David Byron Smith, Jr. Buys 775 Shares of Illinois Tool Works Inc. (NYSE:ITW) Stock

Illinois Tool Works Inc. (NYSE:ITWGet Free Report) Director David Byron Smith, Jr. acquired 775 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was purchased at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the transaction, the director now owns 121,506 shares in the company, valued at $29,018,062.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Illinois Tool Works Stock Up 0.6 %

ITW stock opened at $240.49 on Thursday. The firm’s fifty day simple moving average is $245.26 and its 200-day simple moving average is $254.26. The company has a market capitalization of $71.76 billion, a P/E ratio of 23.72, a price-to-earnings-growth ratio of 3.57 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 Inc. has a 12 month low of $217.50 and a 12 month high of $271.15.

Illinois Tool Works (NYSE:ITWGet Free Report) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating the consensus estimate of $2.35 by $0.09. The business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The business’s revenue for the quarter 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 forecast that Illinois Tool Works Inc. will post 10.22 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Hedge Funds Weigh In On Illinois Tool Works

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake 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 valued at $6,035,292,000 after purchasing an additional 1,238,239 shares during the period. Northern Trust Corp lifted its stake in shares of Illinois Tool Works by 1.9% in the 3rd quarter. Northern Trust Corp now owns 12,829,189 shares of the industrial products company’s stock valued at $2,954,691,000 after purchasing an additional 244,145 shares during the period. Capital Research Global Investors lifted its stake in shares of Illinois Tool Works by 1.2% in the 1st quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock valued at $1,171,006,000 after purchasing an additional 51,654 shares during the period. Norges Bank acquired a new position in shares of Illinois Tool Works in the 4th quarter valued at $818,408,000. Finally, Fisher Asset Management LLC lifted its stake in shares of Illinois Tool Works by 4.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,951,948 shares of the industrial products company’s stock valued at $773,234,000 after purchasing an additional 122,840 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ITW shares. Stifel Nicolaus boosted their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. 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. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, June 13th. Truist Financial boosted their target price on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Finally, Citigroup boosted their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Four research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $256.44.

Read Our Latest Analysis on ITW

About Illinois Tool Works

(Get Free Report)

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.

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