MOKAN Wealth Management Inc. Has $2.06 Million Stock Position in Illinois Tool Works Inc. $ITW

MOKAN Wealth Management Inc. increased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 37.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,871 shares of the industrial products company’s stock after buying an additional 2,153 shares during the quarter. Illinois Tool Works makes up 1.0% of MOKAN Wealth Management Inc.’s holdings, making the stock its 29th biggest position. MOKAN Wealth Management Inc.’s holdings in Illinois Tool Works were worth $2,055,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in ITW. Frazier Financial Advisors LLC acquired a new stake in Illinois Tool Works in the second quarter valued at $25,000. Corsicana & Co. acquired a new stake in Illinois Tool Works in the 3rd quarter valued at about $26,000. SOA Wealth Advisors LLC. grew its holdings in Illinois Tool Works by 90.9% during the second quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 50 shares during the period. Twin Peaks Wealth Advisors LLC acquired a new position in Illinois Tool Works during the second quarter worth approximately $31,000. Finally, Vermillion & White Wealth Management Group LLC raised its stake in Illinois Tool Works by 103.3% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 124 shares of the industrial products company’s stock valued at $31,000 after buying an additional 63 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ITW has been the subject of several research analyst reports. Barclays lifted their target price on Illinois Tool Works from $243.00 to $244.00 and gave the stock an “underweight” rating in a research note on Monday, October 27th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Illinois Tool Works in a research report on Friday, October 31st. Truist Financial dropped their price objective on shares of Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating on the stock in a research report on Monday, October 27th. Wolfe Research raised their target price on shares of Illinois Tool Works from $264.00 to $278.00 and gave the stock an “underperform” rating in a research note on Thursday, January 15th. Finally, Evercore ISI decreased their price target on shares of Illinois Tool Works from $261.00 to $253.00 and set an “underperform” rating on the stock in a research note on Monday, November 17th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $261.08.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock opened at $259.38 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.53 and a debt-to-equity ratio of 2.39. The stock has a market capitalization of $75.25 billion, a price-to-earnings ratio of 25.16, a price-to-earnings-growth ratio of 13.97 and a beta of 1.15. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $278.13. The company has a 50-day simple moving average of $251.29 and a two-hundred day simple moving average of $254.90.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Friday, October 24th. The industrial products company reported $2.81 EPS for the quarter, topping the consensus estimate of $2.72 by $0.09. The company had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $4.09 billion. Illinois Tool Works had a net margin of 19.05% and a return on equity of 93.26%. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period last year, the firm earned $3.91 earnings per share. Analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 9th. Shareholders of record on Wednesday, December 31st were issued a $1.61 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $6.44 annualized dividend and a yield of 2.5%. Illinois Tool Works’s payout ratio is currently 62.46%.

Insider Buying and Selling at Illinois Tool Works

In other news, Director Pamela B. Strobel sold 1,521 shares of the stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $245.25, for a total transaction of $373,025.25. Following the sale, the director directly owned 39,249 shares of the company’s stock, valued at approximately $9,625,817.25. This represents a 3.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Profile

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.