HB Wealth Management LLC Has $6.05 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• HB Wealth Management LLC increased its stake in Illinois Tool Works Inc. by 20.7%, acquiring an additional 4,182 shares during the first quarter, bringing its total holdings to 24,383 shares valued at approximately $6.05 million.
• In recent insider activity, Director David Byron Smith, Jr. purchased 872 shares at an average price of $241.16 per share, increasing his ownership to 122,884 shares worth around $29.6 million.
• Equities analysts have set a new consensus price target of $255.67 for Illinois Tool Works, with ratings that include three sell ratings and eight hold ratings among other evaluations.

HB Wealth Management LLC lifted its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 20.7% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 24,383 shares of the industrial products company's stock after buying an additional 4,182 shares during the period. HB Wealth Management LLC's holdings in Illinois Tool Works were worth $6,047,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Phoenix Financial Ltd. increased its position in Illinois Tool Works by 24.3% during the first quarter. Phoenix Financial Ltd. now owns 1,060 shares of the industrial products company's stock worth $263,000 after purchasing an additional 207 shares during the last quarter. Assetmark Inc. increased its position in Illinois Tool Works by 19.7% during the first quarter. Assetmark Inc. now owns 2,423 shares of the industrial products company's stock worth $601,000 after purchasing an additional 398 shares during the last quarter. Cetera Investment Advisers increased its position in Illinois Tool Works by 9.1% during the first quarter. Cetera Investment Advisers now owns 69,592 shares of the industrial products company's stock worth $17,260,000 after purchasing an additional 5,821 shares during the last quarter. Lifeworks Advisors LLC increased its position in Illinois Tool Works by 18.4% during the first quarter. Lifeworks Advisors LLC now owns 18,083 shares of the industrial products company's stock worth $4,485,000 after purchasing an additional 2,808 shares during the last quarter. Finally, Carnegie Investment Counsel increased its position in shares of Illinois Tool Works by 34.2% in the first quarter. Carnegie Investment Counsel now owns 20,745 shares of the industrial products company's stock worth $4,747,000 after acquiring an additional 5,289 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.

Insider Activity

In related news, Director David Byron Smith, Jr. acquired 872 shares of the firm's stock in a transaction dated 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 acquisition, the director directly owned 122,884 shares of the company's stock, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.88% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ITW. Evercore ISI dropped their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a research report on Monday, May 19th. UBS Group lowered their price target on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Truist Financial lowered their price target 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. Robert W. Baird increased their target price on Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Finally, Citigroup increased their target price on Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $255.67.

Illinois Tool Works Stock Performance

NYSE:ITW traded down $1.75 during mid-day trading on Monday, hitting $259.95. The stock had a trading volume of 754,768 shares, compared to its average volume of 1,090,588. The stock has a market capitalization of $76.17 billion, a price-to-earnings ratio of 22.86, a P/E/G ratio of 5.52 and a beta of 1.09. The company has a 50 day simple moving average of $250.18 and a 200-day simple moving average of $249.92. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.34 by $0.04. The firm had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. Illinois Tool Works's quarterly revenue was down 3.4% compared to the same quarter last year. During the same period last year, the firm posted $2.44 EPS. On average, research analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Monday, June 30th were given a dividend of $1.50 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.31%. Illinois Tool Works's dividend payout ratio (DPR) is 52.77%.

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.