Parr Mcknight Wealth Management Group LLC Purchases Shares of 27,368 Illinois Tool Works Inc. (NYSE:ITW)

Parr Mcknight Wealth Management Group LLC purchased a new stake in Illinois Tool Works Inc. (NYSE:ITW) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 27,368 shares of the industrial products company’s stock, valued at approximately $6,939,000. Illinois Tool Works comprises approximately 1.0% of Parr Mcknight Wealth Management Group LLC’s portfolio, making the stock its 25th biggest position.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Clarity Financial LLC acquired a new stake in Illinois Tool Works in the 4th quarter valued at about $315,000. Milestone Asset Management LLC acquired a new stake in Illinois Tool Works during the 4th quarter worth about $941,000. Heck Capital Advisors LLC acquired a new stake in Illinois Tool Works during the 4th quarter worth about $739,000. MOKAN Wealth Management Inc. acquired a new stake in Illinois Tool Works during the 4th quarter worth about $1,096,000. Finally, EP Wealth Advisors LLC raised its holdings in Illinois Tool Works by 42.2% during the 4th quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company’s stock worth $1,450,000 after buying an additional 1,698 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Christopher A. O’herlihy sold 48,453 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $274.36, for a total value of $13,293,565.08. Following the transaction, the chief executive officer now owns 55,113 shares in the company, valued at approximately $15,120,802.68. This represents a 46.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Michael M. Larsen sold 41,472 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $271.25, for a total value of $11,249,280.00. Following the completion of the transaction, the chief financial officer now owns 50,502 shares in the company, valued at $13,698,667.50. This represents a 45.09% decrease in their position. The disclosure for this sale can be found here. 0.88% of the stock is currently owned by corporate insiders.

Illinois Tool Works Price Performance

Shares of ITW opened at $244.53 on Friday. The company has a market capitalization of $71.65 billion, a price-to-earnings ratio of 20.86, a P/E/G ratio of 4.56 and a beta of 1.12. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. The business’s 50-day moving average is $241.32 and its 200-day moving average is $255.21.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The firm 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 company posted $2.44 earnings per share. The firm’s revenue was down 3.4% on a year-over-year basis. Equities research analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be issued 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 2.45%. Illinois Tool Works’s dividend payout ratio is currently 52.77%.

Analyst Ratings Changes

ITW has been the topic of several recent analyst reports. Barclays cut their price objective on Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. Robert W. Baird boosted their price objective on Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a report on Thursday, May 1st. Wall Street Zen downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Stifel Nicolaus boosted their price objective on Illinois Tool Works from $227.00 to $233.00 and gave the stock a “hold” rating in a report on Thursday, May 1st. Finally, Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price objective on the stock. in a report on Wednesday, May 7th. Three 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $253.42.

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.