Illinois Tool Works Inc. (NYSE:ITW) Shares Bought by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC increased its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 23.0% in the first 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 period. Illinois Tool Works accounts for 1.6% of Palumbo Wealth Management LLC's portfolio, making the stock its 14th largest position. Palumbo Wealth Management LLC's holdings in Illinois Tool Works were worth $4,904,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Prudent Man Investment Management Inc. purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $25,000. Redwood Park Advisors LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter worth $26,000. Ameriflex Group Inc. purchased a new position in shares of Illinois Tool Works in the fourth quarter worth $26,000. Glass Jacobson Investment Advisors llc lifted its holdings in shares of Illinois Tool Works by 336.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 84 shares in the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at $31,000. Hedge funds and other institutional investors own 79.77% of the company's stock.

Insiders Place Their Bets

In related news, Director David Byron Smith, Jr. purchased 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, with a total value of $210,291.52. Following the completion of the acquisition, the director now owns 122,884 shares in the company, valued at approximately $29,634,705.44. This represents a 0.71% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.88% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on ITW shares. Robert W. Baird boosted their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Stifel Nicolaus lifted their price objective on Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a report on Thursday, May 1st. Barclays lowered their target price on Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. 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 research note on Monday, April 7th. Finally, Evercore ISI lowered 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. Three analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Illinois Tool Works presently has a consensus rating of "Hold" and an average price target of $253.42.

Illinois Tool Works Stock Up 0.7%

NYSE ITW traded up $1.81 during trading on Tuesday, reaching $246.01. 1,031,427 shares of the company's stock traded hands, compared to its average volume of 1,002,548. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.60 and a quick ratio of 1.16. The company's 50 day simple moving average is $242.84 and its two-hundred day simple moving average is $250.51. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The firm has a market cap of $72.08 billion, a price-to-earnings ratio of 21.64, a price-to-earnings-growth ratio of 5.25 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its 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 company had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. Illinois Tool Works's revenue was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.44 earnings per share. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 2.44%. Illinois Tool Works's payout ratio is 52.77%.

Illinois Tool Works 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.