Eagle Wealth Strategies LLC Buys Shares of 2,306 Illinois Tool Works Inc. (NYSE:ITW)

Eagle Wealth Strategies LLC bought a new stake in Illinois Tool Works Inc. (NYSE:ITW) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,306 shares of the industrial products company’s stock, valued at approximately $604,000. Illinois Tool Works accounts for about 0.4% of Eagle Wealth Strategies LLC’s holdings, making the stock its 28th biggest position.

Other hedge funds have also recently added to or reduced their stakes in the company. Turtle Creek Wealth Advisors LLC acquired a new position in Illinois Tool Works in the fourth quarter valued at about $26,000. Financial Connections Group Inc. acquired a new position in Illinois Tool Works in the fourth quarter valued at about $28,000. Briaud Financial Planning Inc acquired a new position in Illinois Tool Works in the third quarter valued at about $25,000. Bruce G. Allen Investments LLC acquired a new position in Illinois Tool Works in the fourth quarter valued at about $29,000. Finally, Rakuten Securities Inc. bought a new stake in shares of Illinois Tool Works in the fourth quarter worth about $29,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on ITW. Barclays increased their price target on Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a report on Tuesday, April 2nd. Truist Financial began coverage on Illinois Tool Works in a report on Thursday, March 14th. They issued a “buy” rating and a $301.00 price target for the company. Wells Fargo & Company downgraded Illinois Tool Works from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $277.00 to $240.00 in a report on Tuesday, February 6th. Stifel Nicolaus increased their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a report on Wednesday, April 17th. Finally, Citigroup increased their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Four 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 presently has an average rating of “Hold” and an average target price of $257.00.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $248.28 on Monday. The stock has a market cap of $74.17 billion, a P/E ratio of 25.49, a PEG ratio of 3.65 and a beta of 1.13. The stock has a 50 day simple moving average of $260.04 and a 200 day simple moving average of $251.59. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10. Illinois Tool Works Inc. has a 1-year low of $217.06 and a 1-year 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 firm had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $4.01 billion. During the same period in the previous year, the firm earned $2.34 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. Research analysts anticipate that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were paid a $1.40 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $5.60 annualized dividend and a dividend yield of 2.26%. Illinois Tool Works’s payout ratio is 57.49%.

Insider Activity

In other news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $254.83, for a total value of $12,741,500.00. Following the transaction, the chairman now owns 221,015 shares in the company, valued at approximately $56,321,252.45. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $254.83, for a total transaction of $12,741,500.00. Following the sale, the chairman now owns 221,015 shares in the company, valued at approximately $56,321,252.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michael M. Larsen sold 37,167 shares of the business’s 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 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. In the last quarter, insiders have sold 189,471 shares of company stock worth $48,712,316. Insiders own 1.26% of the company’s stock.

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.