Investment Partners LTD. Takes $203,000 Position in Illinois Tool Works Inc. (NYSE:ITW)

Investment Partners LTD. purchased a new stake in Illinois Tool Works Inc. (NYSE:ITW) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 758 shares of the industrial products company’s stock, valued at approximately $203,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Illinois Tool Works in the 3rd quarter worth approximately $1,152,000. Operose Advisors LLC increased its stake in Illinois Tool Works by 73.2% during the third quarter. Operose Advisors LLC now owns 407 shares of the industrial products company’s stock valued at $94,000 after purchasing an additional 172 shares during the last quarter. O Shaughnessy Asset Management LLC raised its holdings in shares of Illinois Tool Works by 7.1% during the third quarter. O Shaughnessy Asset Management LLC now owns 31,632 shares of the industrial products company’s stock worth $7,285,000 after purchasing an additional 2,088 shares during the period. Westfield Capital Management Co. LP boosted its holdings in shares of Illinois Tool Works by 93.5% in the 3rd quarter. Westfield Capital Management Co. LP now owns 30,918 shares of the industrial products company’s stock valued at $7,121,000 after buying an additional 14,936 shares during the period. Finally, Treasurer of the State of North Carolina grew its position in shares of Illinois Tool Works by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 137,630 shares of the industrial products company’s stock valued at $31,698,000 after buying an additional 698 shares during the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Price Performance

Shares of ITW traded down $0.55 during mid-day trading on Friday, hitting $236.84. The company’s stock had a trading volume of 163,569 shares, compared to its average volume of 1,167,146. The stock has a market capitalization of $70.67 billion, a price-to-earnings ratio of 23.41, a PEG ratio of 3.55 and a beta of 1.11. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. The firm has a 50-day moving average price of $244.01 and a 200 day moving average price of $254.03.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. The firm had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. Illinois Tool Works’s revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the business posted $2.33 EPS. On average, research analysts predict that Illinois Tool Works Inc. will post 10.22 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Insider Buying and Selling at Illinois Tool Works

In related news, Director David Byron Smith, Jr. acquired 775 shares of the stock in a transaction that occurred on Thursday, June 13th. The shares were purchased at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the transaction, the director now owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.88% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on ITW. Barclays cut their target price on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a report on Tuesday, June 4th. Truist Financial increased their price objective on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Friday, June 21st. Citigroup boosted their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Finally, Wells Fargo & Company cut their target price on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $256.44.

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.