Fenimore Asset Management Inc Has $97.03 Million Stake in Illinois Tool Works Inc. (NYSE:ITW)

Fenimore Asset Management Inc grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 0.4% during the 1st quarter, HoldingsChannel.com reports. The firm owned 391,240 shares of the industrial products company’s stock after buying an additional 1,689 shares during the period. Illinois Tool Works accounts for about 2.1% of Fenimore Asset Management Inc’s holdings, making the stock its 17th largest position. Fenimore Asset Management Inc’s holdings in Illinois Tool Works were worth $97,032,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. F M Investments LLC grew its position in Illinois Tool Works by 4.9% in the 4th quarter. F M Investments LLC now owns 896 shares of the industrial products company’s stock worth $227,000 after purchasing an additional 42 shares during the last quarter. Trust Co of the South boosted its position 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 valued at $367,000 after acquiring an additional 42 shares in the last quarter. Harbour Investments Inc. boosted its position 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 valued at $937,000 after acquiring an additional 44 shares in the last quarter. Integrated Advisors Network LLC boosted its position 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 valued at $1,504,000 after acquiring an additional 45 shares in the last quarter. Finally, Capital Advisors Ltd. LLC lifted its holdings in Illinois Tool Works by 3.0% during the 4th quarter. Capital Advisors Ltd. LLC now owns 1,569 shares of the industrial products company’s stock valued at $398,000 after purchasing an additional 46 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. purchased 872 shares of Illinois Tool Works stock in a transaction dated Monday, June 2nd. The shares were bought at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the acquisition, the director now owns 122,884 shares in the company, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

ITW has been the subject of a number of research analyst reports. Truist Financial dropped their target price on shares of Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. UBS Group lowered their price target on shares of 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. Robert W. Baird boosted their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a “neutral” rating in a report on Thursday, May 1st. Barclays decreased their price objective on shares of Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating for the company in a report on Thursday, May 1st. Finally, Citigroup decreased their price objective on shares of Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Three analysts have rated the stock with a sell rating, eight have given 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.com, the stock presently has an average rating of “Hold” and a consensus target price of $253.42.

Illinois Tool Works Stock Up 0.6%

Illinois Tool Works stock opened at $247.69 on Monday. 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 company’s 50-day moving average is $239.64 and its 200-day moving average is $253.01. The firm has a market capitalization of $72.57 billion, a PE ratio of 21.13, a P/E/G ratio of 4.56 and a beta of 1.10. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.34 by $0.04. The firm had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.83 billion. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. The business’s revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.44 EPS. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date is Monday, June 30th. Illinois Tool Works’s dividend payout ratio is presently 52.77%.

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.