Good Steward Wealth Advisors LLC Buys New Position in Illinois Tool Works Inc. (NYSE:ITW)

Good Steward Wealth Advisors LLC purchased a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,706 shares of the industrial products company’s stock, valued at approximately $423,000.

Other hedge funds have also recently modified their holdings of the company. Prudent Man Investment Management Inc. acquired a new stake in Illinois Tool Works in the 4th quarter worth approximately $25,000. Ameriflex Group Inc. acquired a new stake in Illinois Tool Works during the 4th quarter worth about $26,000. Redwood Park Advisors LLC purchased a new stake in Illinois Tool Works during the 4th quarter valued at about $26,000. Glass Jacobson Investment Advisors llc increased its holdings in shares of Illinois Tool Works by 336.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 84 shares during the period. Finally, Millstone Evans Group LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter worth about $31,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. purchased 872 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The shares were purchased at an average cost of $241.16 per share, with a total value of $210,291.52. Following the purchase, the director now owns 122,884 shares of the company’s stock, valued at $29,634,705.44. This represents a 0.71% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Stifel Nicolaus increased their price target on shares of Illinois Tool Works from $227.00 to $233.00 and gave the stock a “hold” rating in a report on Thursday, May 1st. Citigroup dropped their price objective on shares of Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 target price for the company. in a report on Wednesday, May 7th. UBS Group lowered their price target on shares of Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. Finally, Evercore ISI reduced their price objective on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating for the company in a research note on Monday, May 19th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $253.42.

Illinois Tool Works Trading Down 0.0%

ITW stock opened at $241.13 on Friday. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25. The firm has a market cap of $70.65 billion, a P/E ratio of 21.21, a PEG ratio of 5.19 and a beta of 1.10. The company’s 50-day simple moving average is $242.18 and its 200-day simple moving average is $251.33.

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 (EPS) for the quarter, topping 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 company had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter in the prior year, the business posted $2.44 earnings per share. Illinois Tool Works’s revenue for the quarter was down 3.4% on a year-over-year basis. 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 declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be paid a $1.50 dividend. The ex-dividend date is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.49%. Illinois Tool Works’s dividend payout ratio is currently 52.77%.

Illinois Tool Works 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.