Steele Capital Management Inc. Purchases Shares of 823 Illinois Tool Works Inc. (NYSE:ITW)

Steele Capital Management Inc. bought a new position in Illinois Tool Works Inc. (NYSE:ITW) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 823 shares of the industrial products company’s stock, valued at approximately $216,000.

A number of other institutional investors and hedge funds also recently modified their holdings of ITW. Vanguard Group Inc. raised its position in Illinois Tool Works by 5.0% during the third quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock valued at $6,035,292,000 after buying an additional 1,238,239 shares during the period. Northern Trust Corp boosted its holdings in shares of Illinois Tool Works by 1.9% during the third quarter. Northern Trust Corp now owns 12,829,189 shares of the industrial products company’s stock worth $2,954,691,000 after purchasing an additional 244,145 shares during the period. Charles Schwab Investment Management Inc. grew its position in Illinois Tool Works by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,899,522 shares of the industrial products company’s stock valued at $1,578,299,000 after purchasing an additional 97,568 shares in the last quarter. Stifel Financial Corp increased its stake in Illinois Tool Works by 1.3% in the 3rd quarter. Stifel Financial Corp now owns 1,742,605 shares of the industrial products company’s stock valued at $401,352,000 after buying an additional 22,238 shares during the period. Finally, Alecta Tjanstepension Omsesidigt lifted its position in Illinois Tool Works by 150.0% in the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock worth $294,671,000 after buying an additional 675,000 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Stock Performance

Illinois Tool Works stock traded down $2.00 on Tuesday, hitting $247.24. The company’s stock had a trading volume of 707,702 shares, compared to its average volume of 1,239,492. Illinois Tool Works Inc. has a one year low of $217.06 and a one year high of $271.15. The firm has a market cap of $73.86 billion, a P/E ratio of 25.54, a price-to-earnings-growth ratio of 3.65 and a beta of 1.13. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10. The company has a fifty day moving average price of $259.95 and a 200-day moving average price of $251.70.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.01. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The business had revenue of $3.98 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same quarter in the previous year, the firm posted $2.34 earnings per share. The firm’s revenue for the quarter was up .3% on a year-over-year basis. On average, equities analysts anticipate that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were paid a dividend of $1.40 per share. The ex-dividend date was Wednesday, March 27th. This represents a $5.60 annualized dividend and a yield of 2.27%. Illinois Tool Works’s dividend payout ratio is currently 57.49%.

Insider Buying and Selling at Illinois Tool Works

In related news, CAO Randall J. Scheuneman sold 5,827 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.29, for a total transaction of $1,493,401.83. Following the completion of the sale, the chief accounting officer now owns 8,870 shares in the company, valued at approximately $2,273,292.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Randall J. Scheuneman sold 5,827 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.29, for a total value of $1,493,401.83. Following the completion of the sale, the chief accounting officer now directly owns 8,870 shares in the company, valued at $2,273,292.30. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Sharon Szafranski sold 801 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $256.42, for a total transaction of $205,392.42. Following the completion of the transaction, the executive vice president now owns 5,870 shares of the company’s stock, valued at approximately $1,505,185.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 189,471 shares of company stock valued at $48,712,316. 1.26% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ITW has been the topic of a number of research reports. Wells Fargo & Company lowered Illinois Tool Works from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $277.00 to $240.00 in a report on Tuesday, February 6th. Stifel Nicolaus lifted their price target on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Barclays increased their price target on shares of Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 2nd. Truist Financial started coverage on shares of Illinois Tool Works in a report on Thursday, March 14th. They set a “buy” rating and a $301.00 price target on the stock. Finally, Bank of America downgraded shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $260.00 to $235.00 in a research report on Wednesday, January 10th. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus 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.