Norris Perne & French LLP MI Buys 1,066 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Norris Perne & French LLP MI lifted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 1.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 61,567 shares of the industrial products company's stock after acquiring an additional 1,066 shares during the period. Norris Perne & French LLP MI's holdings in Illinois Tool Works were worth $15,269,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Prudent Man Investment Management Inc. purchased a new position in shares of Illinois Tool Works in the 4th quarter worth about $25,000. Redwood Park Advisors LLC bought a new position in Illinois Tool Works during the fourth quarter valued at approximately $26,000. Ameriflex Group Inc. bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $26,000. Glass Jacobson Investment Advisors llc boosted its stake 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 valued at $28,000 after purchasing an additional 84 shares in the last quarter. Finally, Millstone Evans Group LLC bought a new position in shares of Illinois Tool Works during the 4th quarter valued at $31,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $241.13 on Thursday. The stock has a fifty day moving average of $241.89 and a 200 day moving average of $251.59. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The firm has a market capitalization of $70.65 billion, a price-to-earnings ratio of 21.21, a PEG ratio of 5.19 and a beta of 1.10. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, topping the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The business had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. During the same period in the prior year, the business earned $2.44 EPS. The company's revenue for the quarter was down 3.4% on a year-over-year basis. As a group, research analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders 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 annualized dividend and a yield of 2.49%. Illinois Tool Works's payout ratio is 52.77%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Robert W. Baird raised their price objective 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. UBS Group dropped their target price on 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 raised Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 price target on the stock in a research note on Wednesday, February 19th. Truist Financial lowered their price objective on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Finally, Citigroup cut 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. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $253.42.

Insiders Place Their Bets

In related news, Director David Byron Smith, Jr. purchased 872 shares of the stock in a transaction dated Monday, June 2nd. The stock was purchased at an average price of $241.16 per share, with a total value 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company 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.

Want to see what other hedge funds are holding ITW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Illinois Tool Works Inc. (NYSE:ITW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.