Praxis Investment Management Inc. Has $5.56 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Praxis Investment Management Inc. increased its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 13.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 22,429 shares of the industrial products company's stock after acquiring an additional 2,590 shares during the period. Praxis Investment Management Inc.'s holdings in Illinois Tool Works were worth $5,563,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Prudent Man Investment Management Inc. acquired a new stake in shares of Illinois Tool Works in the 4th quarter worth about $25,000. Ameriflex Group Inc. bought a new position in Illinois Tool Works in the 4th quarter valued at about $26,000. Redwood Park Advisors LLC bought a new position in Illinois Tool Works in the 4th quarter valued at about $26,000. Glass Jacobson Investment Advisors llc grew its position in 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 buying an additional 84 shares in the last quarter. Finally, Millstone Evans Group LLC bought a new position in Illinois Tool Works in the 4th quarter valued at about $31,000. Institutional investors and hedge funds own 79.77% of the company's stock.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 872 shares of the firm's stock in a transaction on Monday, June 2nd. The shares were purchased 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 directly owns 122,884 shares of the company's stock, valued at approximately $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW traded down $0.90 during trading on Friday, reaching $240.41. The stock had a trading volume of 1,504,304 shares, compared to its average volume of 1,004,955. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The stock has a fifty day simple moving average of $242.34 and a two-hundred day simple moving average of $250.91. The firm has a market capitalization of $70.44 billion, a price-to-earnings ratio of 21.14, a P/E/G ratio of 5.18 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 announced its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the previous year, the firm posted $2.44 earnings per share. Illinois Tool Works's revenue was down 3.4% compared to the same quarter last year. As a group, analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be paid a dividend of $1.50 per share. The ex-dividend date is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.50%. Illinois Tool Works's dividend payout ratio is currently 52.77%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ITW. Bank of America lowered shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price for the company. in a research report on Wednesday, May 7th. Barclays reduced their price objective on shares of Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Truist Financial reduced 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 research report on Thursday, May 1st. Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $227.00 to $233.00 and gave the company a "hold" rating in a research report on Thursday, May 1st. Finally, Evercore ISI reduced their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a research report on Monday, May 19th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Illinois Tool Works has an average rating of "Hold" and a consensus target price of $253.42.

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.