Foundation Wealth Management LLC PA Makes New $228,000 Investment in Illinois Tool Works Inc. (NYSE:ITW)

Foundation Wealth Management LLC PA purchased a new stake in Illinois Tool Works Inc. (NYSE:ITW) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 898 shares of the industrial products company’s stock, valued at approximately $228,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ITW. Dai ichi Life Insurance Company Ltd boosted its position in Illinois Tool Works by 31.1% during the third quarter. Dai ichi Life Insurance Company Ltd now owns 10,983 shares of the industrial products company’s stock worth $2,878,000 after purchasing an additional 2,605 shares in the last quarter. D.A. Davidson & CO. grew its stake in Illinois Tool Works by 4.2% in the 3rd quarter. D.A. Davidson & CO. now owns 15,741 shares of the industrial products company’s stock valued at $4,125,000 after acquiring an additional 631 shares during the last quarter. FMR LLC increased its holdings in Illinois Tool Works by 4.1% during the 3rd quarter. FMR LLC now owns 998,459 shares of the industrial products company’s stock valued at $261,666,000 after acquiring an additional 39,445 shares in the last quarter. Brooklyn Investment Group raised its position in Illinois Tool Works by 10.6% during the third quarter. Brooklyn Investment Group now owns 1,904 shares of the industrial products company’s stock worth $499,000 after acquiring an additional 183 shares during the last quarter. Finally, Avestar Capital LLC grew its position in shares of Illinois Tool Works by 25.7% in the third quarter. Avestar Capital LLC now owns 1,066 shares of the industrial products company’s stock valued at $279,000 after purchasing an additional 218 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 0.3 %

Shares of NYSE ITW opened at $255.86 on Thursday. The stock has a market capitalization of $75.10 billion, a PE ratio of 21.83, a P/E/G ratio of 4.56 and a beta of 1.13. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The firm has a fifty day moving average of $258.68 and a 200-day moving average of $260.70. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be given a dividend of $1.50 per share. The ex-dividend date is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.34%. Illinois Tool Works’s dividend payout ratio (DPR) is 51.19%.

Insiders Place Their Bets

In related news, Director Ernest Scott Santi sold 70,000 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the completion of the sale, the director now directly owns 260,224 shares of the company’s stock, valued at approximately $68,516,979.20. This represents a 21.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael M. Larsen sold 41,472 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $271.25, for a total value of $11,249,280.00. Following the completion of the transaction, the chief financial officer now directly owns 50,502 shares in the company, valued at $13,698,667.50. This trade represents a 45.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 159,925 shares of company stock worth $42,973,845 over the last ninety days. 1.26% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ITW has been the topic of a number of recent research reports. Barclays reduced their target price on Illinois Tool Works from $260.00 to $252.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Jefferies Financial Group increased their price objective on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Evercore ISI cut their target price on shares of Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating for the company in a research note on Wednesday, February 19th. Truist Financial raised their price target on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price objective for the company in a research report on Wednesday, February 19th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $268.30.

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.