RFG Bristol Wealth Advisors LLC Buys New Shares in Illinois Tool Works Inc. (NYSE:ITW)

RFG Bristol Wealth Advisors LLC purchased a new position in Illinois Tool Works Inc. (NYSE:ITW) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 6,230 shares of the industrial products company’s stock, valued at approximately $1,580,000.

Other institutional investors also recently modified their holdings of the company. Public Sector Pension Investment Board lifted its holdings in shares of Illinois Tool Works by 17.5% during the third quarter. Public Sector Pension Investment Board now owns 8,043 shares of the industrial products company’s stock valued at $2,108,000 after purchasing an additional 1,200 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in Illinois Tool Works during the 3rd quarter worth about $2,433,000. Ascent Group LLC lifted its stake in Illinois Tool Works by 21.0% during the third quarter. Ascent Group LLC now owns 4,099 shares of the industrial products company’s stock valued at $1,074,000 after buying an additional 712 shares in the last quarter. Hilltop Holdings Inc. increased its position in shares of Illinois Tool Works by 264.1% in the third quarter. Hilltop Holdings Inc. now owns 6,073 shares of the industrial products company’s stock worth $1,591,000 after acquiring an additional 4,405 shares in the last quarter. Finally, Investment Management Corp of Ontario raised its holdings in shares of Illinois Tool Works by 29.8% during the third quarter. Investment Management Corp of Ontario now owns 13,927 shares of the industrial products company’s stock valued at $3,650,000 after acquiring an additional 3,200 shares during the period. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 0.4 %

NYSE:ITW opened at $248.93 on Wednesday. The company has a market capitalization of $73.03 billion, a P/E ratio of 21.24, a P/E/G ratio of 4.56 and a beta of 1.13. The stock’s 50 day moving average price is $257.99 and its 200 day moving average price is $260.81. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. 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 announced its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. On average, research analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s dividend payout ratio is 51.19%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ITW shares. JPMorgan Chase & Co. decreased their price objective on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Wells Fargo & Company dropped their price target on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research report on Thursday, February 6th. Jefferies Financial Group raised their price objective on Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Finally, Truist Financial upped their target price on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Hold” and an average target price of $268.30.

Insider Buying and Selling

In related news, CEO Christopher A. O’herlihy sold 48,453 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $274.36, for a total value of $13,293,565.08. Following the transaction, the chief executive officer now directly owns 55,113 shares in the company, valued at approximately $15,120,802.68. This trade represents a 46.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Michael M. Larsen sold 41,472 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the transaction, the chief financial officer now directly owns 50,502 shares of the company’s stock, valued at approximately $13,698,667.50. This represents a 45.09 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 159,925 shares of company stock worth $42,973,845. 0.88% of the stock is currently owned by insiders.

Illinois Tool Works 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.