Gries Financial LLC Has $16.37 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Gries Financial LLC boosted its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 66,003 shares of the industrial products company’s stock after purchasing an additional 43 shares during the quarter. Illinois Tool Works makes up 3.2% of Gries Financial LLC’s portfolio, making the stock its 6th biggest position. Gries Financial LLC’s holdings in Illinois Tool Works were worth $16,369,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of ITW. Norges Bank purchased a new position in shares of Illinois Tool Works in the 4th quarter worth approximately $806,291,000. GAMMA Investing LLC grew its holdings in Illinois Tool Works by 26,372.8% during 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 period. Cerity Partners LLC grew its holdings in 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 valued at $229,269,000 after purchasing an additional 655,341 shares during the period. Northern Trust Corp grew its holdings in 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 valued at $3,465,570,000 after purchasing an additional 508,188 shares during the period. Finally, Federated Hermes Inc. lifted its position 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 valued at $57,031,000 after acquiring an additional 213,671 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ITW. Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price objective for the company. in a research note on Wednesday, May 7th. Stifel Nicolaus upped their price objective on Illinois Tool Works from $233.00 to $255.00 and gave the company a “hold” rating in a research note on Monday. Barclays boosted their target price on Illinois Tool Works from $237.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 9th. Evercore ISI dropped their target price on 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, Citigroup upped their price target on Illinois Tool Works from $254.00 to $265.00 and gave the stock a “neutral” rating in a report on Monday, July 14th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $255.67.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 872 shares of the stock in a transaction dated 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 acquisition, the director owned 122,884 shares in the company, valued at $29,634,705.44. The trade was a 0.71% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Down 0.8%

Shares of NYSE:ITW opened at $255.53 on Monday. The business’s 50 day simple moving average is $249.03 and its two-hundred day simple moving average is $249.53. The firm has a market cap of $74.87 billion, a P/E ratio of 22.53, a PEG ratio of 5.40 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 Inc. has a 52-week low of $214.66 and a 52-week high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its 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. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The company had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter in the prior year, the company posted $2.44 earnings per share. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. As a group, research analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Monday, June 30th were given a dividend of $1.50 per share. The ex-dividend date was Monday, June 30th. This represents a $6.00 annualized dividend and a yield of 2.35%. Illinois Tool Works’s payout ratio is presently 52.77%.

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.