Pallas Capital Advisors LLC Purchases Shares of 1,463 Illinois Tool Works Inc. (NYSE:ITW)

Pallas Capital Advisors LLC purchased a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) in the first quarter, Holdings Channel.com reports. The institutional investor purchased 1,463 shares of the industrial products company’s stock, valued at approximately $363,000.

Other hedge funds also recently bought and sold shares of the company. Sivia Capital Partners LLC bought a new stake in Illinois Tool Works during the first quarter valued at about $214,000. EP Wealth Advisors LLC boosted its holdings in Illinois Tool Works by 42.2% during the fourth quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company’s stock valued at $1,450,000 after acquiring an additional 1,698 shares during the period. MOKAN Wealth Management Inc. bought a new stake in Illinois Tool Works during the fourth quarter valued at about $1,096,000. Sovran Advisors LLC bought a new stake in Illinois Tool Works during the fourth quarter valued at about $398,000. Finally, Roxbury Financial LLC bought a new stake in Illinois Tool Works during the fourth quarter valued at about $615,000. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $245.89 on Friday. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. 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 market capitalization of $72.05 billion, a PE ratio of 20.98, a price-to-earnings-growth ratio of 4.56 and a beta of 1.10. The firm has a 50-day moving average price of $240.64 and a 200 day moving average price of $252.54.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. The firm had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the prior year, the business posted $2.44 earnings per share. The company’s quarterly revenue was down 3.4% compared to the same quarter last year. Research analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 annualized dividend and a yield of 2.44%. Illinois Tool Works’s dividend payout ratio is 52.77%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ITW. Citigroup cut their price objective on shares of Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. UBS Group cut their price objective on shares of Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Evercore ISI cut their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating for the company in a research report on Monday, May 19th. Robert W. Baird upped their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a “neutral” rating in a research report on Thursday, May 1st. Finally, Truist Financial cut their price objective on shares of Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $253.42.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. acquired 872 shares of the firm’s stock in a transaction on Monday, June 2nd. The shares were purchased at an average cost of $241.16 per share, with a total value of $210,291.52. Following the completion of the purchase, the director now owns 122,884 shares of the company’s stock, valued at $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.88% of the company’s stock.

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.