Illinois Tool Works Inc. (NYSE:ITW) Stake Boosted by Gallacher Capital Management LLC

Gallacher Capital Management LLC raised its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 192.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,927 shares of the industrial products company's stock after acquiring an additional 1,925 shares during the period. Gallacher Capital Management LLC's holdings in Illinois Tool Works were worth $726,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Sivia Capital Partners LLC acquired a new position in Illinois Tool Works during the first quarter worth about $214,000. OneAscent Financial Services LLC grew its holdings in shares of Illinois Tool Works by 25.8% during the first quarter. OneAscent Financial Services LLC now owns 1,664 shares of the industrial products company's stock valued at $416,000 after buying an additional 341 shares during the last quarter. EP Wealth Advisors LLC boosted its holdings in Illinois Tool Works by 42.2% during the fourth quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company's stock worth $1,450,000 after purchasing an additional 1,698 shares during the last quarter. Sowell Financial Services LLC purchased a new position in shares of Illinois Tool Works in the 1st quarter worth about $946,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Illinois Tool Works by 12.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,557 shares of the industrial products company's stock valued at $10,242,000 after purchasing an additional 4,560 shares during the last quarter. 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. bought 872 shares of the business's stock in a transaction dated Monday, June 2nd. The shares were acquired at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the purchase, the director owned 122,884 shares in the company, valued at $29,634,705.44. This trade represents a 0.71% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Down 0.6%

ITW stock traded down $1.45 during midday trading on Thursday, reaching $261.79. 247,538 shares of the company were exchanged, compared to its average volume of 1,088,898. The stock's 50-day simple moving average is $249.69 and its 200 day simple moving average is $249.71. The company has a market cap of $76.70 billion, a price-to-earnings ratio of 23.02, a price-to-earnings-growth ratio of 5.49 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. 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 released 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. The business had revenue of $3.84 billion for the quarter, compared to analysts' expectations of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The company's revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.44 EPS. On average, equities analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Monday, June 30th were issued a dividend of $1.50 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.29%. Illinois Tool Works's payout ratio is 52.77%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Citigroup increased their price objective on Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a research report on Monday, July 14th. Barclays increased their price objective on Illinois Tool Works from $237.00 to $240.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. Wells Fargo & Company raised their price target on shares of Illinois Tool Works from $230.00 to $235.00 and gave the company an "underweight" rating in a research report on Tuesday, July 1st. Bank of America downgraded shares of 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. Finally, UBS Group cut their price target on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $255.67.

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.