Thurston Springer Miller Herd & Titak Inc. Raises Position in Illinois Tool Works Inc. (NYSE:ITW)

Thurston Springer Miller Herd & Titak Inc. grew its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 24.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,340 shares of the industrial products company's stock after purchasing an additional 3,009 shares during the period. Thurston Springer Miller Herd & Titak Inc.'s holdings in Illinois Tool Works were worth $3,804,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in ITW. Prudent Man Investment Management Inc. purchased a new position in 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 worth about $26,000. Redwood Park Advisors LLC purchased a new position in shares of Illinois Tool Works during the fourth quarter worth approximately $26,000. Glass Jacobson Investment Advisors llc raised its stake in shares of Illinois Tool Works by 336.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 84 shares in the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $31,000. 79.77% of the stock is currently owned by institutional investors.

Insider Activity

In other Illinois Tool Works 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, for a total transaction of $210,291.52. Following the purchase, the director now directly owns 122,884 shares in the company, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.88% of the company's stock.

Analyst Upgrades and Downgrades

ITW has been the topic of several research reports. Stifel Nicolaus raised their price objective on Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a report on Thursday, May 1st. Wall Street Zen lowered Illinois Tool Works from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Truist Financial lowered 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 note on Thursday, May 1st. Citigroup cut their target price on shares of Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Finally, 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 note on Thursday, May 1st. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $253.42.

Illinois Tool Works Stock Performance

Illinois Tool Works stock traded up $1.58 during mid-day trading on Friday, reaching $247.69. 604,764 shares of the company traded hands, compared to its average volume of 1,010,798. The firm's fifty day moving average is $239.66 and its two-hundred day moving average is $253.35. The company has a market capitalization of $72.57 billion, a price-to-earnings ratio of 21.13, a price-to-earnings-growth ratio of 4.56 and a beta of 1.10. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99.

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, topping analysts' consensus estimates of $2.34 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The company had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.83 billion. During the same quarter in the previous year, the firm posted $2.44 EPS. The firm's revenue was down 3.4% compared to the same quarter last year. On average, equities research analysts expect 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 announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.42%. Illinois Tool Works's dividend payout ratio is presently 52.77%.

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.