Envestnet Asset Management Inc. Purchases 17,004 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Envestnet Asset Management Inc. lifted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 as of its most recent SEC filing.

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

Illinois Tool Works Stock Performance

Shares of ITW stock traded up $3.91 during trading hours on Thursday, hitting $263.66. The stock had a trading volume of 396,158 shares, compared to its average volume of 1,109,965. The stock's 50 day moving average is $246.68 and its 200 day moving average is $249.52. The firm has a market capitalization of $77.25 billion, a PE ratio of 23.19, a PEG ratio of 5.46 and a beta of 1.09. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. 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 released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, topping analysts' consensus estimates of $2.34 by $0.04. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The business had revenue of $3.84 billion for the quarter, compared to analysts' expectations of $3.83 billion. During the same quarter in the prior year, the firm posted $2.44 EPS. The company's revenue was down 3.4% compared to the same quarter last year. As a group, research analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders 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 2.28%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works's payout ratio is 52.77%.

Analysts Set New Price Targets

Several research firms recently issued reports on ITW. Truist Financial decreased their target price on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Citigroup reduced their price target on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. UBS Group reduced their price target on 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. Robert W. Baird increased their price target on Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research report on Thursday, May 1st. Finally, Stifel Nicolaus increased their price target on Illinois Tool Works from $227.00 to $233.00 and gave the company a "hold" rating in a research report on Thursday, May 1st. Three research 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's stock. According to data from MarketBeat.com, Illinois Tool Works has an average rating of "Hold" and a consensus target price of $252.83.

Insider Activity

In related news, Director David Byron Smith, Jr. acquired 872 shares of Illinois Tool Works stock in a transaction that occurred on Monday, June 2nd. The stock was acquired at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the transaction, the director directly owned 122,884 shares of the company's stock, valued at $29,634,705.44. This trade represents a 0.71% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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.