IFP Advisors Inc Raises Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

IFP Advisors Inc raised its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 93.7% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 7,630 shares of the industrial products company's stock after buying an additional 3,690 shares during the period. IFP Advisors Inc's holdings in Illinois Tool Works were worth $1,893,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Sivia Capital Partners LLC acquired a new stake in Illinois Tool Works in the 1st quarter worth about $214,000. EP Wealth Advisors LLC lifted its holdings in Illinois Tool Works by 42.2% in the fourth quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company's stock valued at $1,450,000 after acquiring an additional 1,698 shares during the last quarter. Sowell Financial Services LLC acquired a new position in Illinois Tool Works during the first quarter worth $946,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Illinois Tool Works by 12.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,557 shares of the industrial products company's stock worth $10,242,000 after purchasing an additional 4,560 shares in the last quarter. Finally, Alteri Wealth LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth $224,000. Hedge funds and other institutional investors own 79.77% of the company's stock.

Insider Activity

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 purchased 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 owned 122,884 shares of the company's stock, valued at approximately $29,634,705.44. This represents a 0.71% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.88% of the stock is owned by company insiders.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $260.48 on Wednesday. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.60 and a quick ratio of 1.16. The firm has a 50-day moving average of $249.03 and a two-hundred day moving average of $249.53. The stock has a market cap of $76.32 billion, a P/E ratio of 22.91, a PEG ratio of 5.38 and a beta of 1.09. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its earnings results 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. The business had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The company's revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the business 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Monday, June 30th were issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.30%. The ex-dividend date was Monday, June 30th. Illinois Tool Works's dividend payout ratio (DPR) is presently 52.77%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ITW shares. UBS Group dropped their target price on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. Bank of America downgraded shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective for the company. in a research report on Wednesday, May 7th. Evercore ISI dropped their target price on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a report on Monday, May 19th. Robert W. Baird raised their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. Finally, Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $233.00 to $255.00 and gave the stock a "hold" rating in a research note on Monday. Three equities 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 data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target 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.

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