Atomi Financial Group Inc. Buys 1,739 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Atomi Financial Group Inc. increased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 163.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,805 shares of the industrial products company’s stock after purchasing an additional 1,739 shares during the quarter. Atomi Financial Group Inc.’s holdings in Illinois Tool Works were worth $753,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ITW. American Century Companies Inc. grew its holdings in Illinois Tool Works by 16.4% during the 3rd quarter. American Century Companies Inc. now owns 42,406 shares of the industrial products company’s stock valued at $9,767,000 after buying an additional 5,989 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its stake in shares of Illinois Tool Works by 0.6% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 10,930 shares of the industrial products company’s stock worth $2,533,000 after acquiring an additional 68 shares during the last quarter. Raleigh Capital Management Inc. bought a new stake in shares of Illinois Tool Works during the 3rd quarter worth approximately $143,000. Sunbelt Securities Inc. lifted its stake in shares of Illinois Tool Works by 5.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 992 shares of the industrial products company’s stock worth $228,000 after acquiring an additional 47 shares during the last quarter. Finally, Wesbanco Bank Inc. raised its position 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 valued at $1,401,000 after purchasing an additional 1,152 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

ITW has been the subject of a number of research analyst reports. Truist Financial decreased their target price on Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating for the company in a research report on Tuesday, July 2nd. Citigroup boosted their price target on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Jefferies Financial Group dropped their target price on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday. Stifel Nicolaus boosted their target price on Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Finally, StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday. Four analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $251.20.

Insider Activity

In related news, Director David Byron Smith, Jr. acquired 775 shares of the firm’s stock in a transaction dated 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 directly owns 121,506 shares in the company, valued at approximately $29,018,062.92. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Performance

Illinois Tool Works stock traded up $1.62 during trading hours on Monday, hitting $247.55. 469,729 shares of the stock traded hands, compared to its average volume of 1,169,398. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. The firm’s 50 day moving average price is $241.39 and its 200-day moving average price is $252.17. The stock has a market capitalization of $73.87 billion, a price-to-earnings ratio of 24.25, a P/E/G ratio of 3.62 and a beta of 1.10. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year 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 the consensus estimate of $2.35 by $0.09. The business had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.33 EPS. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.19 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 11th. Stockholders of record on Friday, June 28th were issued a $1.40 dividend. The ex-dividend date was Friday, June 28th. This represents a $5.60 annualized dividend and a dividend yield of 2.26%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 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.