SteelPeak Wealth LLC reduced its stake in Illinois Tool Works Inc. (NYSE:ITW – Free Report) by 4.8% during the first quarter, according to the company's most recent 13F filing with the Securities & Exchange Commission. The company owned 1,022 shares of the industrial products company after selling 52 shares during the quarter. SteelPeak Wealth LLC's holdings in Illinois Tool Works were worth $276,000, according to the company's most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their holdings in the company. Vanguard Group Inc. increased its holdings in Illinois Tool Works by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company's stock valued at $6,035,292,000 after purchasing an additional 1,238,239 shares during the same period. Norges Bank acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at $818,408,000. Fisher Asset Management LLC increased its holdings in shares of Illinois Tool Works by 4.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,951,948 shares of the industrial products company's stock valued at $773,234,000 after purchasing an additional 122,840 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Illinois Tool Works by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,350,363 shares of the industrial products company's stock worth $353,715,000 after acquiring an additional 26,089 shares in the last quarter. Finally, Alecta Tjanstepension Omsesidigt increased its stake 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 acquiring an additional 675,000 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

Value for money from Illinois Tool Works

ITW opened at $236.96 on Monday. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. The stock's 50-day moving average is $243.51 and its 200-day moving average is $253.84. The company has a market cap of $70.71 billion, a price-to-earnings ratio of 23.37, a PEG ratio of 3.48 and a beta of 1.10. Illinois Tool Works Inc. has a 1-year low of $217.50 and a 1-year high of $271.15.

Illinois Tool Works (NYSE:ITW – Get Free Report) released its latest earnings results on Tuesday, April 30. The industrial products company reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.35 by $0.09. The company had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company's revenue for the quarter decreased 1.1% year-over-year. During the same period last year, the company generated earnings per share of $2.33. As a group, analysts forecast that Illinois Tool Works Inc. will report earnings per share of $10.22 for the current year.

Dividend announcement for Illinois Tool Works

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11. Shareholders of record on Friday, June 28th will receive a dividend of $1.40 per share. This represents an annualized dividend of $5.60 and a yield of 2.36%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works' payout ratio is 55.23%.

Insiders place their bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 775 shares of the company's stock in a transaction that occurred on Thursday, June 13. The shares were bought at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the acquisition, the director now directly owns 121,506 shares of the company's stock, valued at $29,018,062.92. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.26% of the company's stock.

Upgrades and downgrades by analysts

Several brokerage firms have recently commented on ITW. Truist Financial increased their price target on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Barclays decreased their price target on shares of Illinois Tool Works from $229.00 to $217.00 and gave the stock an “underweight” rating in a report on Tuesday, June 4th. Wells Fargo & Company decreased their price target on shares of Illinois Tool Works from $255.00 to $244.00 and gave the company an “underweight” rating in a report on Wednesday, May 1st. Stifel Nicolaus increased their price target on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Finally, StockNews.com downgraded their rating on Illinois Tool Works from “buy” to “hold” in a research note on Friday, June 21. Four equities analysts have rated the stock with a “sell,” three have rated it with a “hold,” and three have rated it with a “buy.” Based on data from MarketBeat, the company has an average rating of “hold” and a consensus price target of $256.44.

Check out our latest report on Illinois Tool Works

About Illinois Tool Works

(Free report)

Illinois Tool Works Inc. manufactures and distributes industrial products and equipment in the United States and internationally. The company operates in seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Building Products and Specialty Products.

See also

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