Illinois Tool Works Inc. (NYSE:ITW) Shares Bought by Townsquare Capital LLC

Key Points

• Townsquare Capital LLC increased its stake in Illinois Tool Works by 23.5%, owning 11,628 shares worth approximately $2.88 million after acquiring an additional 2,216 shares in the first quarter.
• Illinois Tool Works recently announced a quarterly dividend increase to $1.61 per share, reflecting a positive change from its previous dividend of $1.50, and marking an annual yield of 2.5%.
• Analyst opinions on Illinois Tool Works are mixed, with a consensus rating of "Hold" and a target price of $259.33, indicating cautious optimism among investment analysts.

Townsquare Capital LLC grew its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 23.5% during the first quarter, according to its most recent filing with the SEC. The firm owned 11,628 shares of the industrial products company's stock after acquiring an additional 2,216 shares during the period. Townsquare Capital LLC's holdings in Illinois Tool Works were worth $2,884,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Sivia Capital Partners LLC purchased a new position in shares of Illinois Tool Works during the 1st quarter valued at about $214,000. OneAscent Financial Services LLC lifted its holdings in Illinois Tool Works by 25.8% during the first quarter. OneAscent Financial Services LLC now owns 1,664 shares of the industrial products company's stock valued at $416,000 after purchasing an additional 341 shares in the last quarter. EP Wealth Advisors LLC boosted its position in shares of Illinois Tool Works by 42.2% in the fourth quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company's stock worth $1,450,000 after purchasing an additional 1,698 shares during the period. Sowell Financial Services LLC purchased a new stake in shares of Illinois Tool Works in the first quarter worth $946,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Illinois Tool Works by 12.3% during 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 buying an additional 4,560 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

Illinois Tool Works Stock Performance

NYSE:ITW traded down $3.61 during mid-day trading on Friday, hitting $258.88. The company's stock had a trading volume of 516,656 shares, compared to its average volume of 1,090,500. 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 2.40, a current ratio of 1.59 and a quick ratio of 1.15. The stock has a market cap of $75.46 billion, a price-to-earnings ratio of 22.68, a PEG ratio of 5.77 and a beta of 1.09. The business's fifty day moving average is $253.62 and its two-hundred day moving average is $250.15.

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 EPS for the quarter, beating the consensus estimate of $2.56 by $0.02. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period in the prior year, the company earned $2.54 earnings per share. The firm's revenue was up .6% on a year-over-year basis. Analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $1.61 per share. This represents a $6.44 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 30th. This is an increase from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's dividend payout ratio is currently 52.59%.

Insider Activity

In other news, Director David Byron Smith, Jr. bought 872 shares of the stock in a transaction dated Monday, June 2nd. The shares were acquired at an average cost of $241.16 per share, with a total value of $210,291.52. Following the purchase, the director directly owned 122,884 shares in the company, valued at $29,634,705.44. The trade was a 0.71% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.88% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Robert W. Baird boosted 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. Barclays boosted their price objective on shares of Illinois Tool Works from $240.00 to $243.00 and gave the stock an "equal weight" rating in a research note on Monday, August 4th. Truist Financial downgraded shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price objective for the company. in a research note on Thursday, July 31st. Citigroup upped 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. Finally, Stifel Nicolaus upped their price target on Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a research report on Thursday, July 31st. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $259.33.

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.