Fenimore Asset Management Inc Acquires 1,689 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Fenimore Asset Management Inc increased its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 0.4% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 391,240 shares of the industrial products company's stock after buying an additional 1,689 shares during the period. Illinois Tool Works accounts for approximately 2.1% of Fenimore Asset Management Inc's portfolio, making the stock its 17th largest holding. Fenimore Asset Management Inc owned approximately 0.13% of Illinois Tool Works worth $97,032,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Illinois Tool Works in the 4th quarter valued at about $806,291,000. GAMMA Investing LLC increased its position in shares of 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 worth $5,123,080,000 after purchasing an additional 2,057,872 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Illinois Tool Works in the fourth quarter valued at approximately $203,949,000. Cerity Partners LLC lifted its position in Illinois Tool Works by 263.9% during 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 last quarter. Finally, Northern Trust Corp grew its stake in Illinois Tool Works by 3.9% in the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock worth $3,465,570,000 after buying an additional 508,188 shares in the last quarter. Institutional investors own 79.77% of the company's stock.

Illinois Tool Works Trading Down 1.0%

Shares of NYSE:ITW traded down $2.49 during midday trading on Wednesday, hitting $246.51. 727,681 shares of the stock traded hands, compared to its average volume of 1,011,550. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The business's 50 day moving average is $240.15 and its two-hundred day moving average is $252.75. The stock has a market capitalization of $72.23 billion, a PE ratio of 21.03, a P/E/G ratio of 4.56 and a beta of 1.10. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings data 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 return on equity of 95.39% and a net margin of 21.94%. The business had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.83 billion. During the same quarter last year, the business posted $2.44 EPS. The business's revenue was down 3.4% on a year-over-year basis. As a group, research analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be issued a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 annualized dividend and a yield of 2.43%. Illinois Tool Works's dividend payout ratio (DPR) is presently 52.77%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ITW shares. Truist Financial dropped their price objective on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a report on Thursday, May 1st. UBS Group dropped their price target 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. Barclays cut their price objective on Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Stifel Nicolaus boosted their target price on Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. Finally, Bank of America cut 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 research report on Wednesday, May 7th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $253.42.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 872 shares of the stock in a transaction dated Monday, June 2nd. The stock was bought at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the purchase, the director now directly owns 122,884 shares in the company, valued at $29,634,705.44. This trade represents a 0.71% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.88% of the company's stock.

About Illinois Tool Works

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.