1,446 Shares in Illinois Tool Works Inc. (NYSE:ITW) Acquired by Providence Wealth Advisors LLC

Key Points

• Providence Wealth Advisors LLC invested approximately $359,000 in Illinois Tool Works Inc. by purchasing 1,446 shares in the first quarter.
• Institutional investors own about 79.77% of Illinois Tool Works stock, with significant increases in stakes by firms like Northern Trust Corp and GAMMA Investing LLC.
• Analysts have mixed opinions on the stock, with a consensus rating of "Hold" and a price target averaging $255.67.

Providence Wealth Advisors LLC purchased a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 1,446 shares of the industrial products company's stock, valued at approximately $359,000.

Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in shares of Illinois Tool Works by 26,372.8% in the 1st quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock valued at $5,123,080,000 after purchasing an additional 2,057,872 shares during the last quarter. Auto Owners Insurance Co lifted its stake in shares of Illinois Tool Works by 55,978.4% during the 1st quarter. Auto Owners Insurance Co now owns 1,430,000 shares of the industrial products company's stock worth $354,654,000 after acquiring an additional 1,427,450 shares during the last quarter. Cerity Partners LLC lifted its stake in shares of Illinois Tool Works by 263.9% during the 4th quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company's stock worth $229,269,000 after acquiring an additional 655,341 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Illinois Tool Works by 3.9% during the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock worth $3,465,570,000 after acquiring an additional 508,188 shares during the last quarter. Finally, Federated Hermes Inc. lifted its stake in shares of Illinois Tool Works by 1,899.3% during the 4th quarter. Federated Hermes Inc. now owns 224,921 shares of the industrial products company's stock worth $57,031,000 after acquiring an additional 213,671 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

Insider Activity at Illinois Tool Works

In related news, Director David Byron Smith, Jr. purchased 872 shares of the business's stock in a transaction that occurred on 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 completion of the acquisition, the director owned 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 purchase was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Performance

Illinois Tool Works stock traded down $1.75 during trading hours on Monday, hitting $259.95. 754,768 shares of the stock traded hands, compared to its average volume of 885,812. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.60 and a quick ratio of 1.16. The stock has a market capitalization of $76.17 billion, a price-to-earnings ratio of 25.89, a P/E/G ratio of 5.52 and a beta of 1.09. The firm's 50 day moving average price is $250.18 and its 200-day moving average price is $249.92.

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

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Monday, June 30th were issued a $1.50 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.31%. Illinois Tool Works's dividend payout ratio is presently 52.77%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on ITW shares. UBS Group decreased their price target on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Truist Financial decreased their target price 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. Robert W. Baird lifted their target price on Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research report on Thursday, May 1st. Bank of America lowered 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. Finally, Evercore ISI decreased their target price on 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 assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $255.67.

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.