Elgethun Capital Management Purchases 105 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Elgethun Capital Management increased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 8.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,282 shares of the industrial products company’s stock after acquiring an additional 105 shares during the quarter. Elgethun Capital Management’s holdings in Illinois Tool Works were worth $318,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Sivia Capital Partners LLC bought a new position in Illinois Tool Works in the first quarter valued at approximately $214,000. OneAscent Financial Services LLC lifted its stake in Illinois Tool Works by 25.8% in the first quarter. OneAscent Financial Services LLC now owns 1,664 shares of the industrial products company’s stock valued at $416,000 after buying an additional 341 shares in the last quarter. EP Wealth Advisors LLC lifted its stake in Illinois Tool Works by 42.2% in the fourth quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company’s stock valued at $1,450,000 after buying an additional 1,698 shares in the last quarter. Sowell Financial Services LLC bought a new position in Illinois Tool Works in the first quarter valued at approximately $946,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Illinois Tool Works by 12.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,557 shares of the industrial products company’s stock valued at $10,242,000 after buying an additional 4,560 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ITW. Bank of America lowered shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price target on the stock. in a research note on Wednesday, May 7th. Stifel Nicolaus lifted their price objective on shares of Illinois Tool Works from $255.00 to $261.00 and gave the company a “hold” rating in a report on Thursday, July 31st. Wells Fargo & Company lifted their price objective on shares of Illinois Tool Works from $235.00 to $250.00 and gave the company an “underweight” rating in a report on Thursday, July 31st. Truist Financial downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating and set a $283.00 price objective on the stock. in a report on Thursday, July 31st. Finally, Barclays lifted their price objective on shares of Illinois Tool Works from $240.00 to $243.00 and gave the company an “equal weight” rating in a report on Monday. Three analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $259.33.

Insider Buying and Selling

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 872 shares of Illinois Tool Works stock in a transaction dated Monday, June 2nd. The stock was bought at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the transaction, 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.88% of the stock is currently owned by company insiders.

Illinois Tool Works Trading Up 0.6%

ITW stock opened at $257.63 on Thursday. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. The company has a fifty day moving average price of $251.82 and a two-hundred day moving average price of $250.15. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The stock has a market cap of $75.10 billion, a price-to-earnings ratio of 22.58, a price-to-earnings-growth ratio of 5.52 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $0.02. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The firm had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $4.01 billion. During the same period in the previous year, the business posted $2.54 earnings per share. The company’s revenue for the quarter was up .6% compared to the same quarter last year. Equities analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be given a dividend of $1.61 per share. This represents a $6.44 dividend on an annualized basis and a yield of 2.5%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Tuesday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 52.59%.

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.