Merit Financial Group LLC Boosts Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Merit Financial Group LLC raised its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 13.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,384 shares of the industrial products company's stock after acquiring an additional 1,142 shares during the quarter. Merit Financial Group LLC's holdings in Illinois Tool Works were worth $2,327,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Prudent Man Investment Management Inc. purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth about $25,000. Redwood Park Advisors LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth about $26,000. Ameriflex Group Inc. purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth about $26,000. Glass Jacobson Investment Advisors llc grew its holdings in shares of Illinois Tool Works by 336.0% during the fourth 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 in the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in Illinois Tool Works in the fourth quarter valued at approximately $31,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Down 0.2%

Shares of ITW stock opened at $245.93 on Friday. The stock has a market cap of $72.06 billion, a price-to-earnings ratio of 20.98, a price-to-earnings-growth ratio of 4.56 and a beta of 1.10. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The firm's 50 day moving average price is $239.66 and its two-hundred day moving average price is $253.35.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, beating analysts' consensus estimates of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. The firm had revenue of $3.84 billion for the quarter, compared to analysts' expectations of $3.83 billion. During the same period in the previous year, the company posted $2.44 earnings per share. Illinois Tool Works's revenue was down 3.4% compared to the same quarter last year. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.44%. Illinois Tool Works's payout ratio is currently 52.77%.

Analyst Ratings Changes

ITW has been the subject of a number of recent analyst reports. UBS Group lowered their target price on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 target price for the company in a report on Wednesday, February 19th. Wells Fargo & Company lowered their target price on shares of Illinois Tool Works from $250.00 to $245.00 and set an "underweight" rating for the company in a report on Thursday, February 6th. Wall Street Zen downgraded shares of Illinois Tool Works from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Finally, Truist Financial lowered their target price on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $253.42.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. purchased 872 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was acquired at an average price 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 in the company, valued at approximately $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.88% of the company's stock.

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.

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