TD Asset Management Inc Boosts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

TD Asset Management Inc boosted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 106,418 shares of the industrial products company’s stock after purchasing an additional 60 shares during the quarter. TD Asset Management Inc’s holdings in Illinois Tool Works were worth $26,393,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. HB Wealth Management LLC increased its holdings in Illinois Tool Works by 20.7% during the 1st quarter. HB Wealth Management LLC now owns 24,383 shares of the industrial products company’s stock worth $6,047,000 after purchasing an additional 4,182 shares during the last quarter. Phoenix Financial Ltd. increased its holdings in Illinois Tool Works by 24.3% during the 1st quarter. Phoenix Financial Ltd. now owns 1,060 shares of the industrial products company’s stock worth $263,000 after purchasing an additional 207 shares during the last quarter. Assetmark Inc. grew its position in shares of Illinois Tool Works by 19.7% in the 1st quarter. Assetmark Inc. now owns 2,423 shares of the industrial products company’s stock worth $601,000 after acquiring an additional 398 shares in the last quarter. Cetera Investment Advisers grew its position in shares of Illinois Tool Works by 9.1% in the 1st quarter. Cetera Investment Advisers now owns 69,592 shares of the industrial products company’s stock worth $17,260,000 after acquiring an additional 5,821 shares in the last quarter. Finally, Lifeworks Advisors LLC grew its position in shares of Illinois Tool Works by 18.4% in the 1st quarter. Lifeworks Advisors LLC now owns 18,083 shares of the industrial products company’s stock worth $4,485,000 after acquiring an additional 2,808 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Down 0.3%

Shares of ITW stock opened at $259.24 on Wednesday. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.16 and a current ratio of 1.60. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The stock has a fifty day moving average of $250.53 and a two-hundred day moving average of $250.08. The firm has a market capitalization of $75.96 billion, a PE ratio of 22.80, a price-to-earnings-growth ratio of 5.48 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW) last announced 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 during the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the previous year, the firm posted $2.44 EPS. The firm’s quarterly revenue was down 3.4% on a year-over-year basis. As a group, research analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

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

Analyst Ratings Changes

ITW has been the subject of several research reports. UBS Group decreased their target price on Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Stifel Nicolaus boosted their price objective on Illinois Tool Works from $233.00 to $255.00 and gave the company a “hold” rating in a research report on Monday, July 21st. Truist Financial reduced their price objective on Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating for the company in a research 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 company a “neutral” rating in a research report on Thursday, May 1st. Finally, Wells Fargo & Company boosted their price objective on Illinois Tool Works from $230.00 to $235.00 and gave the company an “underweight” rating in a research report on Tuesday, July 1st. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $255.67.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 872 shares of the business’s stock in a transaction dated Monday, June 2nd. The stock was acquired at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the acquisition, the director directly owned 122,884 shares in the company, valued at $29,634,705.44. This represents a 0.71% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.88% 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.