NorthCrest Asset Manangement LLC Acquires 2,378 Shares of Illinois Tool Works Inc. (NYSE:ITW)

NorthCrest Asset Manangement LLC increased its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 3.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 63,668 shares of the industrial products company’s stock after purchasing an additional 2,378 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Illinois Tool Works were worth $15,790,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of ITW. Prudent Man Investment Management Inc. bought a new stake in Illinois Tool Works in the fourth quarter worth $25,000. Redwood Park Advisors LLC bought a new position in Illinois Tool Works during the fourth quarter valued at $26,000. Ameriflex Group Inc. bought a new position in Illinois Tool Works during the fourth quarter valued at $26,000. Glass Jacobson Investment Advisors llc increased its position in Illinois Tool Works by 336.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 84 shares during the last quarter. Finally, Millstone Evans Group LLC bought a new position in Illinois Tool Works during the fourth quarter valued at $31,000. Institutional investors own 79.77% of the company’s stock.

Insider Activity at Illinois Tool Works

In other news, Director David Byron Smith, Jr. purchased 872 shares of the company’s stock in a transaction on Monday, June 2nd. The shares were acquired at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the purchase, the director now owns 122,884 shares in the company, valued at $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.88% of the stock is currently owned by insiders.

Illinois Tool Works Stock Performance

ITW stock opened at $245.89 on Friday. The firm has a market cap of $72.05 billion, a price-to-earnings ratio of 20.98, a PEG ratio of 4.56 and a beta of 1.10. The firm has a 50-day simple moving average of $240.64 and a two-hundred day simple moving average of $252.54. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating the consensus estimate 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 net margin of 21.94% and a return on equity of 95.39%. The company’s quarterly revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.44 earnings per share. On average, equities analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.44%. The ex-dividend date is Monday, June 30th. Illinois Tool Works’s payout ratio is currently 52.77%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Truist Financial cut their price objective on shares of Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Deutsche Bank Aktiengesellschaft raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price for the company in a research note on Wednesday, February 19th. Stifel Nicolaus boosted their target price on shares of Illinois Tool Works from $227.00 to $233.00 and gave the company a “hold” rating in a research note on Thursday, May 1st. UBS Group lowered their target price on shares of Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating for the company in a research note on Monday, April 7th. Finally, Bank of America lowered shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 target price for the company. in a research note on Wednesday, May 7th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and an average price target of $253.42.

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.