial products company's stock valued at $1,483,000 after buying an additional 150 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Price Performance

Shares of NYSE:ITW traded up $1.58 on Friday, hitting $247.69. The company's stock had a trading volume of 604,764 shares, compared to its average volume of 1,011,920. The company has a 50-day simple moving average of $239.64 and a 200 day simple moving average of $253.22. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The company has a market capitalization of $72.57 billion, a PE ratio of 21.13, a PEG ratio of 4.56 and a beta of 1.10. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, beating analysts' consensus estimates of $2.34 by $0.04. The company had revenue of $3.84 billion for the quarter, compared to analysts' expectations of $3.83 billion. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Illinois Tool Works's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period last year, the firm posted $2.44 EPS. 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 disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be issued a dividend of $1.50 per share. The ex-dividend date is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.42%. Illinois Tool Works's dividend payout ratio is 52.77%.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. purchased 872 shares of Illinois Tool Works stock in a transaction that occurred on Monday, June 2nd. The shares were acquired at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the transaction, the director now directly owns 122,884 shares in the company, valued at $29,634,705.44. The trade was a 0.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.88% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Bank of America downgraded Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective for the company. in a research note on Wednesday, May 7th. UBS Group reduced their price objective on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Deutsche Bank Aktiengesellschaft upgraded Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 price objective for the company in a research note on Wednesday, February 19th. Truist Financial cut their price target on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Finally, Stifel Nicolaus increased their price target on Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a research note on Thursday, May 1st. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $253.42.

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.