GAMMA Investing LLC Buys 2,057,872 Shares of Illinois Tool Works Inc. (NYSE:ITW)

GAMMA Investing LLC grew its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 26,372.8% in the first quarter, HoldingsChannel reports. The fund owned 2,065,675 shares of the industrial products company’s stock after buying an additional 2,057,872 shares during the period. Illinois Tool Works accounts for 0.9% of GAMMA Investing LLC’s portfolio, making the stock its 19th largest position. GAMMA Investing LLC’s holdings in Illinois Tool Works were worth $5,123,080,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of ITW. Baron Wealth Management LLC boosted its holdings in shares of Illinois Tool Works by 4.5% during the 4th quarter. Baron Wealth Management LLC now owns 910 shares of the industrial products company’s stock worth $231,000 after buying an additional 39 shares in the last quarter. F M Investments LLC boosted its holdings in shares of Illinois Tool Works by 4.9% during the 4th quarter. F M Investments LLC now owns 896 shares of the industrial products company’s stock worth $227,000 after buying an additional 42 shares in the last quarter. Trust Co of the South boosted its holdings in shares of Illinois Tool Works by 2.9% during the 1st quarter. Trust Co of the South now owns 1,478 shares of the industrial products company’s stock worth $367,000 after buying an additional 42 shares in the last quarter. Harbour Investments Inc. boosted its holdings in shares of Illinois Tool Works by 1.2% during the 4th quarter. Harbour Investments Inc. now owns 3,696 shares of the industrial products company’s stock worth $937,000 after buying an additional 44 shares in the last quarter. Finally, Integrated Advisors Network LLC boosted its holdings in shares of Illinois Tool Works by 0.8% during the 4th quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company’s stock worth $1,504,000 after buying an additional 45 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Insider Activity

In other news, CFO Michael M. Larsen sold 41,472 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $271.25, for a total transaction 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 approximately $13,698,667.50. This represents a 45.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Christopher A. O’herlihy sold 48,453 shares of the stock in a transaction 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 of the company’s stock, valued at $15,120,802.68. The trade was a 46.78% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Trading Up 0.6%

NYSE ITW opened at $245.34 on Friday. The firm has a market capitalization of $71.88 billion, a P/E ratio of 20.93, a PEG ratio of 4.56 and a beta of 1.12. The business has a fifty day simple moving average of $240.30 and a 200 day simple moving average of $254.24. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $2.34 by $0.04. The business had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Illinois Tool Works’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.44 EPS. On average, analysts predict 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 given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date is Monday, June 30th. Illinois Tool Works’s payout ratio is currently 52.77%.

Wall Street Analyst Weigh In

ITW has been the topic of a number of research analyst reports. UBS Group cut their price target on Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. Deutsche Bank Aktiengesellschaft upgraded Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price on the stock in a report on Wednesday, February 19th. Wells Fargo & Company cut their target price on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a report on Thursday, February 6th. Barclays cut their target price 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. Finally, Stifel Nicolaus increased their target price on Illinois Tool Works from $227.00 to $233.00 and gave the stock a “hold” rating in a report on Thursday, May 1st. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $253.42.

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.