Illinois Tool Works Inc. (NYSE:ITW) Stock Position Boosted by Invesco LLC

Invesco LLC grew its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 99.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,984 shares of the industrial products company's stock after purchasing an additional 2,991 shares during the quarter. Invesco LLC's holdings in Illinois Tool Works were worth $1,484,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Norges Bank acquired a new position in shares of Illinois Tool Works in the 4th quarter valued at $806,291,000. GAMMA Investing LLC raised its position in shares of Illinois Tool Works by 26,372.8% in the 1st quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock worth $5,123,080,000 after buying an additional 2,057,872 shares during the period. Raymond James Financial Inc. acquired a new position in Illinois Tool Works in the fourth quarter valued at $203,949,000. Cerity Partners LLC increased its stake in Illinois Tool Works by 263.9% during the fourth quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company's stock worth $229,269,000 after acquiring an additional 655,341 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Illinois Tool Works by 3.9% in the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock worth $3,465,570,000 after purchasing an additional 508,188 shares during the period. Institutional investors and hedge funds own 79.77% of the company's stock.

Illinois Tool Works Stock Up 0.1%

ITW stock traded up $0.20 during mid-day trading on Wednesday, hitting $246.00. 1,165,562 shares of the company were exchanged, compared to its average volume of 1,003,198. The firm has a fifty day simple moving average of $242.84 and a 200 day simple moving average of $250.51. The company has a market capitalization of $72.08 billion, a PE ratio of 21.64, a price-to-earnings-growth ratio of 5.25 and a beta of 1.10. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25.

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 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 return on equity of 92.77% and a net margin of 21.37%. The business's revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.44 EPS. On average, research analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.44%. The ex-dividend date is Monday, June 30th. Illinois Tool Works's dividend payout ratio (DPR) is presently 52.77%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ITW shares. Robert W. Baird increased their target price 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. Evercore ISI dropped their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a research report on Monday, May 19th. Citigroup reduced their target price on shares of Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Truist Financial lowered their price target on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, UBS Group reduced their price objective on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Illinois Tool Works presently has an average rating of "Hold" and an average price target of $253.42.

Insider Transactions 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 shares were purchased at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the transaction, the director now directly owns 122,884 shares in the company, valued at $29,634,705.44. This trade represents a 0.71% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.88% of the company's stock.

Illinois Tool Works Company 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.