Illinois Tool Works Inc. (NYSE:ITW) Shares Purchased by MCF Advisors LLC

MCF Advisors LLC boosted its position in Illinois Tool Works Inc. (NYSE:ITW) by 3.5% in the 1st quarter, Holdings Channel reports. The firm owned 1,895 shares of the industrial products company’s stock after acquiring an additional 64 shares during the quarter. MCF Advisors LLC’s holdings in Illinois Tool Works were worth $510,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. Trifecta Capital Advisors LLC grew its holdings in Illinois Tool Works by 0.8% in the 1st quarter. Trifecta Capital Advisors LLC now owns 5,948 shares of the industrial products company’s stock valued at $1,596,000 after buying an additional 46 shares in the last quarter. Occidental Asset Management LLC grew its holdings in shares of Illinois Tool Works by 18.7% during the 1st quarter. Occidental Asset Management LLC now owns 10,733 shares of the industrial products company’s stock worth $2,880,000 after purchasing an additional 1,691 shares during the period. Independence Bank of Kentucky grew its holdings in shares of Illinois Tool Works by 30.9% during the 1st quarter. Independence Bank of Kentucky now owns 5,953 shares of the industrial products company’s stock worth $1,597,000 after purchasing an additional 1,405 shares during the period. Financial Management Professionals Inc. grew its holdings in shares of Illinois Tool Works by 132.0% during the 1st quarter. Financial Management Professionals Inc. now owns 174 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 99 shares during the period. Finally, Kathmere Capital Management LLC grew its holdings in shares of Illinois Tool Works by 10.1% during the 1st quarter. Kathmere Capital Management LLC now owns 3,698 shares of the industrial products company’s stock worth $992,000 after purchasing an additional 340 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

Shares of ITW stock traded up $0.96 during midday trading on Friday, hitting $236.96. The company had a trading volume of 3,403,554 shares, compared to its average volume of 1,001,118. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The stock has a market cap of $70.71 billion, a price-to-earnings ratio of 23.36, a PEG ratio of 3.53 and a beta of 1.11. The company’s 50 day simple moving average is $243.51 and its 200 day simple moving average is $253.82.

Illinois Tool Works (NYSE:ITW) last released 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 company had revenue of $3.97 billion during 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%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.33 earnings per share. Research analysts anticipate that Illinois Tool Works Inc. will post 10.22 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Truist Financial raised their target price on Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Citigroup increased their price target on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Wells Fargo & Company reduced their price target on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Friday, June 21st. Finally, Barclays cut their target price on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 4th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $256.44.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 775 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were purchased at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the purchase, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.88% of the company’s stock.

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.