Y Intercept Hong Kong Ltd Acquires New Position in Illinois Tool Works Inc. (NYSE:ITW)

Y Intercept Hong Kong Ltd acquired a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,561 shares of the industrial products company's stock, valued at approximately $1,131,000.

A number of other hedge funds have also recently modified their holdings of the business. Brighton Jones LLC grew its stake in Illinois Tool Works by 5.3% in the fourth quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company's stock worth $1,399,000 after purchasing an additional 277 shares in the last quarter. Sei Investments Co. raised its stake in Illinois Tool Works by 4.9% in the 4th quarter. Sei Investments Co. now owns 85,356 shares of the industrial products company's stock worth $21,642,000 after acquiring an additional 4,003 shares during the last quarter. Modern Wealth Management LLC acquired a new stake in Illinois Tool Works during the 4th quarter worth about $202,000. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Illinois Tool Works during the 4th quarter valued at about $95,000. Finally, Ausdal Financial Partners Inc. boosted its holdings in Illinois Tool Works by 17.1% in the 4th quarter. Ausdal Financial Partners Inc. now owns 1,481 shares of the industrial products company's stock worth $375,000 after buying an additional 216 shares during the last quarter. Institutional investors own 79.77% of the company's stock.

Analyst Ratings Changes

ITW has been the topic of several analyst reports. 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 report on Wednesday, May 7th. Barclays upped their price objective on shares of Illinois Tool Works from $237.00 to $240.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 9th. Truist Financial decreased 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. Wells Fargo & Company upped their target price on shares of Illinois Tool Works from $230.00 to $235.00 and gave the company an "underweight" rating in a report on Tuesday, July 1st. Finally, Robert W. Baird increased their price target on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a 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 given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $255.67.

Illinois Tool Works Price Performance

Shares of NYSE ITW traded up $0.04 during midday trading on Friday, reaching $261.87. The company's stock had a trading volume of 1,092,980 shares, compared to its average volume of 879,734. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25. The company has a 50 day moving average price of $250.18 and a 200 day moving average price of $249.90. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The company has a market cap of $76.73 billion, a price-to-earnings ratio of 23.03, a price-to-earnings-growth ratio of 5.52 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its 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 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 the consensus estimate of $3.83 billion. During the same period in the previous year, the firm earned $2.44 EPS. The business's revenue for the quarter was down 3.4% on a year-over-year basis. On average, equities research analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Monday, June 30th were given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend was Monday, June 30th. Illinois Tool Works's dividend payout ratio (DPR) is currently 52.77%.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 872 shares of the company's 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 completion of the transaction, the director directly owned 122,884 shares in the company, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.88% of the stock is currently owned by company 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.