Sky Investment Group LLC Buys 50 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Sky Investment Group LLC lifted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 35,114 shares of the industrial products company’s stock after acquiring an additional 50 shares during the quarter. Illinois Tool Works comprises approximately 1.6% of Sky Investment Group LLC’s holdings, making the stock its 20th largest position. Sky Investment Group LLC’s holdings in Illinois Tool Works were worth $8,709,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in ITW. Vanguard Group Inc. lifted its position in shares of Illinois Tool Works by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 26,326,996 shares of the industrial products company’s stock worth $6,675,473,000 after purchasing an additional 94,601 shares during the last quarter. Northern Trust Corp lifted its position in shares of Illinois Tool Works by 3.9% during the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company’s stock worth $3,465,570,000 after purchasing an additional 508,188 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Illinois Tool Works by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 6,392,021 shares of the industrial products company’s stock worth $1,620,491,000 after purchasing an additional 99,753 shares during the last quarter. Capital Research Global Investors lifted its position in shares of Illinois Tool Works by 1.8% during the 4th quarter. Capital Research Global Investors now owns 4,132,493 shares of the industrial products company’s stock worth $1,047,837,000 after purchasing an additional 71,934 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its position in shares of Illinois Tool Works by 2.9% during the 4th quarter. Fisher Asset Management LLC now owns 3,443,251 shares of the industrial products company’s stock worth $873,071,000 after purchasing an additional 95,925 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 872 shares of the firm’s stock in a transaction on Monday, June 2nd. The shares were purchased at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the transaction, the director now owns 122,884 shares of the company’s stock, valued at approximately $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Trading Down 0.3%

ITW stock opened at $245.89 on Friday. The business has a fifty day moving average price of $240.64 and a 200 day moving average price of $252.54. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The stock has a market capitalization of $72.05 billion, a price-to-earnings ratio of 20.98, a P/E/G ratio of 4.56 and a beta of 1.10. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99.

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 analysts’ consensus estimates of $2.34 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The firm had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.83 billion. During the same period last year, the firm posted $2.44 EPS. The business’s revenue was down 3.4% on a year-over-year basis. Analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be given a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.44%. Illinois Tool Works’s payout ratio is 52.77%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on ITW shares. Robert W. Baird boosted their price objective on Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a research report on Thursday, May 1st. Barclays cut their price target on 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. UBS Group cut their price target on Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating for the company in a report on Monday, April 7th. Evercore ISI cut their price target on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating for the company in a report on Monday, May 19th. Finally, Truist Financial cut their price target on Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $253.42.

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.