Waverly Advisors LLC Has $3.82 Million Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Waverly Advisors LLC lifted its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 13.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,058 shares of the industrial products company's stock after purchasing an additional 1,781 shares during the period. Waverly Advisors LLC's holdings in Illinois Tool Works were worth $3,818,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Woodline Partners LP acquired a new position in shares of Illinois Tool Works in the 4th quarter worth approximately $3,492,000. iSAM Funds UK Ltd acquired a new position in shares of Illinois Tool Works in the 4th quarter worth approximately $1,005,000. Westwood Holdings Group Inc. acquired a new position in shares of Illinois Tool Works in the 4th quarter worth approximately $798,000. Twinbeech Capital LP purchased a new position in shares of Illinois Tool Works in the fourth quarter worth approximately $1,752,000. Finally, Two Sigma Investments LP increased its position in shares of Illinois Tool Works by 23.4% in the fourth quarter. Two Sigma Investments LP now owns 6,214 shares of the industrial products company's stock worth $1,576,000 after acquiring an additional 1,180 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. UBS Group dropped their target price on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Evercore ISI dropped their target price 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. Truist Financial dropped their target price on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. JPMorgan Chase & Co. dropped their target price on shares of Illinois Tool Works from $300.00 to $295.00 and set an "overweight" rating on the stock in a research report on Monday, February 3rd. Finally, Barclays dropped their target price on shares of Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $253.42.

Insider Transactions at Illinois Tool Works

In other news, CFO Michael M. Larsen sold 41,472 shares of the business's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $271.25, for a total value of $11,249,280.00. Following the completion of the sale, the chief financial officer now directly owns 50,502 shares in the company, valued at approximately $13,698,667.50. The trade was a 45.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Christopher A. O'herlihy sold 48,453 shares of the business's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the completion of the sale, the chief executive officer now owns 55,113 shares of the company's stock, valued at $15,120,802.68. The trade was a 46.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.88% of the stock is owned by corporate insiders.

Illinois Tool Works Stock Down 1.1%

Shares of ITW stock traded down $2.68 on Friday, hitting $242.03. The company's stock had a trading volume of 752,546 shares, compared to its average volume of 1,017,704. The firm's fifty day moving average price is $241.07 and its 200-day moving average price is $255.05. 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 Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The stock has a market capitalization of $70.91 billion, a price-to-earnings ratio of 20.65, a P/E/G ratio of 4.56 and a beta of 1.12.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, topping analysts' consensus estimates of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. The business had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.83 billion. During the same period in the previous year, the company earned $2.44 earnings per share. Illinois Tool Works's revenue for the quarter was down 3.4% on a year-over-year basis. Research analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works's payout ratio is 52.77%.

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.