Virtu Financial LLC Acquires New Position in Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• Virtu Financial LLC has acquired 6,636 shares of Illinois Tool Works Inc., valued at approximately $1,646,000, as reported in their recent SEC filing.
• Several institutional investors, including Northern Trust Corp and GAMMA Investing LLC, have significantly increased their stakes in Illinois Tool Works, indicating strong interest from large funds.
• Illinois Tool Works has raised its quarterly dividend to $1.61 per share, reflecting a positive change from the previous dividend of $1.50, with a dividend yield of 2.5%.

Virtu Financial LLC purchased a new position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 6,636 shares of the industrial products company's stock, valued at approximately $1,646,000.

A number of other institutional investors also recently bought and sold shares of ITW. Sivia Capital Partners LLC purchased a new stake in shares of Illinois Tool Works in the first quarter valued at about $214,000. OneAscent Financial Services LLC raised its holdings in shares of Illinois Tool Works by 25.8% in the first quarter. OneAscent Financial Services LLC now owns 1,664 shares of the industrial products company's stock valued at $416,000 after buying an additional 341 shares during the last quarter. EP Wealth Advisors LLC raised its holdings 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 valued at $1,450,000 after buying an additional 1,698 shares during the last quarter. Sowell Financial Services LLC purchased a new stake in shares of Illinois Tool Works in the first quarter valued at about $946,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Illinois Tool Works by 12.3% in the first 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 during the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

Shares of ITW stock traded up $3.68 during trading hours on Tuesday, hitting $260.57. The company's stock had a trading volume of 637,766 shares, compared to its average volume of 1,012,164. The business has a fifty day moving average of $252.88 and a 200-day moving average of $250.05. The stock has a market cap of $75.96 billion, a price-to-earnings ratio of 22.84, a P/E/G ratio of 5.54 and a beta of 1.09. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The company has a current ratio of 1.59, a quick ratio of 1.15 and a debt-to-equity ratio of 2.40.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released 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. The business had revenue of $4.05 billion for the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The company's quarterly revenue was up .6% on a year-over-year basis. During the same period in the prior year, the business earned $2.54 earnings per share. As a group, equities research analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be given a $1.61 dividend. This is a boost from Illinois Tool Works's previous quarterly dividend of $1.50. This represents a $6.44 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Tuesday, September 30th. Illinois Tool Works's dividend payout ratio (DPR) is currently 52.59%.

Wall Street Analysts Forecast Growth

ITW has been the subject of a number of research reports. Evercore ISI reduced their target price on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a report on Monday, May 19th. UBS Group boosted their price target on shares of Illinois Tool Works from $243.00 to $255.00 and gave the stock a "neutral" rating in a research note on Thursday, July 31st. Stifel Nicolaus boosted their price target on shares of Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a research note on Thursday, July 31st. Bank of America lowered shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price target on the stock. in a research note on Wednesday, May 7th. Finally, Robert W. Baird boosted their price target on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $259.33.

Insider Activity at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 872 shares of Illinois Tool Works stock in a transaction that occurred on Monday, June 2nd. The shares were acquired at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the purchase, the director owned 122,884 shares of the company's stock, valued at approximately $29,634,705.44. This represents a 0.71% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.88% of the stock is owned by corporate insiders.

Illinois Tool Works Company 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.