US Asset Management LLC Buys Shares of 2,247 Illinois Tool Works Inc. (NYSE:ITW)

US Asset Management LLC purchased a new stake in Illinois Tool Works Inc. (NYSE:ITW) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,247 shares of the industrial products company’s stock, valued at approximately $589,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Cornerstone Wealth Management LLC raised its holdings in Illinois Tool Works by 2.8% during the fourth quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company’s stock valued at $395,000 after buying an additional 41 shares in the last quarter. Summit Financial LLC grew its stake in 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 valued at $685,000 after buying an additional 41 shares during the last quarter. Catalyst Financial Partners LLC raised its position in Illinois Tool Works by 2.5% in the 4th quarter. Catalyst Financial Partners LLC now owns 1,767 shares of the industrial products company’s stock valued at $463,000 after purchasing an additional 43 shares during the last quarter. Nicolet Advisory Services LLC grew its holdings in shares of Illinois Tool Works by 4.5% during 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 last quarter. Finally, PFG Advisors raised its holdings in shares of Illinois Tool Works by 0.7% in the fourth quarter. PFG Advisors now owns 6,655 shares of the industrial products company’s stock valued at $1,743,000 after buying an additional 46 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Transactions at Illinois Tool Works

In related news, EVP Sharon Szafranski sold 801 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.42, for a total transaction of $205,392.42. Following the transaction, the executive vice president now owns 5,870 shares of the company’s stock, valued at approximately $1,505,185.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Illinois Tool Works news, EVP Sharon Szafranski sold 801 shares of the company’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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Randall J. Scheuneman sold 5,827 shares of Illinois Tool Works stock in a transaction on 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 disclosure for this sale can be found here. In the last three months, insiders sold 89,471 shares of company stock worth $23,248,816. 1.26% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Truist Financial boosted their price objective on Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Citigroup boosted their target price on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Barclays decreased their price target on shares of Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating for the company in a research note on Thursday, May 2nd. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Finally, Stifel Nicolaus lifted their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Four investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $257.78.

Illinois Tool Works Stock Up 0.1 %

Shares of ITW stock traded up $0.36 on Friday, hitting $250.09. The stock had a trading volume of 258,282 shares, compared to its average volume of 1,220,995. Illinois Tool Works Inc. has a 12-month low of $217.06 and a 12-month high of $271.15. The stock has a market cap of $74.63 billion, a price-to-earnings ratio of 24.64, a price-to-earnings-growth ratio of 3.59 and a beta of 1.14. The business has a 50 day moving average of $257.61 and a 200 day moving average of $252.28. 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 (NYSE:ITW) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $2.35 by $0.09. The company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. Illinois Tool Works’s revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the company posted $2.33 EPS. As a group, analysts expect that Illinois Tool Works Inc. will post 10.29 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be given a $1.40 dividend. The ex-dividend date is Friday, June 28th. This represents a $5.60 annualized dividend and a yield of 2.24%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

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.