Illinois Tool Works Inc. (NYSE:ITW) Shares Acquired by City Holding Co.

City Holding Co. boosted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,924 shares of the industrial products company’s stock after purchasing an additional 246 shares during the quarter. City Holding Co.’s holdings in Illinois Tool Works were worth $2,213,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in Illinois Tool Works by 5.3% during the 4th quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company’s stock valued at $1,399,000 after purchasing an additional 277 shares during the period. Strategic Financial Concepts LLC acquired a new position in shares of Illinois Tool Works during the 4th quarter valued at $2,710,000. Golden State Wealth Management LLC bought a new stake in Illinois Tool Works in the fourth quarter worth about $183,000. Joel Isaacson & Co. LLC lifted its stake in Illinois Tool Works by 26.5% during the fourth quarter. Joel Isaacson & Co. LLC now owns 2,956 shares of the industrial products company’s stock valued at $750,000 after purchasing an additional 619 shares during the last quarter. Finally, Apollon Wealth Management LLC boosted its stake in shares of Illinois Tool Works by 9.3% during the 4th quarter. Apollon Wealth Management LLC now owns 12,823 shares of the industrial products company’s stock worth $3,251,000 after acquiring an additional 1,093 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Stock Up 0.6%

NYSE ITW opened at $247.69 on Monday. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The firm has a market cap of $72.57 billion, a PE ratio of 21.13, a price-to-earnings-growth ratio of 4.56 and a beta of 1.10. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. The stock’s 50 day simple moving average is $239.64 and its 200 day simple moving average is $253.01.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The company had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.83 billion. During the same period last year, the firm earned $2.44 EPS. The business’s revenue for the quarter was down 3.4% on a year-over-year basis. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be given a dividend of $1.50 per share. The ex-dividend date is Monday, June 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.42%. Illinois Tool Works’s payout ratio is currently 52.77%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Robert W. Baird lifted their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a research report on Thursday, May 1st. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price objective on the stock. in a research note on Wednesday, May 7th. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target for the company in a report on Wednesday, February 19th. Evercore ISI dropped their target price on shares of Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating on the stock in a research report on Monday, May 19th. Finally, Truist Financial cut their price target on Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $253.42.

Insider Activity at Illinois Tool Works

In related news, Director David Byron Smith, Jr. acquired 872 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The shares were acquired at an average cost of $241.16 per share, with a total value of $210,291.52. Following the transaction, the director now owns 122,884 shares of the company’s stock, valued at $29,634,705.44. The trade was a 0.71% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.