Segment Wealth Management LLC boosted its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 60.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,549 shares of the industrial products company's stock after purchasing an additional 1,341 shares during the quarter. Segment Wealth Management LLC's holdings in Illinois Tool Works were worth $880,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also recently added to or reduced their stakes in the business. Brady Family Wealth LLC increased its stake in Illinois Tool Works by 0.7% in the first quarter. Brady Family Wealth LLC now owns 17,582 shares of the industrial products company's stock valued at $4,361,000 after purchasing an additional 114 shares during the last quarter. Good Steward Wealth Advisors LLC acquired a new position in Illinois Tool Works in the first quarter valued at $423,000. Walter & Keenan Wealth Management LLC IN ADV increased its stake in Illinois Tool Works by 1.2% in the first quarter. Walter & Keenan Wealth Management LLC IN ADV now owns 7,896 shares of the industrial products company's stock valued at $1,958,000 after purchasing an additional 92 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in Illinois Tool Works in the first quarter valued at $232,000. Finally, Norris Perne & French LLP MI increased its stake in Illinois Tool Works by 1.8% during the first quarter. Norris Perne & French LLP MI now owns 61,567 shares of the industrial products company's stock worth $15,269,000 after acquiring an additional 1,066 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 NYSE ITW opened at $240.41 on Friday. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13. The business has a 50-day moving average of $242.34 and a 200-day moving average of $251.09. 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 has a market capitalization of $70.44 billion, a price-to-earnings ratio of 21.14, a PEG ratio of 5.19 and a beta of 1.10.
Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its earnings results 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. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The company had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter in the prior year, the business earned $2.44 earnings per share. The company's revenue was down 3.4% compared to the same quarter last year. On average, equities analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.
Illinois Tool Works Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date is Monday, June 30th. Illinois Tool Works's payout ratio is currently 52.77%.
Insider Buying and Selling
In other news, Director David Byron Smith, Jr. purchased 872 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was acquired at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the purchase, the director now owns 122,884 shares of the company's stock, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.88% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages have commented on ITW. Stifel Nicolaus upped their price target on Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a research note on Thursday, May 1st. Evercore ISI dropped their price target 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. Bank of America lowered Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price target for the company. in a research note on Wednesday, May 7th. Truist Financial dropped their price target on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Finally, Citigroup dropped their price target 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. Three equities 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $253.42.
View Our Latest Report on ITW
About Illinois Tool Works
(
Free Report)
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.
Further Reading
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