Sandy Cove Advisors LLC Boosts Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Sandy Cove Advisors LLC increased its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 10.5% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,516 shares of the industrial products company’s stock after purchasing an additional 334 shares during the period. Sandy Cove Advisors LLC’s holdings in Illinois Tool Works were worth $943,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Turtle Creek Wealth Advisors LLC bought a new position in shares of Illinois Tool Works during the fourth quarter valued at about $26,000. Frazier Financial Advisors LLC purchased a new stake in Illinois Tool Works in the 4th quarter worth approximately $26,000. Security National Bank bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $28,000. Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $28,000. Finally, Bruce G. Allen Investments LLC purchased a new stake in Illinois Tool Works in the fourth quarter worth $29,000. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 0.4 %

NYSE:ITW traded up $0.96 on Friday, reaching $236.96. 3,403,554 shares of the stock traded hands, compared to its average volume of 1,001,118. 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 company has a market capitalization of $70.71 billion, a price-to-earnings ratio of 23.37, a PEG ratio of 3.52 and a beta of 1.11. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The company’s fifty day simple moving average is $243.51 and its 200 day simple moving average is $253.84.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the previous year, the business earned $2.33 earnings per share. The company’s revenue was down 1.1% on a year-over-year basis. Equities 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. Shareholders of record on Friday, June 28th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is 55.23%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ITW. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Friday, June 21st. Wells Fargo & Company reduced their target price on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a report on Wednesday, May 1st. Barclays lowered their target price on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a research note on Tuesday, June 4th. Citigroup increased their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, Truist Financial boosted their target price on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a report 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 stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $256.44.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 775 shares of Illinois Tool Works stock in a transaction on Thursday, June 13th. The stock was acquired at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the acquisition, the director now owns 121,506 shares in the company, valued at $29,018,062.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.88% of the company’s stock.

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.