Sumitomo Mitsui DS Asset Management Company Ltd Purchases 2,230 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 6.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,759 shares of the industrial products company's stock after buying an additional 2,230 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Illinois Tool Works were worth $9,365,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Prudent Man Investment Management Inc. purchased a new stake in Illinois Tool Works during the 4th quarter worth about $25,000. Ameriflex Group Inc. purchased a new stake in Illinois Tool Works during the 4th quarter worth about $26,000. Redwood Park Advisors LLC purchased a new stake in Illinois Tool Works during the 4th quarter worth about $26,000. Glass Jacobson Investment Advisors llc lifted its holdings in Illinois Tool Works by 336.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock worth $28,000 after purchasing an additional 84 shares in the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in Illinois Tool Works during the 4th quarter worth about $31,000. Hedge funds and other institutional investors own 79.77% of the company's stock.

Insider Buying and Selling

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 872 shares of Illinois Tool Works stock in a transaction on Monday, June 2nd. The shares were acquired at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the transaction, the director directly owned 122,884 shares of the company's stock, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.88% of the stock is owned by insiders.

Illinois Tool Works Price Performance

Shares of ITW stock traded up $1.95 during trading on Thursday, hitting $258.40. The company had a trading volume of 759,518 shares, compared to its average volume of 996,891. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25. The stock's 50-day moving average is $244.98 and its two-hundred day moving average is $249.70. The stock has a market capitalization of $75.71 billion, a price-to-earnings ratio of 22.73, a price-to-earnings-growth ratio of 5.65 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings results 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. 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 analysts' expectations of $3.83 billion. During the same period last year, the business earned $2.44 earnings per share. The business's quarterly revenue was down 3.4% on a year-over-year basis. As a group, analysts predict that Illinois Tool Works Inc. will post 10.39 EPS 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 given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Monday, June 30th. Illinois Tool Works's payout ratio is currently 52.77%.

Analyst Ratings Changes

ITW has been the topic of a number of recent research reports. Robert W. Baird increased their price objective on Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a report on Thursday, May 1st. Citigroup decreased their target price on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Barclays lowered their price target on Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Truist Financial cut their price objective on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, Evercore ISI decreased their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a research report on Monday, May 19th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $252.58.

About Illinois Tool Works

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.