Connectus Wealth LLC Has $632,000 Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Connectus Wealth LLC increased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 83.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,410 shares of the industrial products company’s stock after purchasing an additional 1,098 shares during the quarter. Connectus Wealth LLC’s holdings in Illinois Tool Works were worth $632,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Illinois Tool Works during the 4th quarter worth about $26,000. Frazier Financial Advisors LLC bought a new position in shares of Illinois Tool Works in the fourth quarter worth about $26,000. Security National Bank bought a new position in shares of Illinois Tool Works in the fourth quarter worth about $28,000. Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works in the fourth quarter worth about $28,000. Finally, Bruce G. Allen Investments LLC bought a new position in shares of Illinois Tool Works in the fourth quarter worth about $29,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on ITW shares. Citigroup boosted their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Truist Financial boosted their target price on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Barclays dropped their target price on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a research note on Tuesday, June 4th. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Wednesday, June 5th. Finally, Wells Fargo & Company dropped their price target on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a research note on Wednesday, May 1st. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $256.44.

Insider Activity

In other news, CFO Michael M. Larsen sold 37,167 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total value of $9,851,485.02. Following the completion of the transaction, the chief financial officer now owns 46,404 shares in the company, valued at $12,299,844.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.26% of the company’s stock.

Illinois Tool Works Stock Down 0.5 %

Shares of NYSE ITW opened at $238.24 on Wednesday. The stock has a market cap of $71.09 billion, a P/E ratio of 23.50, a P/E/G ratio of 3.57 and a beta of 1.11. The firm has a 50 day moving average price of $248.01 and a 200 day moving average price of $254.47. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.35 by $0.09. The firm had revenue of $3.97 billion during 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%. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.33 earnings per share. Analysts expect that Illinois Tool Works Inc. will post 10.22 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

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.