Illinois Tool Works Inc. (NYSE:ITW) Position Raised by MCF Advisors LLC

MCF Advisors LLC boosted its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 3.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,895 shares of the industrial products company’s stock after buying an additional 64 shares during the quarter. MCF Advisors LLC’s holdings in Illinois Tool Works were worth $510,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP grew its holdings in shares of Illinois Tool Works by 93.5% during the 3rd quarter. Westfield Capital Management Co. LP now owns 30,918 shares of the industrial products company’s stock valued at $7,121,000 after acquiring an additional 14,936 shares in the last quarter. Qube Research & Technologies Ltd lifted its position in Illinois Tool Works by 316.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 329,548 shares of the industrial products company’s stock worth $75,898,000 after acquiring an additional 250,349 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Illinois Tool Works by 92.8% during the 3rd quarter. Tower Research Capital LLC TRC now owns 15,230 shares of the industrial products company’s stock worth $3,508,000 after acquiring an additional 7,330 shares during the last quarter. Bank of Nova Scotia lifted its position in Illinois Tool Works by 38.6% during the 3rd quarter. Bank of Nova Scotia now owns 34,401 shares of the industrial products company’s stock worth $7,923,000 after acquiring an additional 9,582 shares during the last quarter. Finally, CWA Asset Management Group LLC lifted its position in Illinois Tool Works by 17.7% during the 3rd quarter. CWA Asset Management Group LLC now owns 3,557 shares of the industrial products company’s stock worth $819,000 after acquiring an additional 534 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

ITW has been the topic of several research reports. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Friday, June 21st. Barclays lowered 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 research note on Tuesday, June 4th. Truist Financial upped their target price on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Citigroup upped their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Finally, Wells Fargo & Company lowered their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. Four analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $256.44.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. purchased 775 shares of Illinois Tool Works stock in a transaction dated Thursday, June 13th. The shares were bought at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the transaction, the director now directly owns 121,506 shares in the company, valued at approximately $29,018,062.92. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

Shares of ITW stock traded up $0.96 during trading hours on Friday, reaching $236.96. 3,403,554 shares of the company were exchanged, compared to its average volume of 1,001,118. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. The stock’s fifty day moving average is $243.51 and its two-hundred day moving average is $253.82. The company has a market cap of $70.71 billion, a price-to-earnings ratio of 23.36, a P/E/G ratio of 3.53 and a beta of 1.11. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same period in the prior year, the business earned $2.33 earnings per share. Illinois Tool Works’s quarterly revenue was down 1.1% on a year-over-year basis. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.22 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be issued a $1.40 dividend. The ex-dividend date is Friday, June 28th. This represents a $5.60 annualized dividend and a yield of 2.36%. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Illinois Tool Works Company 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.