Parisi Gray Wealth Management Boosts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Parisi Gray Wealth Management boosted its position in Illinois Tool Works Inc. (NYSE:ITW) by 3.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,985 shares of the industrial products company’s stock after buying an additional 224 shares during the quarter. Parisi Gray Wealth Management’s holdings in Illinois Tool Works were worth $1,732,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in ITW. F M Investments LLC boosted its position in Illinois Tool Works by 4.9% during the fourth quarter. F M Investments LLC now owns 896 shares of the industrial products company’s stock worth $227,000 after purchasing an additional 42 shares in the last quarter. Trust Co of the South raised its stake in shares of Illinois Tool Works by 2.9% during the 1st quarter. Trust Co of the South now owns 1,478 shares of the industrial products company’s stock worth $367,000 after buying an additional 42 shares during the period. Harbour Investments Inc. grew its stake in Illinois Tool Works by 1.2% in the 4th quarter. Harbour Investments Inc. now owns 3,696 shares of the industrial products company’s stock valued at $937,000 after acquiring an additional 44 shares during the period. Integrated Advisors Network LLC grew its position in shares of Illinois Tool Works by 0.8% in the fourth quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company’s stock valued at $1,504,000 after purchasing an additional 45 shares during the period. Finally, Capital Advisors Ltd. LLC increased its stake in shares of Illinois Tool Works by 3.0% during the fourth quarter. Capital Advisors Ltd. LLC now owns 1,569 shares of the industrial products company’s stock worth $398,000 after purchasing an additional 46 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 0.6%

Shares of Illinois Tool Works stock opened at $247.69 on Monday. The stock has a market capitalization of $72.57 billion, a price-to-earnings ratio of 21.13, a PEG ratio of 4.56 and a beta of 1.10. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90. The business’s 50 day simple moving average is $239.64 and its 200-day simple moving average is $253.01.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.34 by $0.04. The business had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The business’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.44 EPS. Equities research analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Monday, June 30th. Illinois Tool Works’s dividend payout ratio is presently 52.77%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Bank of America lowered Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price target on the stock. in a research note on Wednesday, May 7th. Stifel Nicolaus lifted their target price on shares of Illinois Tool Works from $227.00 to $233.00 and gave the stock a “hold” rating in a research note on Thursday, May 1st. Robert W. Baird increased their target price on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a “neutral” rating in a research report on Thursday, May 1st. Evercore ISI lowered their price target on shares of Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating on the stock in a research report on Monday, May 19th. Finally, Truist Financial dropped their price objective on shares of Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $253.42.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. purchased 872 shares of the stock in a transaction dated Monday, June 2nd. The shares were acquired at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the acquisition, the director now directly owns 122,884 shares in the company, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.88% of the company’s stock.

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.