24,885 Shares in Illinois Tool Works Inc. (NYSE:ITW) Purchased by Financial & Tax Architects LLC

Financial & Tax Architects LLC purchased a new position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 24,885 shares of the industrial products company's stock, valued at approximately $6,172,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Brighton Jones LLC boosted its holdings in Illinois Tool Works by 5.3% in the fourth quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company's stock worth $1,399,000 after acquiring an additional 277 shares in the last quarter. Sei Investments Co. boosted its holdings in Illinois Tool Works by 4.9% in the fourth quarter. Sei Investments Co. now owns 85,356 shares of the industrial products company's stock worth $21,642,000 after acquiring an additional 4,003 shares in the last quarter. Fox Run Management L.L.C. bought a new position in Illinois Tool Works in the fourth quarter worth approximately $409,000. CoreFirst Bank & Trust bought a new position in Illinois Tool Works in the fourth quarter worth approximately $89,000. Finally, Modern Wealth Management LLC bought a new position in Illinois Tool Works in the fourth quarter worth approximately $202,000. 79.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 872 shares of Illinois Tool Works stock in a transaction that occurred on Monday, June 2nd. The stock was acquired at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the transaction, the director directly owned 122,884 shares in the company, valued at $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 0.88% of the stock is currently owned by insiders.

Illinois Tool Works Stock Performance

Shares of ITW traded up $0.04 during mid-day trading on Friday, hitting $261.87. The stock had a trading volume of 1,092,980 shares, compared to its average volume of 879,734. The firm has a market cap of $76.73 billion, a P/E ratio of 23.03, a PEG ratio of 5.52 and a beta of 1.09. The business has a fifty day moving average price of $250.18 and a 200-day moving average price of $249.90. 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 Inc. has a 52 week low of $214.66 and a 52 week 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 (EPS) for the quarter, beating 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 company had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same period in the previous year, the company posted $2.44 EPS. The firm's revenue for the quarter was down 3.4% compared to the same quarter last year. On average, equities research analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Monday, June 30th were given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend was Monday, June 30th. Illinois Tool Works's payout ratio is 52.77%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Barclays increased their price target on Illinois Tool Works from $237.00 to $240.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. Stifel Nicolaus raised their target price on Illinois Tool Works from $233.00 to $255.00 and gave the company a "hold" rating in a report on Monday, July 21st. Robert W. Baird raised their target price on Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Truist Financial dropped their target price on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Finally, Bank of America lowered 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 investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Illinois Tool Works presently has an average rating of "Hold" and an average target price of $255.67.

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.