Bleakley Financial Group LLC Grows Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Bleakley Financial Group LLC raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 1.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,829 shares of the industrial products company’s stock after buying an additional 68 shares during the period. Bleakley Financial Group LLC’s holdings in Illinois Tool Works were worth $1,833,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Turtle Creek Wealth Advisors LLC purchased a new position in Illinois Tool Works in the fourth quarter valued at $26,000. Frazier Financial Advisors LLC purchased a new position in Illinois Tool Works in the fourth quarter valued at $26,000. Security National Bank purchased a new position in Illinois Tool Works in the fourth quarter valued at $28,000. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $28,000. Finally, Bruce G. Allen Investments LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $29,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $253.89 on Thursday. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. The firm has a market capitalization of $75.76 billion, a price-to-earnings ratio of 25.04, a PEG ratio of 3.84 and a beta of 1.10. The company’s 50-day moving average is $241.68 and its two-hundred day moving average is $252.01. Illinois Tool Works Inc. has a 1-year low of $217.50 and a 1-year high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.35 by $0.09. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. Illinois Tool Works’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the business posted $2.33 EPS. Analysts forecast that Illinois Tool Works Inc. will post 10.19 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 11th. Shareholders of record on Friday, June 28th were issued a $1.40 dividend. The ex-dividend date was Friday, June 28th. This represents a $5.60 annualized dividend and a yield of 2.21%. Illinois Tool Works’s payout ratio is 55.23%.

Insider Buying and Selling at Illinois Tool Works

In related news, Director David Byron Smith, Jr. acquired 775 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were purchased at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the acquisition, the director now owns 121,506 shares in the company, valued at approximately $29,018,062.92. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.88% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ITW has been the topic of several research analyst reports. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, July 11th. Barclays dropped 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 report on Tuesday, June 4th. Truist Financial dropped their target price on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a research report on Tuesday, July 2nd. Jefferies Financial Group dropped their target price on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Finally, Wells Fargo & Company dropped their target price on shares of Illinois Tool Works from $244.00 to $230.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 10th. Four analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Illinois Tool Works has an average rating of “Hold” and an average price target of $251.20.

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.