Founders Financial Alliance LLC Buys 74 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Founders Financial Alliance LLC lifted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 7.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,025 shares of the industrial products company’s stock after acquiring an additional 74 shares during the period. Founders Financial Alliance LLC’s holdings in Illinois Tool Works were worth $269,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Illinois Tool Works by 5.0% during the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock worth $6,035,292,000 after buying an additional 1,238,239 shares during the last quarter. Northern Trust Corp grew its stake in Illinois Tool Works by 1.9% during the 3rd quarter. Northern Trust Corp now owns 12,829,189 shares of the industrial products company’s stock worth $2,954,691,000 after buying an additional 244,145 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Illinois Tool Works by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,899,522 shares of the industrial products company’s stock worth $1,578,299,000 after buying an additional 97,568 shares during the last quarter. Norges Bank purchased a new position in Illinois Tool Works during the 4th quarter worth $818,408,000. Finally, Fisher Asset Management LLC grew its stake in Illinois Tool Works by 4.3% during the 4th quarter. Fisher Asset Management LLC now owns 2,951,948 shares of the industrial products company’s stock worth $773,234,000 after buying an additional 122,840 shares during the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the transaction, the chief financial officer now owns 46,404 shares of the company’s stock, valued at $12,299,844.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.88% of the company’s stock.

Wall Street Analysts Forecast Growth

ITW has been the topic of several research analyst reports. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Barclays dropped their price target on Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating on the stock in a research note on Thursday, May 2nd. Wells Fargo & Company dropped their price target on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. Truist Financial boosted their price target on Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Finally, Stifel Nicolaus boosted their price target on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Four analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus target price of $257.78.

Illinois Tool Works Stock Performance

Shares of ITW traded down $1.38 during mid-day trading on Friday, reaching $240.07. The company had a trading volume of 997,894 shares, compared to its average volume of 1,028,236. Illinois Tool Works Inc. has a 52-week low of $217.06 and a 52-week high of $271.15. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The stock has a market capitalization of $71.64 billion, a P/E ratio of 23.68, a PEG ratio of 3.58 and a beta of 1.14. The stock has a 50 day moving average of $254.61 and a two-hundred day moving average of $254.13.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. The firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The company’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.33 earnings per share. On average, analysts expect that Illinois Tool Works Inc. will post 10.24 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders 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 dividend yield of 2.33%. Illinois Tool Works’s payout ratio is currently 55.23%.

About Illinois Tool Works

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.