Proficio Capital Partners LLC Boosts Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Proficio Capital Partners LLC lifted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 3.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,490 shares of the industrial products company’s stock after buying an additional 44 shares during the period. Proficio Capital Partners LLC’s holdings in Illinois Tool Works were worth $400,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of ITW. Tokio Marine Asset Management Co. Ltd. lifted its position in 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 during the last quarter. Rockline Wealth Management LLC bought a new stake in Illinois Tool Works during the 4th quarter valued at $4,180,000. Norden Group LLC boosted its position in Illinois Tool Works by 1,889.1% during the 1st quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock valued at $7,103,000 after buying an additional 25,144 shares during the period. Nomura Asset Management Co. Ltd. grew its holdings in Illinois Tool Works by 6.0% in 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 during the last quarter. Finally, Wesbanco Bank Inc. increased its position in shares of Illinois Tool Works by 23.4% in the third quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock valued at $1,401,000 after acquiring an additional 1,152 shares during the period. Institutional investors own 79.77% of the company’s stock.

Insider Activity at Illinois Tool Works

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

Analyst Ratings Changes

ITW has been the topic of several recent analyst reports. Wells Fargo & Company cut their target price on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. Truist Financial reduced their target price on Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a research note on Tuesday, July 2nd. Barclays dropped their price target on 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. Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a report on Wednesday, April 17th. Finally, StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Monday, July 1st. Four analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $254.00.

Illinois Tool Works Stock Up 0.2 %

Illinois Tool Works stock traded up $0.37 during mid-day trading on Wednesday, hitting $234.43. The company had a trading volume of 116,053 shares, compared to its average volume of 1,171,913. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The company has a market capitalization of $69.95 billion, a PE ratio of 23.08, a price-to-earnings-growth ratio of 3.45 and a beta of 1.10. The stock’s 50 day moving average price is $241.51 and its two-hundred day moving average price is $252.64. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. The company had revenue of $3.97 billion for 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%. Illinois Tool Works’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.33 EPS. As a group, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.19 earnings per share for the current fiscal 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 $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 2.39%. Illinois Tool Works’s payout ratio is currently 55.23%.

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.