Ifrah Financial Services Inc. Takes $582,000 Position in Illinois Tool Works Inc. (NYSE:ITW)

Ifrah Financial Services Inc. bought a new position in 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 bought 2,348 shares of the industrial products company's stock, valued at approximately $582,000.

A number of other hedge funds have also added to or reduced their stakes in ITW. Brighton Jones LLC grew 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 purchasing an additional 277 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Illinois Tool Works during the 4th quarter valued at $129,000. Assetmark Inc. lifted its holdings in shares of Illinois Tool Works by 6.4% during the 4th quarter. Assetmark Inc. now owns 2,025 shares of the industrial products company's stock valued at $513,000 after purchasing an additional 122 shares during the last quarter. Atria Investments Inc lifted its holdings in shares of Illinois Tool Works by 3.4% during the 4th quarter. Atria Investments Inc now owns 18,650 shares of the industrial products company's stock valued at $4,729,000 after purchasing an additional 606 shares during the last quarter. Finally, Proficio Capital Partners LLC lifted its holdings in shares of Illinois Tool Works by 44.9% during the 4th quarter. Proficio Capital Partners LLC now owns 1,730 shares of the industrial products company's stock valued at $439,000 after purchasing an additional 536 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Wells Fargo & Company increased their price objective on Illinois Tool Works from $230.00 to $235.00 and gave the company an "underweight" rating in a report on Tuesday, July 1st. Truist Financial decreased their price objective on 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 reduced their target price 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. Citigroup reduced their target price on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Finally, Bank of America lowered Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price for the company. in a research note on Wednesday, May 7th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Illinois Tool Works has a consensus rating of "Hold" and an average price target of $252.58.

Insider Buying and Selling at Illinois Tool Works

In related news, Director David Byron Smith, Jr. bought 872 shares of the stock in a transaction dated Monday, June 2nd. The shares were acquired at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the acquisition, the director directly owned 122,884 shares in the company, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is currently owned by corporate insiders.

Illinois Tool Works Price Performance

ITW stock traded up $3.49 during trading on Tuesday, hitting $258.15. The stock had a trading volume of 720,599 shares, compared to its average volume of 994,532. 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 twelve month low of $214.66 and a twelve month high of $279.13. The stock has a market capitalization of $75.64 billion, a P/E ratio of 22.70, a PEG ratio of 5.70 and a beta of 1.09. The company's 50-day moving average price is $245.97 and its two-hundred day moving average price is $249.39.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping 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 company had revenue of $3.84 billion for the quarter, compared to analysts' expectations of $3.83 billion. During the same period in the previous year, the firm posted $2.44 EPS. Illinois Tool Works's revenue was down 3.4% compared to the same quarter last year. As a group, research analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders 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 dividend yield of 2.32%. The ex-dividend date is Monday, June 30th. Illinois Tool Works's dividend payout ratio is currently 52.77%.

Illinois Tool Works Company 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.