Grandfield & Dodd LLC Raises Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Grandfield & Dodd LLC boosted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 164,798 shares of the industrial products company’s stock after purchasing an additional 420 shares during the quarter. Illinois Tool Works makes up 2.5% of Grandfield & Dodd LLC’s holdings, making the stock its 11th largest position. Grandfield & Dodd LLC owned about 0.06% of Illinois Tool Works worth $40,872,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Brighton Jones LLC raised its holdings in shares of Illinois Tool Works by 5.3% during the fourth quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company’s stock valued at $1,399,000 after acquiring an additional 277 shares during the last quarter. Proficio Capital Partners LLC raised its holdings in shares of Illinois Tool Works by 44.9% during the fourth quarter. Proficio Capital Partners LLC now owns 1,730 shares of the industrial products company’s stock valued at $439,000 after acquiring an additional 536 shares during the last quarter. Madison Investment Advisors LLC acquired a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $4,393,000. Harbour Investments Inc. raised its holdings in shares of Illinois Tool Works by 1.2% during the fourth 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 last quarter. Finally, Patten & Patten Inc. TN acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $223,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Down 0.5%

Shares of Illinois Tool Works stock opened at $256.30 on Wednesday. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The stock has a 50 day moving average of $248.15 and a 200 day moving average of $249.47. The firm has a market capitalization of $75.10 billion, a price-to-earnings ratio of 22.54, a PEG ratio of 5.46 and a beta of 1.09. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.16 and a current ratio of 1.60.

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, 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 business had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. During the same period last year, the business posted $2.44 earnings per share. The company’s quarterly revenue was down 3.4% on a year-over-year basis. As a group, research analysts predict 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 announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Monday, June 30th were issued a $1.50 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.34%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 52.77%.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. bought 872 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The stock was purchased at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the acquisition, the director owned 122,884 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.88% of the company’s stock.

Analysts Set New Price Targets

ITW has been the subject of several recent research reports. Citigroup increased their price target on Illinois Tool Works from $254.00 to $265.00 and gave the company a “neutral” rating in a report on Monday. Evercore ISI cut their price target on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating for the company in a report on Monday, May 19th. Stifel Nicolaus increased their price target on Illinois Tool Works from $227.00 to $233.00 and gave the company a “hold” rating in a report on Thursday, May 1st. Robert W. Baird increased their price objective on Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a research report on Thursday, May 1st. Finally, Truist Financial lowered their price objective on Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating for the company in a research report 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 given a strong buy rating to the company’s stock. According to MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and an average target price of $253.83.

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.