753 Shares in Illinois Tool Works Inc. (NYSE:ITW) Purchased by Forza Wealth Management LLC

Forza Wealth Management LLC purchased a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 753 shares of the industrial products company’s stock, valued at approximately $202,000.

A number of other large investors have also recently made changes to their positions in ITW. Briaud Financial Planning Inc bought a new stake in Illinois Tool Works in the third quarter valued at $25,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Illinois Tool Works during the 4th quarter valued at about $26,000. Frazier Financial Advisors LLC bought a new stake in shares of Illinois Tool Works during the 4th quarter valued at about $26,000. Financial Connections Group Inc. bought a new position in Illinois Tool Works in the fourth quarter worth about $28,000. Finally, Security National Bank purchased a new stake in Illinois Tool Works in the fourth quarter worth about $28,000. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Stock Up 0.4 %

Shares of ITW traded up $0.96 on Monday, hitting $249.24. 1,629,618 shares of the stock traded hands, compared to its average volume of 1,246,454. Illinois Tool Works Inc. has a one year low of $217.06 and a one year high of $271.15. The company has a market capitalization of $74.46 billion, a PE ratio of 25.59, a P/E/G ratio of 3.65 and a beta of 1.13. The business has a 50 day simple moving average of $259.95 and a 200 day simple moving average of $251.70. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.97 and a current ratio of 1.33.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.01. The business had revenue of $3.98 billion during the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter last year, the company earned $2.34 EPS. As a group, equities analysts forecast that Illinois Tool Works Inc. will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s payout ratio is presently 57.49%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ITW. Bank of America lowered Illinois Tool Works from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $260.00 to $235.00 in a research report on Wednesday, January 10th. Citigroup increased their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Barclays boosted their target price on shares of Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a report on Tuesday, April 2nd. Wells Fargo & Company cut shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $277.00 to $240.00 in a research report on Tuesday, February 6th. Finally, Truist Financial started coverage on shares of Illinois Tool Works in a report on Thursday, March 14th. They issued a “buy” rating and a $301.00 price objective on the stock. Four research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and a consensus price target of $257.00.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the completion of the sale, the chairman now directly owns 221,015 shares in the company, valued at approximately $56,235,056.60. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the sale, the chief financial officer now directly owns 46,404 shares in the company, valued at $12,299,844.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the completion of the transaction, the chairman now owns 221,015 shares in the company, valued at $56,235,056.60. The disclosure for this sale can be found here. Insiders sold 189,471 shares of company stock worth $48,712,316 over the last three months. 1.26% of the stock is currently owned by company insiders.

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.