Banque Cantonale Vaudoise Invests $4.29 Million in Illinois Tool Works Inc. (NYSE:ITW)

Banque Cantonale Vaudoise acquired a new stake in Illinois Tool Works Inc. (NYSE:ITW) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 17,314 shares of the industrial products company’s stock, valued at approximately $4,294,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Meeder Advisory Services Inc. lifted its holdings in Illinois Tool Works by 4.9% during the first quarter. Meeder Advisory Services Inc. now owns 7,018 shares of the industrial products company’s stock worth $1,741,000 after buying an additional 325 shares during the period. Physicians Financial Services Inc. grew its stake in Illinois Tool Works by 1.6% during the 1st quarter. Physicians Financial Services Inc. now owns 6,402 shares of the industrial products company’s stock worth $1,588,000 after buying an additional 100 shares during the last quarter. Foundations Investment Advisors LLC increased its holdings in shares of Illinois Tool Works by 7.8% during the first quarter. Foundations Investment Advisors LLC now owns 1,584 shares of the industrial products company’s stock valued at $393,000 after acquiring an additional 115 shares in the last quarter. Mackenzie Financial Corp lifted its stake in shares of Illinois Tool Works by 18.5% during the first quarter. Mackenzie Financial Corp now owns 84,194 shares of the industrial products company’s stock worth $20,881,000 after buying an additional 13,154 shares during the period. Finally, Shoker Investment Counsel Inc. lifted its stake in shares of Illinois Tool Works by 3.6% during the first quarter. Shoker Investment Counsel Inc. now owns 10,289 shares of the industrial products company’s stock worth $2,552,000 after buying an additional 354 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Insider Activity

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 872 shares of the business’s stock in a transaction on 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 purchase, the director directly owned 122,884 shares in the company, valued at $29,634,705.44. The trade was a 0.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Trading Down 0.7%

ITW stock opened at $259.95 on Tuesday. The business’s 50-day moving average is $250.35 and its 200 day moving average is $250.02. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The stock has a market cap of $76.17 billion, a price-to-earnings ratio of 22.86, a PEG ratio of 5.52 and a beta of 1.09. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.34 by $0.04. The company had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.83 billion. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The firm’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.44 EPS. On average, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Monday, June 30th were paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date was Monday, June 30th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 52.77%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ITW shares. UBS Group reduced their target price on Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating for the company in a research note on Monday, April 7th. Citigroup lifted their target price on Illinois Tool Works from $254.00 to $265.00 and gave the stock a “neutral” rating in a report on Monday, July 14th. Evercore ISI reduced their price target on shares of Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating for the company in a research report on Monday, May 19th. Wells Fargo & Company upped their price objective on shares of Illinois Tool Works from $230.00 to $235.00 and gave the company an “underweight” rating in a report on Tuesday, July 1st. Finally, Truist Financial reduced their target price on shares of Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $255.67.

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.