TCG Advisory Services LLC Makes New Investment in Illinois Tool Works Inc. (NYSE:ITW)

TCG Advisory Services LLC acquired a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,442 shares of the industrial products company’s stock, valued at approximately $378,000.

Several other hedge funds and other institutional investors also recently modified their holdings of ITW. Cornerstone Wealth Management LLC grew its position in shares of Illinois Tool Works by 2.8% in the fourth quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company’s stock valued at $395,000 after purchasing an additional 41 shares in the last quarter. Summit Financial LLC lifted its position in shares of Illinois Tool Works by 1.6% in the 4th quarter. Summit Financial LLC now owns 2,601 shares of the industrial products company’s stock worth $685,000 after purchasing an additional 41 shares during the period. Nicolet Advisory Services LLC grew its stake in Illinois Tool Works by 4.5% in the third quarter. Nicolet Advisory Services LLC now owns 1,066 shares of the industrial products company’s stock worth $247,000 after purchasing an additional 46 shares during the period. PFG Advisors increased its stake in Illinois Tool Works by 0.7% during the 4th quarter. PFG Advisors now owns 6,655 shares of the industrial products company’s stock valued at $1,743,000 after purchasing an additional 46 shares in the last quarter. Finally, Crestwood Advisors Group LLC raised its position in Illinois Tool Works by 1.3% in the 4th quarter. Crestwood Advisors Group LLC now owns 3,635 shares of the industrial products company’s stock worth $952,000 after buying an additional 46 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

ITW has been the subject of several analyst reports. Truist Financial upped their price objective on Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Stifel Nicolaus boosted their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Bank of America downgraded shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. Citigroup lifted their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Finally, Wells Fargo & Company cut their target price on shares of 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. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works has an average rating of “Hold” and a consensus target price of $257.78.

Illinois Tool Works Stock Up 0.3 %

Shares of ITW traded up $0.77 during midday trading on Monday, hitting $244.69. The company had a trading volume of 138,806 shares, compared to its average volume of 1,244,455. The firm has a market capitalization of $73.10 billion, a P/E ratio of 24.06, a P/E/G ratio of 3.59 and a beta of 1.14. Illinois Tool Works Inc. has a 1 year low of $217.06 and a 1 year high of $271.15. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32. The company’s 50-day simple moving average is $258.75 and its 200-day simple moving average is $252.03.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.09. The firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. During the same period in the prior year, the business posted $2.33 earnings per share. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, sell-side analysts expect that Illinois Tool Works Inc. will post 10.29 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were given a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend was Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

Insider Transactions at Illinois Tool Works

In other news, CFO Michael M. Larsen sold 37,167 shares of the stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the transaction, the chief financial officer now owns 46,404 shares in the company, valued at approximately $12,299,844.24. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the sale, the chief financial officer now owns 46,404 shares in the company, valued at $12,299,844.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sharon Szafranski sold 801 shares of Illinois Tool Works stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.42, for a total value 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. Insiders have sold a total of 139,471 shares of company stock valued at $35,970,816 over the last ninety days. Corporate 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.