Apollon Wealth Management LLC Boosts Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Apollon Wealth Management LLC increased its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 12.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,458 shares of the industrial products company's stock after acquiring an additional 1,635 shares during the quarter. Apollon Wealth Management LLC's holdings in Illinois Tool Works were worth $3,586,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Prudent Man Investment Management Inc. acquired a new position in Illinois Tool Works in the 4th quarter valued at $25,000. Redwood Park Advisors LLC purchased a new stake in shares of Illinois Tool Works during the 4th quarter worth $26,000. Ameriflex Group Inc. purchased a new stake in shares of Illinois Tool Works during the 4th quarter worth $26,000. von Borstel & Associates Inc. purchased a new stake in shares of Illinois Tool Works during the 1st quarter worth $26,000. Finally, Glass Jacobson Investment Advisors llc boosted its position in shares of Illinois Tool Works by 336.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock worth $28,000 after purchasing an additional 84 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ITW. Barclays boosted their target price on shares of Illinois Tool Works from $237.00 to $240.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 9th. Truist Financial decreased their price objective on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Evercore ISI decreased 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 report 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 report on Wednesday, May 7th. Finally, Robert W. Baird boosted their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. Three equities 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $253.83.

Insider Buying and Selling

In other news, Director David Byron Smith, Jr. acquired 872 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were bought at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the purchase, the director directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.88% of the company's stock.

Illinois Tool Works Trading Down 0.7%

NYSE:ITW traded down $1.76 during mid-day trading on Wednesday, reaching $254.62. The company's stock had a trading volume of 259,045 shares, compared to its average volume of 993,393. The stock has a market cap of $74.60 billion, a P/E ratio of 22.39, a P/E/G ratio of 5.46 and a beta of 1.09. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. 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 fifty day simple moving average is $248.15 and its two-hundred day simple moving average is $249.47.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.34 by $0.04. The business had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The company's revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.44 EPS. On average, equities analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Monday, June 30th were issued a $1.50 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $6.00 annualized dividend and a yield of 2.36%. 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.