Wealthspire Advisors LLC Raises Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Wealthspire Advisors LLC raised its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 2.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,468 shares of the industrial products company’s stock after purchasing an additional 289 shares during the quarter. Wealthspire Advisors LLC’s holdings in Illinois Tool Works were worth $3,266,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ITW. Vanguard Group Inc. lifted its holdings in shares of Illinois Tool Works by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock worth $6,035,292,000 after acquiring an additional 1,238,239 shares during the last quarter. Alecta Tjanstepension Omsesidigt lifted its stake in Illinois Tool Works by 150.0% during the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock worth $294,671,000 after purchasing an additional 675,000 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Illinois Tool Works by 23,183.6% during the fourth quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock worth $82,579,000 after buying an additional 313,906 shares during the period. Envestnet Asset Management Inc. raised its holdings in shares of Illinois Tool Works by 77.5% in the 3rd quarter. Envestnet Asset Management Inc. now owns 597,186 shares of the industrial products company’s stock valued at $137,538,000 after buying an additional 260,679 shares during the period. Finally, Barclays PLC lifted its stake in Illinois Tool Works by 57.1% during the 3rd quarter. Barclays PLC now owns 699,639 shares of the industrial products company’s stock worth $161,131,000 after acquiring an additional 254,321 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Chairman Ernest Scott Santi sold 45,676 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.12, for a total value of $11,698,537.12. Following the completion of the sale, the chairman now directly owns 221,015 shares of the company’s stock, valued at $56,606,361.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Chairman Ernest Scott Santi sold 45,676 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $256.12, for a total transaction of $11,698,537.12. Following the transaction, the chairman now owns 221,015 shares of the company’s stock, valued at $56,606,361.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Sharon Szafranski sold 801 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the sale, the executive vice president now directly owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The disclosure for this sale can be found here. Insiders sold a total of 89,471 shares of company stock worth $23,248,816 in the last 90 days. Company insiders own 1.26% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on ITW. Wells Fargo & Company cut their price target 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. Barclays decreased their price target on shares of Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating for the company in a research report on Thursday, May 2nd. Truist Financial boosted their target price on Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Stifel Nicolaus lifted their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Finally, StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. Four research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $257.78.

Illinois Tool Works Stock Performance

NYSE ITW traded up $0.26 during trading hours on Wednesday, hitting $247.40. The company had a trading volume of 617,090 shares, compared to its average volume of 1,239,335. The business has a 50 day moving average of $258.17 and a 200-day moving average of $252.34. The company has a market cap of $73.82 billion, a PE ratio of 24.40, a price-to-earnings-growth ratio of 3.59 and a beta of 1.14. Illinois Tool Works Inc. has a 1-year low of $217.06 and a 1-year high of $271.15. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32.

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, beating analysts’ consensus estimates of $2.35 by $0.09. The firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The business’s revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.33 EPS. As a group, equities research analysts expect that Illinois Tool Works Inc. will post 10.29 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be given a $1.40 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.60 annualized dividend and a yield of 2.26%. Illinois Tool Works’s dividend payout ratio (DPR) is 55.23%.

Illinois Tool Works 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.