Aviance Capital Partners LLC Buys New Stake in Illinois Tool Works Inc. (NYSE:ITW)

Aviance Capital Partners LLC bought a new stake in shares of Illinois Tool Works Inc. (NYSE:ITWFree Report) in the first quarter, Holdings Channel reports. The fund bought 8,100 shares of the industrial products company’s stock, valued at approximately $2,173,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of Nova Scotia increased its stake in shares of Illinois Tool Works by 38.6% during the third quarter. Bank of Nova Scotia now owns 34,401 shares of the industrial products company’s stock worth $7,923,000 after purchasing an additional 9,582 shares in the last quarter. Teza Capital Management LLC acquired a new position in Illinois Tool Works during the third quarter worth about $1,809,000. Ancora Advisors LLC boosted its position in Illinois Tool Works by 13.2% during the third quarter. Ancora Advisors LLC now owns 1,873 shares of the industrial products company’s stock worth $431,000 after acquiring an additional 218 shares during the last quarter. Waverly Advisors LLC boosted its position in Illinois Tool Works by 4.7% during the third quarter. Waverly Advisors LLC now owns 2,206 shares of the industrial products company’s stock worth $508,000 after acquiring an additional 99 shares during the last quarter. Finally, Truist Financial Corp boosted its position in Illinois Tool Works by 29.8% during the third quarter. Truist Financial Corp now owns 100,270 shares of the industrial products company’s stock worth $23,093,000 after acquiring an additional 23,015 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Truist Financial boosted their price target on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Citigroup boosted their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Barclays decreased their target price on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a report on Tuesday, June 4th. Stifel Nicolaus boosted their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Finally, StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Friday, June 21st. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $256.44.

View Our Latest Analysis on Illinois Tool Works

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. purchased 775 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was acquired at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the acquisition, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.26% of the company’s stock.

Illinois Tool Works Stock Down 0.6 %

ITW traded down $1.47 during trading hours on Monday, hitting $235.49. 112,644 shares of the company’s stock were exchanged, compared to its average volume of 1,184,629. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month high of $271.15. The firm has a 50 day moving average of $243.51 and a 200 day moving average of $253.84. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. The firm has a market cap of $70.27 billion, a P/E ratio of 23.37, a price-to-earnings-growth ratio of 3.48 and a beta of 1.10.

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

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

Illinois Tool Works Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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