MONECO Advisors LLC Boosts Holdings in Illinois Tool Works Inc. (NYSE:ITW)

MONECO Advisors LLC grew its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 40.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,741 shares of the industrial products company’s stock after acquiring an additional 791 shares during the quarter. MONECO Advisors LLC’s holdings in Illinois Tool Works were worth $718,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in ITW. Kestra Advisory Services LLC increased its stake in shares of Illinois Tool Works by 6.4% in the third quarter. Kestra Advisory Services LLC now owns 52,734 shares of the industrial products company’s stock worth $12,145,000 after buying an additional 3,162 shares during the period. Rafferty Asset Management LLC boosted its holdings in Illinois Tool Works by 9.2% in the third quarter. Rafferty Asset Management LLC now owns 21,881 shares of the industrial products company’s stock valued at $5,039,000 after acquiring an additional 1,844 shares in the last quarter. QRG Capital Management Inc. bought a new stake in Illinois Tool Works in the third quarter valued at $2,544,000. Envestnet Portfolio Solutions Inc. bought a new stake in Illinois Tool Works in the third quarter valued at $4,168,000. Finally, Envestnet Asset Management Inc. boosted its holdings in Illinois Tool Works by 77.5% in the third quarter. Envestnet Asset Management Inc. now owns 597,186 shares of the industrial products company’s stock valued at $137,538,000 after acquiring an additional 260,679 shares in the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director David Byron Smith, Jr. bought 775 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, June 13th. The stock was bought at an average cost of $238.82 per share, with a total value of $185,085.50. Following the acquisition, the director now owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.26% of the stock is currently owned by insiders.

Illinois Tool Works Price Performance

NYSE ITW opened at $238.95 on Tuesday. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The firm has a market capitalization of $71.30 billion, a P/E ratio of 23.57, a PEG ratio of 3.49 and a beta of 1.11. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The company has a 50-day moving average price of $246.08 and a 200-day moving average price of $254.39.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating the consensus estimate of $2.35 by $0.09. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.33 EPS. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.22 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.34%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is 55.23%.

Analyst Upgrades and Downgrades

ITW has been the topic of several recent analyst reports. Stifel Nicolaus lifted their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Truist Financial boosted their target price on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, June 13th. Wells Fargo & Company dropped their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a report on Wednesday, May 1st. Finally, Barclays dropped their price target on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research note on Tuesday, June 4th. Four research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $256.44.

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.