Wealthcare Advisory Partners LLC Raises Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Wealthcare Advisory Partners LLC boosted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 57.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,450 shares of the industrial products company’s stock after purchasing an additional 4,523 shares during the period. Wealthcare Advisory Partners LLC’s holdings in Illinois Tool Works were worth $3,341,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of Illinois Tool Works by 1.4% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock valued at $1,590,000 after purchasing an additional 84 shares in the last quarter. Rockline Wealth Management LLC acquired a new position in Illinois Tool Works during the 4th quarter worth approximately $4,180,000. Nomura Asset Management Co. Ltd. grew its holdings in Illinois Tool Works by 6.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock worth $55,821,000 after acquiring an additional 12,065 shares in the last quarter. Wesbanco Bank Inc. grew its holdings in Illinois Tool Works by 23.4% during the 3rd quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock worth $1,401,000 after acquiring an additional 1,152 shares in the last quarter. Finally, Ziegler Capital Management LLC purchased a new stake in shares of Illinois Tool Works during the 4th quarter worth approximately $224,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ITW has been the subject of several recent analyst reports. Citigroup boosted their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Wells Fargo & Company reduced 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 report on Wednesday, May 1st. Truist Financial upped their price target on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Stifel Nicolaus upped their price target on shares of 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 cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Friday, June 21st. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $256.44.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $237.41 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. The stock has a market cap of $70.84 billion, a PE ratio of 23.41, a price-to-earnings-growth ratio of 3.55 and a beta of 1.11. The firm’s fifty day simple moving average is $244.01 and its 200-day simple moving average is $254.03.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The business had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the prior year, the company posted $2.33 EPS. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. Analysts expect that Illinois Tool Works Inc. will post 10.22 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be paid a $1.40 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a yield of 2.36%. Illinois Tool Works’s payout ratio is 55.23%.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 775 shares of the stock in a transaction that occurred on Thursday, June 13th. The shares were purchased at an average cost of $238.82 per share, with a total value of $185,085.50. Following the purchase, the director now owns 121,506 shares in the company, valued at $29,018,062.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.88% of the stock is owned by corporate insiders.

About Illinois Tool Works

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.