Novem Group Buys New Shares in Illinois Tool Works Inc. (NYSE:ITW)

Novem Group acquired a new position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 3,758 shares of the industrial products company's stock, valued at approximately $953,000.

Several other institutional investors and hedge funds have also modified their holdings of ITW. Ameritas Advisory Services LLC grew its holdings in shares of Illinois Tool Works by 18.0% during the 4th quarter. Ameritas Advisory Services LLC now owns 5,069 shares of the industrial products company's stock valued at $1,285,000 after acquiring an additional 773 shares in the last quarter. Diversify Wealth Management LLC grew its holdings in shares of Illinois Tool Works by 26.5% during the 4th quarter. Diversify Wealth Management LLC now owns 999 shares of the industrial products company's stock valued at $245,000 after acquiring an additional 209 shares in the last quarter. Sugar Maple Asset Management LLC purchased a new position in shares of Illinois Tool Works during the 4th quarter valued at $28,000. Aspiriant LLC grew its holdings in shares of Illinois Tool Works by 6.8% during the 4th quarter. Aspiriant LLC now owns 957 shares of the industrial products company's stock valued at $243,000 after acquiring an additional 61 shares in the last quarter. Finally, Alpha Cubed Investments LLC boosted its holdings in Illinois Tool Works by 5.8% in the fourth quarter. Alpha Cubed Investments LLC now owns 1,931 shares of the industrial products company's stock worth $490,000 after purchasing an additional 105 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Illinois Tool Works news, CEO Christopher A. O'herlihy sold 48,453 shares of the stock in a transaction on Friday, March 7th. The shares were sold at an average price of $274.36, for a total value of $13,293,565.08. Following the sale, the chief executive officer now directly owns 55,113 shares in the company, valued at approximately $15,120,802.68. This trade represents a 46.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Michael M. Larsen sold 41,472 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the completion of the sale, the chief financial officer now owns 50,502 shares in the company, valued at approximately $13,698,667.50. This trade represents a 45.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.88% of the stock is owned by insiders.

Illinois Tool Works Stock Performance

Shares of ITW traded down $2.68 during trading hours on Friday, reaching $242.03. 752,546 shares of the company traded hands, compared to its average volume of 1,017,704. The stock's fifty day moving average is $241.07 and its 200 day moving average is $254.90. The stock has a market cap of $70.91 billion, a P/E ratio of 20.65, a price-to-earnings-growth ratio of 4.56 and a beta of 1.12. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13.

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

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be paid 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 dividend yield of 2.48%. Illinois Tool Works's dividend payout ratio (DPR) is currently 52.77%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ITW shares. Citigroup decreased their price objective on shares of Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating for the company in a report on Monday, April 14th. JPMorgan Chase & Co. decreased their price objective on shares of Illinois Tool Works from $300.00 to $295.00 and set an "overweight" rating for the company in a report on Monday, February 3rd. Truist Financial decreased their price objective 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. Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a report on Thursday, May 1st. Finally, Wells Fargo & Company decreased their price objective 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. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Illinois Tool Works has a consensus rating of "Hold" and an average target price of $253.42.

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.