Raymond James & Associates Has $139.90 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Raymond James & Associates grew its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 521,354 shares of the industrial products company’s stock after purchasing an additional 5,932 shares during the period. Raymond James & Associates owned about 0.17% of Illinois Tool Works worth $139,895,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Cornerstone Wealth Management LLC raised its position in Illinois Tool Works by 2.8% in the fourth quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company’s stock worth $395,000 after acquiring an additional 41 shares during the period. Summit Financial LLC raised its position in Illinois Tool Works by 1.6% in the fourth quarter. Summit Financial LLC now owns 2,601 shares of the industrial products company’s stock worth $685,000 after acquiring an additional 41 shares during the period. Catalyst Financial Partners LLC raised its position in Illinois Tool Works by 2.5% in the fourth quarter. Catalyst Financial Partners LLC now owns 1,767 shares of the industrial products company’s stock worth $463,000 after acquiring an additional 43 shares during the period. Nicolet Advisory Services LLC raised its position in Illinois Tool Works by 4.5% in the third quarter. Nicolet Advisory Services LLC now owns 1,066 shares of the industrial products company’s stock worth $247,000 after acquiring an additional 46 shares during the period. Finally, PFG Advisors raised its position in Illinois Tool Works by 0.7% in the fourth quarter. PFG Advisors now owns 6,655 shares of the industrial products company’s stock worth $1,743,000 after acquiring an additional 46 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on ITW. Barclays boosted their price target on shares of Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a research report on Tuesday, April 2nd. Stifel Nicolaus boosted their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Truist Financial began coverage on shares of Illinois Tool Works in a research report on Thursday, March 14th. They issued a “buy” rating and a $301.00 price target on the stock. Citigroup boosted their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, Bank of America lowered shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $260.00 to $235.00 in a research report on Wednesday, January 10th. Four analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Illinois Tool Works currently has an average rating of “Hold” and a consensus price target of $257.00.

Illinois Tool Works Price Performance

NYSE:ITW traded down $5.13 during mid-day trading on Tuesday, hitting $244.11. 2,396,398 shares of the stock traded hands, compared to its average volume of 1,260,638. The business’s 50-day moving average price is $259.72 and its 200 day moving average price is $251.79. The company has a market cap of $72.93 billion, a PE ratio of 25.06, a price-to-earnings-growth ratio of 3.65 and a beta of 1.13. Illinois Tool Works Inc. has a 12-month low of $217.06 and a 12-month high of $271.15. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, beating the consensus estimate of $2.41 by $0.01. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The company had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $4.01 billion. During the same quarter in the previous year, the company earned $2.34 earnings per share. Illinois Tool Works’s revenue for the quarter was up .3% on a year-over-year basis. On average, analysts expect that Illinois Tool Works Inc. will post 10.12 EPS 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. Shareholders of record on Friday, March 29th were paid a $1.40 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.60 dividend on an annualized basis and a yield of 2.29%. Illinois Tool Works’s dividend payout ratio is presently 57.49%.

Insiders Place Their Bets

In other Illinois Tool Works 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 value of $9,851,485.02. Following the completion of the transaction, the chief financial officer now owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The transaction was disclosed in a filing with the SEC, which is available through this link. In other 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 value 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 approximately $12,299,844.24. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Sharon Szafranski sold 801 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $256.42, for a total transaction of $205,392.42. Following the completion of the sale, the executive vice president now owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The disclosure for this sale can be found here. Insiders sold a total of 189,471 shares of company stock valued at $48,712,316 in the last quarter. Corporate insiders own 1.26% of the company’s stock.

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.