Nuveen LLC Invests $293.93 Million in Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• Nuveen LLC has purchased 1,185,147 shares of Illinois Tool Works Inc., valued at approximately $293.9 million, representing about 0.40% of the company's total shares.
• The company disclosed a quarterly dividend increase to $1.61 from the previous $1.50, with a payment date set for October 10th.
• Illinois Tool Works reported a $2.58 EPS for the last quarter, surpassing estimates, and had a revenue of $4.05 billion, up 0.6% from the previous year.

Nuveen LLC acquired a new position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 1,185,147 shares of the industrial products company's stock, valued at approximately $293,928,000. Nuveen LLC owned 0.40% of Illinois Tool Works at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Sivia Capital Partners LLC bought a new position in shares of Illinois Tool Works during the 1st quarter worth about $214,000. OneAscent Financial Services LLC raised its stake in shares of Illinois Tool Works by 25.8% in the first quarter. OneAscent Financial Services LLC now owns 1,664 shares of the industrial products company's stock worth $416,000 after acquiring an additional 341 shares during the last quarter. EP Wealth Advisors LLC lifted its stake in shares of Illinois Tool Works by 42.2% in the 4th quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company's stock valued at $1,450,000 after purchasing an additional 1,698 shares during the period. Sowell Financial Services LLC bought a new position in Illinois Tool Works during the first quarter worth about $946,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Illinois Tool Works by 12.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,557 shares of the industrial products company's stock valued at $10,242,000 after acquiring an additional 4,560 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Trading Down 1.8%

ITW stock traded down $4.75 during trading on Thursday, hitting $262.57. The company had a trading volume of 1,167,462 shares, compared to its average volume of 1,094,364. The stock has a market cap of $76.54 billion, a PE ratio of 23.01, a PEG ratio of 5.62 and a beta of 1.09. The company has a current ratio of 1.59, a quick ratio of 1.15 and a debt-to-equity ratio of 2.40. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The business has a 50-day moving average of $253.29 and a 200-day moving average of $250.16.

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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.56 by $0.02. The firm 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 company's revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.54 EPS. Research analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $1.61 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.44 dividend on an annualized basis and a yield of 2.5%. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's payout ratio is presently 56.44%.

Insider Activity

In other news, Director David Byron Smith, Jr. acquired 872 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was purchased at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the purchase, the director owned 122,884 shares in the company, valued at approximately $29,634,705.44. This represents a 0.71% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.88% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ITW has been the subject of a number of recent research reports. UBS Group increased their price objective on shares of Illinois Tool Works from $243.00 to $255.00 and gave the stock a "neutral" rating in a research note on Thursday, July 31st. Citigroup boosted their price target on Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a research report on Monday, July 14th. 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 lowered shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price objective on the stock. in a research report on Thursday, July 31st. Finally, Barclays upped their target price on Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a research report on Monday, August 4th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average 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.