Palumbo Wealth Management LLC Buys 3,693 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Palumbo Wealth Management LLC boosted its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 23.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,774 shares of the industrial products company's stock after buying an additional 3,693 shares during the quarter. Illinois Tool Works makes up approximately 1.6% of Palumbo Wealth Management LLC's portfolio, making the stock its 14th biggest position. Palumbo Wealth Management LLC's holdings in Illinois Tool Works were worth $4,904,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. F M Investments LLC boosted its stake in Illinois Tool Works by 4.9% in the fourth quarter. F M Investments LLC now owns 896 shares of the industrial products company's stock worth $227,000 after buying an additional 42 shares in the last quarter. Trust Co of the South boosted its stake in Illinois Tool Works by 2.9% in the first quarter. Trust Co of the South now owns 1,478 shares of the industrial products company's stock worth $367,000 after buying an additional 42 shares in the last quarter. Harbour Investments Inc. boosted its stake in shares of Illinois Tool Works by 1.2% during the fourth quarter. Harbour Investments Inc. now owns 3,696 shares of the industrial products company's stock valued at $937,000 after purchasing an additional 44 shares during the period. Integrated Advisors Network LLC boosted its stake in shares of Illinois Tool Works by 0.8% during the fourth quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company's stock valued at $1,504,000 after purchasing an additional 45 shares during the period. Finally, Capital Advisors Ltd. LLC boosted its stake in shares of Illinois Tool Works by 3.0% during the fourth quarter. Capital Advisors Ltd. LLC now owns 1,569 shares of the industrial products company's stock valued at $398,000 after purchasing an additional 46 shares during the period. Hedge funds and other institutional investors own 79.77% of the company's stock.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. acquired 872 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was acquired at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the acquisition, the director now owns 122,884 shares in the company, valued at $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.88% of the stock is owned by corporate insiders.

Illinois Tool Works Trading Up 0.5%

Shares of Illinois Tool Works stock traded up $1.31 during midday trading on Thursday, reaching $247.00. 867,511 shares of the company's stock traded hands, compared to its average volume of 1,004,083. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.16 and a current ratio of 1.60. The company has a market cap of $72.37 billion, a PE ratio of 21.72, a price-to-earnings-growth ratio of 5.28 and a beta of 1.10. The stock has a 50 day moving average of $243.49 and a 200-day moving average of $250.29. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13.

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 analysts' consensus estimates of $2.34 by $0.04. The business had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The firm's quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.44 earnings per share. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be issued a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.43%. Illinois Tool Works's dividend payout ratio (DPR) is 52.77%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ITW. Robert W. Baird increased their price objective on Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Citigroup dropped their price objective 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. Barclays dropped their price objective on Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Evercore ISI dropped their price objective on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a research note on Monday, May 19th. Finally, Bank of America lowered Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective for the company. in a research note on Wednesday, May 7th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $253.42.

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.