Callan Capital LLC Increases Stake in Illinois Tool Works Inc. (NYSE:ITW)

Callan Capital LLC raised its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 6.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,484 shares of the industrial products company’s stock after purchasing an additional 152 shares during the period. Callan Capital LLC’s holdings in Illinois Tool Works were worth $616,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ITW. Norges Bank acquired a new stake in Illinois Tool Works in the fourth quarter valued at approximately $806,291,000. GAMMA Investing LLC boosted its stake in shares of Illinois Tool Works by 26,372.8% in the first quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company’s stock worth $5,123,080,000 after acquiring an additional 2,057,872 shares during the last quarter. Cerity Partners LLC boosted its stake in shares of Illinois Tool Works by 263.9% in the fourth quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company’s stock worth $229,269,000 after acquiring an additional 655,341 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Illinois Tool Works by 3.9% in the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company’s stock worth $3,465,570,000 after acquiring an additional 508,188 shares during the last quarter. Finally, Federated Hermes Inc. boosted its stake in shares of Illinois Tool Works by 1,899.3% in the fourth quarter. Federated Hermes Inc. now owns 224,921 shares of the industrial products company’s stock worth $57,031,000 after acquiring an additional 213,671 shares during the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Robert W. Baird lifted their price target on Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a research note on Thursday, May 1st. Barclays lowered their price target on Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Stifel Nicolaus boosted their price objective on Illinois Tool Works from $227.00 to $233.00 and gave the stock a “hold” rating in a research note on Thursday, May 1st. Bank of America lowered Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price objective on the stock. in a research note on Wednesday, May 7th. Finally, Evercore ISI lowered their price objective on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating on the stock in a research note on Monday, May 19th. Three 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 company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $252.58.

Insiders Place Their Bets

In related news, Director David Byron Smith, Jr. purchased 872 shares of the business’s stock in a transaction on Monday, June 2nd. The shares were bought at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the acquisition, the director directly owned 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 SEC, which can be accessed through the SEC website. 0.88% of the stock is currently owned by company insiders.

Illinois Tool Works Price Performance

ITW stock opened at $254.70 on Tuesday. 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 company has a market capitalization of $74.63 billion, a PE ratio of 22.40, a P/E/G ratio of 5.70 and a beta of 1.09. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The business’s fifty day moving average price is $245.97 and its 200 day moving average price is $249.39.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The company had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter in the prior year, the business earned $2.44 EPS. Illinois Tool Works’s revenue was down 3.4% on a year-over-year basis. On average, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 annualized dividend and a yield of 2.36%. Illinois Tool Works’s dividend payout ratio (DPR) is 52.77%.

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.