Illinois Tool Works Inc. (NYSE:ITW) Shares Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 667,790 shares of the industrial products company's stock after buying an additional 17,004 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.23% of Illinois Tool Works worth $165,619,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Penserra Capital Management LLC grew its position in shares of Illinois Tool Works by 426.2% in the first quarter. Penserra Capital Management LLC now owns 3,710 shares of the industrial products company's stock valued at $919,000 after purchasing an additional 3,005 shares during the last quarter. Ifrah Financial Services Inc. acquired a new stake in Illinois Tool Works during the 1st quarter valued at $582,000. Financiere des Professionnels Fonds d investissement inc. purchased a new position in Illinois Tool Works during the first quarter worth $124,000. Tradewinds LLC. raised its holdings in shares of Illinois Tool Works by 4.4% in the first quarter. Tradewinds LLC. now owns 24,732 shares of the industrial products company's stock worth $6,134,000 after acquiring an additional 1,032 shares during the last quarter. Finally, McGlone Suttner Wealth Management Inc. lifted its position in shares of Illinois Tool Works by 3.1% in the first quarter. McGlone Suttner Wealth Management Inc. now owns 2,003 shares of the industrial products company's stock valued at $497,000 after acquiring an additional 60 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Truist Financial reduced 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 report on Thursday, May 1st. Barclays upped their price objective on shares of Illinois Tool Works from $237.00 to $240.00 and gave the company an "equal weight" rating in a research note on Wednesday. Stifel Nicolaus lifted their target price on shares of Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a research note on Thursday, May 1st. UBS Group decreased their price objective on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. Finally, Citigroup dropped their target price on 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 assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $252.83.

Illinois Tool Works Trading Up 0.8%

ITW traded up $1.99 on Wednesday, reaching $259.89. 866,270 shares of the company's stock were exchanged, compared to its average volume of 997,336. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The company's 50 day moving average is $246.28 and its 200-day moving average is $249.44. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.16 and a current ratio of 1.60. The company has a market cap of $76.15 billion, a price-to-earnings ratio of 22.86, a PEG ratio of 5.61 and a beta of 1.09.

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, beating analysts' consensus estimates 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 business had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter last year, the firm posted $2.44 EPS. The business's revenue for the quarter was down 3.4% compared to the same quarter last year. Equities analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently announced 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 of this dividend is Monday, June 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.31%. Illinois Tool Works's payout ratio is currently 52.77%.

Insider Activity at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 872 shares of the 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 transaction, the director directly owned 122,884 shares of the company's stock, 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 legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.88% of the company's stock.

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.