Miracle Mile Advisors LLC Purchases 80 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Miracle Mile Advisors LLC increased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.4% during the first quarter, HoldingsChannel reports. The fund owned 19,905 shares of the industrial products company’s stock after buying an additional 80 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Illinois Tool Works were worth $4,937,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ITW. Norges Bank bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at about $806,291,000. GAMMA Investing LLC grew its position in shares of Illinois Tool Works by 26,372.8% in the 1st quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company’s stock valued at $5,123,080,000 after buying an additional 2,057,872 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at about $203,949,000. Cerity Partners LLC grew its position in shares of Illinois Tool Works by 263.9% in the 4th quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company’s stock valued at $229,269,000 after buying an additional 655,341 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of Illinois Tool Works by 3.9% in the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company’s stock valued at $3,465,570,000 after buying an additional 508,188 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

ITW has been the topic of a number of analyst reports. Truist Financial reduced their price target on Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Deutsche Bank Aktiengesellschaft upgraded Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target on the stock in a research report on Wednesday, February 19th. Stifel Nicolaus upped their price target on Illinois Tool Works from $227.00 to $233.00 and gave the company a “hold” rating in a research report on Thursday, May 1st. Barclays reduced their price target on Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. Finally, UBS Group dropped their price objective on Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $253.42.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. acquired 872 shares of the stock in a transaction dated Monday, June 2nd. The stock was purchased at an average cost of $241.16 per share, with a total value of $210,291.52. Following the completion of the purchase, the director now directly owns 122,884 shares in the company, valued at $29,634,705.44. This trade represents a 0.71% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.88% of the stock is owned by company insiders.

Illinois Tool Works Stock Up 0.6%

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

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same period in the prior year, the business earned $2.44 EPS. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. On average, research analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date is Monday, June 30th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 52.77%.

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.