IFM Investors Pty Ltd Buys 5,409 Shares of Illinois Tool Works Inc. (NYSE:ITW)

IFM Investors Pty Ltd increased its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 10.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 58,965 shares of the industrial products company's stock after buying an additional 5,409 shares during the quarter. IFM Investors Pty Ltd's holdings in Illinois Tool Works were worth $15,453,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. 44 Wealth Management LLC acquired a new position in Illinois Tool Works during the 1st quarter worth approximately $217,000. Calamos Advisors LLC raised its stake in Illinois Tool Works by 1.1% during the 1st quarter. Calamos Advisors LLC now owns 63,229 shares of the industrial products company's stock worth $15,681,000 after buying an additional 704 shares during the period. Conning Inc. raised its stake in Illinois Tool Works by 1.0% during the 1st quarter. Conning Inc. now owns 137,686 shares of the industrial products company's stock worth $34,148,000 after buying an additional 1,303 shares during the period. Davidson Trust Co. acquired a new position in Illinois Tool Works during the 1st quarter worth approximately $310,000. Finally, Checchi Capital Advisers LLC raised its stake in Illinois Tool Works by 3.6% during the 1st quarter. Checchi Capital Advisers LLC now owns 4,658 shares of the industrial products company's stock worth $1,155,000 after buying an additional 160 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director David Byron Smith, Jr. purchased 872 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was purchased at an average cost of $241.16 per share, with a total value 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Performance

NYSE ITW traded up $1.95 on Friday, hitting $258.40. 759,518 shares of the stock traded hands, compared to its average volume of 995,625. The business's fifty day moving average is $245.68 and its two-hundred day moving average is $249.48. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The firm has a market capitalization of $75.71 billion, a price-to-earnings ratio of 22.73, a PEG ratio of 5.70 and a beta of 1.09. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.16 and a current ratio of 1.60.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced 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. 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 during the quarter, compared to analyst estimates of $3.83 billion. During the same period in the prior year, the company earned $2.44 earnings per share. Illinois Tool Works's revenue was down 3.4% compared to the same quarter last year. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company 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 dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.32%. The ex-dividend date is Monday, June 30th. Illinois Tool Works's dividend payout ratio (DPR) is 52.77%.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Robert W. Baird increased their price objective on Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. Evercore ISI lowered their price objective on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a research note on Monday, May 19th. Bank of America downgraded Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective for the company. in a research note on Wednesday, May 7th. Truist Financial lowered their price objective on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Finally, Stifel Nicolaus increased their price objective on Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $252.58.

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.