Parisi Gray Wealth Management Buys 53 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Parisi Gray Wealth Management raised its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.9% during the 4th quarter, Holdings Channel reports. The fund owned 6,264 shares of the industrial products company’s stock after purchasing an additional 53 shares during the period. Parisi Gray Wealth Management’s holdings in Illinois Tool Works were worth $1,641,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Briaud Financial Planning Inc purchased a new stake in shares of Illinois Tool Works during the 3rd quarter valued at $25,000. Bruce G. Allen Investments LLC purchased a new stake in shares of Illinois Tool Works during the 4th quarter valued at $29,000. Quarry LP lifted its holdings in shares of Illinois Tool Works by 52.7% during the 1st quarter. Quarry LP now owns 142 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 49 shares during the last quarter. Union Savings Bank purchased a new stake in shares of Illinois Tool Works during the 2nd quarter valued at $39,000. Finally, Arlington Trust Co LLC purchased a new stake in shares of Illinois Tool Works during the 3rd quarter valued at $38,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of NYSE ITW traded down $0.19 during trading on Thursday, reaching $268.02. 46,245 shares of the company traded hands, compared to its average volume of 1,279,693. Illinois Tool Works Inc. has a 12-month low of $217.06 and a 12-month high of $271.15. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10. The stock has a market cap of $80.07 billion, a P/E ratio of 27.54, a PEG ratio of 4.56 and a beta of 1.13. The firm’s fifty day simple moving average is $259.83 and its 200 day simple moving average is $247.89.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $0.01. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The firm had revenue of $3.98 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same period last year, the firm earned $2.34 EPS. The company’s quarterly revenue was up .3% on a year-over-year basis. As a group, research analysts anticipate that Illinois Tool Works Inc. will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Stockholders of record on Friday, March 29th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date is Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 57.49%.

Insider Activity

In related news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total value of $9,851,485.02. Following the sale, the chief financial officer now directly owns 46,404 shares in the company, valued at approximately $12,299,844.24. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total value of $9,851,485.02. Following the sale, the chief financial officer now directly owns 46,404 shares in the company, valued at approximately $12,299,844.24. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Sharon Szafranski sold 801 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $256.42, for a total transaction of $205,392.42. Following the completion of the transaction, the executive vice president now directly owns 5,870 shares in the company, valued at $1,505,185.40. The disclosure for this sale can be found here. Insiders have sold 189,471 shares of company stock worth $48,712,316 in the last ninety days. Company insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on ITW shares. Stifel Nicolaus raised their target price on Illinois Tool Works from $238.00 to $239.00 and gave the stock a “hold” rating in a research note on Tuesday, January 23rd. Citigroup raised their target price on Illinois Tool Works from $244.00 to $256.00 and gave the stock a “neutral” rating in a research note on Monday, December 11th. Bank of America lowered Illinois Tool Works from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. Truist Financial started coverage on Illinois Tool Works in a research note on Thursday, March 14th. They issued a “buy” rating and a $301.00 target price for the company. Finally, Barclays raised their target price on Illinois Tool Works from $215.00 to $224.00 and gave the stock an “underweight” rating in a research note on Monday, February 5th. Five analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $245.50.

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.