Concord Wealth Partners Acquires 501 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Concord Wealth Partners grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 18.7% in the 1st quarter, Holdings Channel.com reports. The firm owned 3,180 shares of the industrial products company’s stock after purchasing an additional 501 shares during the period. Concord Wealth Partners’ holdings in Illinois Tool Works were worth $789,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. F M Investments LLC raised its position in Illinois Tool Works by 4.9% in the fourth quarter. F M Investments LLC now owns 896 shares of the industrial products company’s stock valued at $227,000 after purchasing an additional 42 shares during the period. Trust Co of the South raised its stake in Illinois Tool Works by 2.9% during the 1st quarter. Trust Co of the South now owns 1,478 shares of the industrial products company’s stock valued at $367,000 after acquiring an additional 42 shares during the last quarter. Harbour Investments Inc. raised its stake in shares of Illinois Tool Works by 1.2% during the 4th quarter. Harbour Investments Inc. now owns 3,696 shares of the industrial products company’s stock worth $937,000 after buying an additional 44 shares in the last quarter. Integrated Advisors Network LLC grew its holdings in shares of Illinois Tool Works by 0.8% in the 4th quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company’s stock worth $1,504,000 after acquiring an additional 45 shares during the period. Finally, Deseret Mutual Benefit Administrators grew its holdings in Illinois Tool Works by 3.3% during the 1st quarter. Deseret Mutual Benefit Administrators now owns 1,431 shares of the industrial products company’s stock valued at $355,000 after buying an additional 46 shares during the last quarter. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Stock Up 0.4%

Shares of Illinois Tool Works stock opened at $257.82 on Friday. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.60 and a quick ratio of 1.16. The business has a 50-day moving average of $248.77 and a 200-day moving average of $249.55. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13. The company has a market capitalization of $75.54 billion, a PE ratio of 22.68, a P/E/G ratio of 5.43 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter in the previous year, the company posted $2.44 earnings per share. Illinois Tool Works’s revenue for the quarter was down 3.4% compared to the same quarter last year. As a group, equities analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Monday, June 30th were given a $1.50 dividend. The ex-dividend date was Monday, June 30th. This represents a $6.00 annualized dividend and a yield of 2.33%. Illinois Tool Works’s dividend payout ratio is currently 52.77%.

Analysts Set New Price Targets

ITW has been the topic of a number of analyst reports. Wells Fargo & Company lifted their target price on Illinois Tool Works from $230.00 to $235.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 1st. Evercore ISI lowered their price target 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. Stifel Nicolaus lifted their target price on shares of Illinois Tool Works from $227.00 to $233.00 and gave the company a “hold” rating in a research note on Thursday, May 1st. Robert W. Baird lifted their price target 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. Finally, Barclays increased their price target on shares of Illinois Tool Works from $237.00 to $240.00 and gave the company an “equal weight” rating in a report on Wednesday, July 9th. Three analysts have rated the stock with a sell rating, eight have given 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, the company currently has a consensus rating of “Hold” and an average target price of $253.83.

Insiders Place Their Bets

In related news, Director David Byron Smith, Jr. bought 872 shares of the business’s stock in a transaction on Monday, June 2nd. The shares were purchased at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the transaction, the director directly owned 122,884 shares of the company’s stock, valued at approximately $29,634,705.44. This represents a 0.71% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 0.88% of the stock is currently owned by corporate insiders.

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.