Mackenzie Financial Corp Grows Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Mackenzie Financial Corp increased its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 18.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,194 shares of the industrial products company's stock after acquiring an additional 13,154 shares during the period. Mackenzie Financial Corp's holdings in Illinois Tool Works were worth $20,881,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. GAMMA Investing LLC grew its holdings in shares of Illinois Tool Works by 26,372.8% during the 1st quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock valued at $5,123,080,000 after acquiring an additional 2,057,872 shares in the last quarter. Auto Owners Insurance Co lifted its stake in shares of Illinois Tool Works by 55,978.4% in the first quarter. Auto Owners Insurance Co now owns 1,430,000 shares of the industrial products company's stock valued at $354,654,000 after buying an additional 1,427,450 shares during the period. Cerity Partners LLC raised its stake in shares of Illinois Tool Works by 263.9% in the 4th quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company's stock valued at $229,269,000 after buying an additional 655,341 shares in the last quarter. Northern Trust Corp grew its position in Illinois Tool Works by 3.9% in the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock valued at $3,465,570,000 after acquiring an additional 508,188 shares during the period. Finally, Federated Hermes Inc. grew its stake in Illinois Tool Works by 1,899.3% during the fourth quarter. Federated Hermes Inc. now owns 224,921 shares of the industrial products company's stock worth $57,031,000 after buying an additional 213,671 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.

Illinois Tool Works Stock Performance

NYSE ITW traded down $4.06 during trading hours on Friday, hitting $251.91. 1,236,431 shares of the company's stock traded hands, compared to its average volume of 992,529. The firm has a market capitalization of $73.81 billion, a P/E ratio of 22.08, a P/E/G ratio of 5.68 and a beta of 1.09. The company has a current ratio of 1.59, a quick ratio of 1.16 and a debt-to-equity ratio of 2.40. The business's fifty day moving average price is $250.93 and its two-hundred day moving average price is $250.15. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 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 analysts' expectations of $4.01 billion. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%. The firm's revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.54 EPS. Equities research analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 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, with a total value of $210,291.52. Following the completion of the acquisition, the director owned 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 filing with the Securities & Exchange Commission, which is available through the SEC website. 0.88% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on ITW shares. Robert W. Baird upped their target price on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research report on Thursday, May 1st. Evercore ISI cut their price target on shares of 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 boosted their price objective on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a research note on Monday, July 14th. Truist Financial cut Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price objective for the company. in a report on Thursday. Finally, Bank of America downgraded Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price target on the stock. in a research report on Wednesday, May 7th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Illinois Tool Works currently has an average rating of "Hold" and a consensus target price of $259.08.

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.