Penserra Capital Management LLC Buys 3,005 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Penserra Capital Management LLC increased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 426.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,710 shares of the industrial products company's stock after acquiring an additional 3,005 shares during the quarter. Penserra Capital Management LLC's holdings in Illinois Tool Works were worth $919,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Prudent Man Investment Management Inc. bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $25,000. Redwood Park Advisors LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $26,000. Ameriflex Group Inc. bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $26,000. von Borstel & Associates Inc. bought a new stake in shares of Illinois Tool Works in the 1st quarter worth approximately $26,000. Finally, Glass Jacobson Investment Advisors llc grew its position in shares of Illinois Tool Works by 336.0% in the 4th 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.

Insider Activity at Illinois Tool Works

In other 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 bought 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 directly owned 122,884 shares of the company's stock, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.88% of the stock is owned by insiders.

Illinois Tool Works Stock Down 0.9%

Shares of ITW stock traded down $2.41 during mid-day trading on Friday, hitting $259.71. The company's stock had a trading volume of 745,703 shares, compared to its average volume of 998,111. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The business has a 50-day moving average price of $247.49 and a 200 day moving average price of $249.48. 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 stock has a market cap of $76.10 billion, a price-to-earnings ratio of 22.84, a PEG ratio of 5.50 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 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 firm had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.83 billion. During the same quarter in the previous year, the business earned $2.44 earnings per share. The company's revenue was down 3.4% on a year-over-year basis. Research analysts predict 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 was paid on Friday, July 11th. Investors of record on Monday, June 30th were issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend was Monday, June 30th. Illinois Tool Works's payout ratio is currently 52.77%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ITW shares. Evercore ISI cut their price objective on 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. Citigroup lowered their target price 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 raised their target price on Illinois Tool Works from $237.00 to $240.00 and gave the company an "equal weight" rating in a research note on Wednesday. Robert W. Baird raised their target price 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. Finally, Truist Financial lowered their target price 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. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works has an average rating of "Hold" and an average target price of $252.83.

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.