GAMMA Investing LLC Invests $669,000 in Illinois Tool Works Inc. (NYSE:ITW)

GAMMA Investing LLC purchased a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 2,566 shares of the industrial products company’s stock, valued at approximately $669,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Briaud Financial Planning Inc bought a new position in Illinois Tool Works in the 3rd quarter valued at approximately $25,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Illinois Tool Works during the 4th quarter valued at $26,000. Financial Connections Group Inc. bought a new stake in Illinois Tool Works during the 4th quarter worth $28,000. Bruce G. Allen Investments LLC acquired a new position in Illinois Tool Works in the 4th quarter worth about $29,000. Finally, Rakuten Securities Inc. bought a new position in Illinois Tool Works in the fourth quarter valued at about $29,000. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of ITW stock traded down $0.21 during trading on Wednesday, hitting $250.43. The company’s stock had a trading volume of 398,928 shares, compared to its average volume of 1,235,484. The company has a market cap of $74.81 billion, a PE ratio of 25.73, a P/E/G ratio of 3.67 and a beta of 1.13. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10. The business has a fifty day moving average of $260.38 and a 200-day moving average of $251.30. Illinois Tool Works Inc. has a 52 week low of $217.06 and a 52 week high of $271.15.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.41 by $0.01. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The business had revenue of $3.98 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same period in the prior year, the company earned $2.34 earnings per share. Illinois Tool Works’s revenue was up .3% compared to the same quarter last year. As a group, research analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.24%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio (DPR) is 57.49%.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 5,827 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.29, for a total transaction of $1,493,401.83. Following the sale, the chief accounting officer now owns 8,870 shares in the company, valued at $2,273,292.30. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 5,827 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.29, for a total transaction of $1,493,401.83. Following the sale, the chief accounting officer now owns 8,870 shares in the company, valued at $2,273,292.30. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Michael M. Larsen sold 37,167 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total value of $9,851,485.02. Following the completion of the sale, the chief financial officer now owns 46,404 shares in the company, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 189,471 shares of company stock valued at $48,712,316. Company insiders own 1.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ITW. Bank of America lowered shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Stifel Nicolaus boosted their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Citigroup raised their target price 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. Truist Financial initiated coverage on Illinois Tool Works in a research report on Thursday, March 14th. They issued a “buy” rating and a $301.00 price target on the stock. Finally, Barclays lifted their price objective on Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 2nd. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $257.00.

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.