Illinois Tool Works Inc. (NYSE:ITW) Position Boosted by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC raised its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 84.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 174,983 shares of the industrial products company's stock after buying an additional 79,872 shares during the period. Wealth Enhancement Advisory Services LLC owned about 0.06% of Illinois Tool Works worth $43,397,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Illinois Tool Works in the fourth quarter worth about $806,291,000. GAMMA Investing LLC boosted its stake in Illinois Tool Works by 26,372.8% in the 1st quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock worth $5,123,080,000 after purchasing an additional 2,057,872 shares during the period. Raymond James Financial Inc. acquired a new position in Illinois Tool Works in the 4th quarter worth approximately $203,949,000. Cerity Partners LLC boosted its stake in Illinois Tool Works by 263.9% in the 4th quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company's stock worth $229,269,000 after purchasing an additional 655,341 shares during the period. Finally, Northern Trust Corp boosted its stake in Illinois Tool Works by 3.9% in the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock worth $3,465,570,000 after purchasing an additional 508,188 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Price Performance

NYSE ITW opened at $240.41 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The company has a 50 day moving average price of $242.34 and a two-hundred day moving average price of $251.09. The stock has a market capitalization of $70.44 billion, a PE ratio of 21.14, a price-to-earnings-growth ratio of 5.19 and a beta of 1.10.

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

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be given a dividend of $1.50 per share. The ex-dividend date is Monday, June 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.50%. Illinois Tool Works's dividend payout ratio is presently 52.77%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ITW shares. Bank of America cut Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price for the company. in a research report on Wednesday, May 7th. Stifel Nicolaus raised their price objective on Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. Citigroup decreased their price objective on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. UBS Group decreased their price objective on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Finally, Truist Financial decreased 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. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $253.42.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. acquired 872 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was acquired at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the transaction, the director now owns 122,884 shares of the company's stock, valued at approximately $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.88% of the stock is owned by insiders.

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.

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