Patron Partners LLC Purchases 121 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Patron Partners LLC boosted its position in Illinois Tool Works Inc. (NYSE:ITW) by 4.9% in the first quarter, Holdings Channel.com reports. The firm owned 2,567 shares of the industrial products company’s stock after buying an additional 121 shares during the quarter. Patron Partners LLC’s holdings in Illinois Tool Works were worth $637,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. F M Investments LLC lifted its stake in Illinois Tool Works by 4.9% in the fourth quarter. F M Investments LLC now owns 896 shares of the industrial products company’s stock valued at $227,000 after buying an additional 42 shares during the last quarter. Trust Co of the South boosted its stake in Illinois Tool Works by 2.9% during the first quarter. Trust Co of the South now owns 1,478 shares of the industrial products company’s stock valued at $367,000 after buying an additional 42 shares in the last quarter. Harbour Investments Inc. grew its position in Illinois Tool Works by 1.2% in the fourth quarter. Harbour Investments Inc. now owns 3,696 shares of the industrial products company’s stock worth $937,000 after buying an additional 44 shares during the last quarter. Integrated Advisors Network LLC raised its position in shares of Illinois Tool Works by 0.8% during the fourth quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company’s stock worth $1,504,000 after purchasing an additional 45 shares during the period. Finally, OneAscent Financial Services LLC lifted its position in shares of Illinois Tool Works by 3.7% in the 4th quarter. OneAscent Financial Services LLC now owns 1,323 shares of the industrial products company’s stock valued at $337,000 after acquiring an additional 47 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Evercore ISI cut their target price on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating on the stock in a report on Monday, May 19th. Robert W. Baird increased their target price on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a research report on Thursday, May 1st. Citigroup dropped their price objective on shares of Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Bank of America cut 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. Finally, Truist Financial lowered their target price 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 equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and an average price target of $253.42.

Illinois Tool Works Trading Up 0.5%

NYSE ITW opened at $248.09 on Friday. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25. The firm has a market capitalization of $72.69 billion, a P/E ratio of 21.82, a PEG ratio of 5.31 and a beta of 1.10. The business has a fifty day simple moving average of $243.84 and a 200 day simple moving average of $250.11. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.34 by $0.04. The business had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The firm’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the previous year, the business posted $2.44 EPS. On average, analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

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

Insider Activity at Illinois Tool Works

In related news, Director David Byron Smith, Jr. purchased 872 shares of the business’s stock in a transaction on Monday, June 2nd. The stock was acquired at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the acquisition, the director now owns 122,884 shares of the company’s stock, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.88% of the stock is owned by company insiders.

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.