Ballast Advisors LLC Grows Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Ballast Advisors LLC raised its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 11.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,556 shares of the industrial products company’s stock after buying an additional 480 shares during the quarter. Ballast Advisors LLC’s holdings in Illinois Tool Works were worth $1,130,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ITW. Prudent Man Investment Management Inc. purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at about $25,000. Redwood Park Advisors LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at about $26,000. Ameriflex Group Inc. purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at about $26,000. von Borstel & Associates Inc. purchased a new stake in shares of Illinois Tool Works during the first quarter valued at about $26,000. Finally, Glass Jacobson Investment Advisors llc raised its position in shares of Illinois Tool Works by 336.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 84 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on ITW shares. Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $233.00 to $255.00 and gave the company a “hold” rating in a research report on Monday, July 21st. Robert W. Baird increased their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a “neutral” rating in a research report on Thursday, May 1st. Citigroup increased their price objective on shares of Illinois Tool Works from $254.00 to $265.00 and gave the company a “neutral” rating in a research report on Monday, July 14th. Bank of America lowered shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price objective for the company. in a research report on Wednesday, May 7th. Finally, Truist Financial decreased their price objective on shares of 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 given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $255.67.

Insider Activity at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 872 shares of the company’s stock in a transaction dated Monday, June 2nd. The shares were acquired at an average price of $241.16 per share, with a total value of $210,291.52. Following the purchase, the director directly owned 122,884 shares of the company’s stock, valued at $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.88% of the stock is owned by insiders.

Illinois Tool Works Stock Performance

ITW opened at $261.87 on Friday. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. 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 $76.73 billion, a PE ratio of 23.03, a P/E/G ratio of 5.52 and a beta of 1.09. The firm has a 50 day moving average of $250.18 and a two-hundred day moving average of $249.90.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, topping 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 net margin of 21.37% and a return on equity of 92.77%. The business’s revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the company earned $2.44 EPS. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Monday, June 30th were paid a dividend of $1.50 per share. The ex-dividend date was Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.29%. Illinois Tool Works’s payout ratio is 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.