Illinois Tool Works Inc. (NYSE:ITW) Shares Acquired by Commonwealth Equity Services LLC

Key Points

• Commonwealth Equity Services LLC increased its holdings in Illinois Tool Works by 4.3%, owning 186,497 shares worth $46.25 million after acquiring an additional 7,731 shares in the first quarter.
• Several institutional investors have significantly raised their stakes in Illinois Tool Works, with GAMMA Investing LLC increasing its stake by 26,372.8% to 2,065,675 shares valued at over $5 billion.
• Illinois Tool Works recently declared a quarterly dividend of $1.61 per share, a positive change from the previous $1.50, with an annual yield of 2.5%.

Commonwealth Equity Services LLC lifted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 4.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 186,497 shares of the industrial products company's stock after acquiring an additional 7,731 shares during the period. Commonwealth Equity Services LLC owned 0.06% of Illinois Tool Works worth $46,253,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ITW. GAMMA Investing LLC raised its stake in Illinois Tool Works by 26,372.8% during 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 acquiring an additional 2,057,872 shares in the last quarter. Auto Owners Insurance Co raised its stake in Illinois Tool Works by 55,978.4% during the 1st quarter. Auto Owners Insurance Co now owns 1,430,000 shares of the industrial products company's stock worth $354,654,000 after acquiring an additional 1,427,450 shares in the last quarter. Cerity Partners LLC raised its stake in Illinois Tool Works by 263.9% during the 4th quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company's stock worth $229,269,000 after acquiring an additional 655,341 shares in the last quarter. Northern Trust Corp increased its stake in Illinois Tool Works by 3.9% in the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock valued at $3,465,570,000 after purchasing an additional 508,188 shares during the period. Finally, Federated Hermes Inc. increased its stake in Illinois Tool Works by 1,899.3% in the fourth quarter. Federated Hermes Inc. now owns 224,921 shares of the industrial products company's stock valued at $57,031,000 after purchasing an additional 213,671 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. purchased 872 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was purchased 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 owned 122,884 shares of the company's stock, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.88% of the company's stock.

Analyst Ratings Changes

ITW has been the topic of a number of recent research reports. UBS Group lifted their price objective on shares of Illinois Tool Works from $243.00 to $255.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Evercore ISI dropped their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a research note on Monday, May 19th. Bank of America lowered shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective on the stock. in a research note on Wednesday, May 7th. Wells Fargo & Company lifted their price objective on shares of Illinois Tool Works from $235.00 to $250.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. Finally, Truist Financial downgraded shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 target price on the stock. in a report on Thursday, July 31st. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $259.33.

Illinois Tool Works Stock Performance

Shares of ITW opened at $253.56 on Tuesday. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.15 and a current ratio of 1.59. The company has a market capitalization of $74.29 billion, a price-to-earnings ratio of 22.22, a PEG ratio of 5.43 and a beta of 1.09. The company's 50 day simple moving average is $251.36 and its 200 day simple moving average is $250.06. 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 announced its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.02. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the prior year, the firm posted $2.54 earnings per share. The company's quarterly revenue was up .6% compared to the same quarter last year. On average, sell-side analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be given a dividend of $1.61 per share. This represents a $6.44 annualized dividend and a yield of 2.5%. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Tuesday, September 30th. Illinois Tool Works's dividend payout ratio (DPR) is currently 52.59%.

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.

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