Phoenix Financial Ltd. Has $263,000 Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Phoenix Financial Ltd. grew its position in Illinois Tool Works Inc. (NYSE:ITW) by 24.3% during the 1st quarter, HoldingsChannel reports. The firm owned 1,060 shares of the industrial products company’s stock after purchasing an additional 207 shares during the quarter. Phoenix Financial Ltd.’s holdings in Illinois Tool Works were worth $263,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of ITW. GAMMA Investing LLC increased its position in shares of 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 in the last quarter. Auto Owners Insurance Co increased its position in shares of Illinois Tool Works by 55,978.4% during the first quarter. Auto Owners Insurance Co now owns 1,430,000 shares of the industrial products company’s stock worth $354,654,000 after acquiring an additional 1,427,450 shares in the last quarter. Cerity Partners LLC increased its position in shares of Illinois Tool Works by 263.9% during 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 in the last quarter. Northern Trust Corp increased its position in shares of Illinois Tool Works by 3.9% during 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 in the last quarter. Finally, Federated Hermes Inc. increased its position in shares of Illinois Tool Works by 1,899.3% during 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 in the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Stock Performance

Shares of ITW opened at $261.87 on Friday. The firm has a 50-day moving average of $250.18 and a 200-day moving average of $249.90. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The company has a market cap of $76.73 billion, a PE ratio of 23.03, a price-to-earnings-growth ratio of 5.52 and a beta of 1.09. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.60 and a quick ratio of 1.16.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating analysts’ consensus estimates 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 last year, the firm posted $2.44 EPS. The company’s quarterly revenue was down 3.4% on a year-over-year basis. As a group, equities analysts forecast 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. Stockholders of record on Monday, June 30th were paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend was Monday, June 30th. Illinois Tool Works’s dividend payout ratio is presently 52.77%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ITW shares. Robert W. Baird increased their price objective 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. Barclays raised their target price on shares of Illinois Tool Works from $237.00 to $240.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 9th. Truist Financial decreased 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 report on Thursday, May 1st. UBS Group decreased their target price on shares of Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Finally, Wells Fargo & Company raised their target price on shares of Illinois Tool Works from $230.00 to $235.00 and gave the company an “underweight” rating in a research report on Tuesday, July 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 stock. According to data from MarketBeat.com, Illinois Tool Works currently has an average rating of “Hold” and a consensus price target of $255.67.

Insider Activity

In related news, Director David Byron Smith, Jr. bought 872 shares of the business’s stock in a transaction dated Monday, June 2nd. The stock was bought at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the purchase, the director owned 122,884 shares in the company, valued at $29,634,705.44. This represents a 0.71% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.88% of the company’s stock.

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.