Avidian Wealth Solutions LLC Buys New Shares in Illinois Tool Works Inc. (NYSE:ITW)

Avidian Wealth Solutions LLC acquired a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 819 shares of the industrial products company’s stock, valued at approximately $215,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. National Bank of Canada FI grew its position in shares of Illinois Tool Works by 42.5% during the fourth quarter. National Bank of Canada FI now owns 122,456 shares of the industrial products company’s stock worth $31,908,000 after purchasing an additional 36,506 shares in the last quarter. TCG Advisory Services LLC bought a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $378,000. AJOVista LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter worth $94,000. Provence Wealth Management Group boosted its position in shares of Illinois Tool Works by 49,450.0% during the fourth quarter. Provence Wealth Management Group now owns 991 shares of the industrial products company’s stock worth $260,000 after acquiring an additional 989 shares during the last quarter. Finally, Sapient Capital LLC purchased a new position in Illinois Tool Works during the fourth quarter valued at $1,700,000. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Illinois Tool Works stock opened at $245.15 on Tuesday. Illinois Tool Works Inc. has a 1-year low of $217.06 and a 1-year high of $271.15. The company’s 50-day moving average is $258.45 and its 200 day moving average is $252.17. The firm has a market capitalization of $73.15 billion, a P/E ratio of 24.18, a price-to-earnings-growth ratio of 3.59 and a beta of 1.14. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same period last year, the company earned $2.33 EPS. Illinois Tool Works’s quarterly revenue was down 1.1% compared to the same quarter last year. Research analysts forecast that Illinois Tool Works Inc. will post 10.29 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be issued a dividend of $1.40 per share. The ex-dividend date is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a yield of 2.28%. Illinois Tool Works’s payout ratio is 55.23%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ITW. Stifel Nicolaus boosted their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Truist Financial lifted their price objective on Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Citigroup increased their target price on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Wells Fargo & Company reduced their price target on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. Finally, Bank of America lowered shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $260.00 to $235.00 in a research report on Wednesday, January 10th. Four analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $257.78.

Insiders Place Their Bets

In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 45,676 shares of Illinois Tool Works stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.12, for a total transaction of $11,698,537.12. Following the completion of the sale, the chairman now directly owns 221,015 shares of the company’s stock, valued at approximately $56,606,361.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the transaction, the chief financial officer now directly owns 46,404 shares of the company’s stock, valued at $12,299,844.24. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Ernest Scott Santi sold 45,676 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.12, for a total value of $11,698,537.12. Following the sale, the chairman now owns 221,015 shares of the company’s stock, valued at approximately $56,606,361.80. The disclosure for this sale can be found here. Insiders have sold 89,471 shares of company stock worth $23,248,816 in the last three months. Corporate insiders own 1.26% of the company’s stock.

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.