Johnson Financial Group LLC Purchases Shares of 1,263 Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• Johnson Financial Group LLC purchased 1,263 shares of Illinois Tool Works Inc., valued at approximately $313,000, during the first quarter.
• Several hedge funds, including Brighton Jones LLC and FMR LLC, increased their holdings in Illinois Tool Works, indicating strong institutional interest, with 79.77% of the stock owned by institutional investors.
• Illinois Tool Works recently raised its quarterly dividend from $1.50 to $1.61, translating to an annualized yield of 2.5%.

Johnson Financial Group LLC acquired a new position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,263 shares of the industrial products company's stock, valued at approximately $313,000.

Several other hedge funds have also bought and sold shares of the stock. F M Investments LLC lifted its position in shares of Illinois Tool Works by 4.9% in the fourth quarter. F M Investments LLC now owns 896 shares of the industrial products company's stock valued at $227,000 after acquiring an additional 42 shares in the last quarter. Trust Co of the South grew its stake in shares of Illinois Tool Works by 2.9% during the first quarter. Trust Co of the South now owns 1,478 shares of the industrial products company's stock valued at $367,000 after buying an additional 42 shares during the last quarter. Clearstead Trust LLC grew its stake in Illinois Tool Works by 0.9% in the first quarter. Clearstead Trust LLC now owns 4,758 shares of the industrial products company's stock worth $1,180,000 after purchasing an additional 43 shares in the last quarter. Northern Financial Advisors Inc grew its stake in Illinois Tool Works by 1.9% in the first quarter. Northern Financial Advisors Inc now owns 2,348 shares of the industrial products company's stock worth $582,000 after purchasing an additional 44 shares in the last quarter. Finally, Integrated Advisors Network LLC lifted its holdings in Illinois Tool Works by 0.8% during the fourth quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company's stock worth $1,504,000 after buying an additional 45 shares during the period. Institutional investors own 79.77% of the company's stock.

Insider Activity

In other Illinois Tool Works 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 acquired at an average price of $241.16 per share, with a total value of $210,291.52. Following the transaction, the director 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 ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Performance

NYSE:ITW traded down $0.05 during midday trading on Monday, reaching $256.94. 622,681 shares of the company traded hands, compared to its average volume of 1,014,238. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The company has a fifty day moving average price of $252.29 and a 200 day moving average price of $249.99. The firm has a market capitalization of $74.90 billion, a price-to-earnings ratio of 22.52, a price-to-earnings-growth ratio of 5.54 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.56 by $0.02. The company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%. Illinois Tool Works's revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.54 earnings per share. On average, analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $1.61 per share. This is a boost from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date is Tuesday, September 30th. This represents a $6.44 annualized dividend and a dividend yield of 2.5%. Illinois Tool Works's dividend payout ratio is currently 52.59%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ITW. Evercore ISI reduced their target price 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. Truist Financial cut Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 target price on the stock. in a report on Thursday, July 31st. Barclays upped their price objective on Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a report on Monday, August 4th. Robert W. Baird boosted their target price on Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research report on Thursday, May 1st. Finally, Stifel Nicolaus upped their price objective on Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a research report on Thursday, July 31st. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $259.33.

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.