Illinois Tool Works Inc. (NYSE:ITW) Shares Purchased by Auto Owners Insurance Co

Auto Owners Insurance Co increased its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 55,978.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,430,000 shares of the industrial products company's stock after acquiring an additional 1,427,450 shares during the period. Illinois Tool Works makes up about 6.6% of Auto Owners Insurance Co's holdings, making the stock its 4th largest holding. Auto Owners Insurance Co owned about 0.49% of Illinois Tool Works worth $354,654,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of ITW. Prudent Man Investment Management Inc. purchased a new position in shares of Illinois Tool Works during the fourth quarter worth about $25,000. Redwood Park Advisors LLC purchased a new position in shares of Illinois Tool Works during the fourth quarter worth about $26,000. Ameriflex Group Inc. purchased a new position in shares of Illinois Tool Works during the fourth quarter worth about $26,000. von Borstel & Associates Inc. purchased a new position in shares of Illinois Tool Works during the first quarter worth about $26,000. Finally, Glass Jacobson Investment Advisors llc grew 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 worth $28,000 after buying an additional 84 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

Shares of ITW stock traded up $0.04 during midday trading on Friday, reaching $261.87. 1,092,980 shares of the company traded hands, compared to its average volume of 879,734. The firm's 50 day simple moving average is $250.18 and its two-hundred day simple moving average is $249.88. 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 current ratio of 1.60 and a quick ratio of 1.16. The firm has a market cap of $76.73 billion, a PE ratio of 23.03, a price-to-earnings-growth ratio of 5.52 and a beta of 1.09.

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

Illinois Tool Works Dividend Announcement

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

Insider Activity

In related news, Director David Byron Smith, Jr. acquired 872 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was purchased at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the transaction, 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 Securities & Exchange Commission, which is available through this link. 0.88% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ITW shares. Wells Fargo & Company raised their price target on Illinois Tool Works from $230.00 to $235.00 and gave the stock an "underweight" rating in a report on Tuesday, July 1st. Robert W. Baird raised their price target on Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a report on Thursday, May 1st. Evercore ISI lowered their price target on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a report on Monday, May 19th. Truist Financial reduced their price objective on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Finally, Barclays raised their price objective on shares of Illinois Tool Works from $237.00 to $240.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 9th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $255.67.

About Illinois Tool Works

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.