Berkshire Bank Purchases 154 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Berkshire Bank grew its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,119 shares of the industrial products company’s stock after purchasing an additional 154 shares during the period. Berkshire Bank’s holdings in Illinois Tool Works were worth $1,270,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Sivia Capital Partners LLC bought a new stake in shares of Illinois Tool Works in the 1st quarter valued at about $214,000. EP Wealth Advisors LLC increased its holdings in Illinois Tool Works by 42.2% during the 4th quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company’s stock valued at $1,450,000 after purchasing an additional 1,698 shares during the period. Empower Advisory Group LLC increased its holdings in Illinois Tool Works by 3.2% during the 4th quarter. Empower Advisory Group LLC now owns 346,144 shares of the industrial products company’s stock valued at $87,768,000 after purchasing an additional 10,739 shares during the period. Fisher Asset Management LLC increased its holdings in 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 valued at $873,071,000 after purchasing an additional 95,925 shares during the period. Finally, Alteri Wealth LLC purchased a new position in Illinois Tool Works during the 4th quarter valued at about $224,000. Institutional investors own 79.77% of the company’s stock.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 872 shares of Illinois Tool Works stock in a transaction dated Monday, June 2nd. The stock was bought at an average cost of $241.16 per share, with a total value of $210,291.52. Following the completion of the transaction, the director now owns 122,884 shares of the company’s stock, valued at $29,634,705.44. The trade was a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

ITW has been the topic of a number of analyst reports. Evercore ISI dropped their price target on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating on the stock in a research report on Monday, May 19th. Robert W. Baird raised their price objective on Illinois Tool Works from $239.00 to $244.00 and gave the company a “neutral” rating in a research report on Thursday, May 1st. Bank of America downgraded shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price target for the company. in a report on Wednesday, May 7th. UBS Group decreased their price objective on shares of Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating for the company in a research note on Monday, April 7th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price on the stock in a research report on Wednesday, February 19th. 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and a consensus price target of $253.42.

Illinois Tool Works Trading Up 1.2%

ITW opened at $244.29 on Tuesday. The stock has a market capitalization of $71.58 billion, a PE ratio of 20.84, a P/E/G ratio of 4.56 and a beta of 1.10. The firm’s fifty day moving average price is $241.65 and its 200 day moving average price is $251.74. 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 Inc. has a 12-month low of $214.66 and a 12-month high of $279.13.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.34 by $0.04. The company 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 firm’s revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the company earned $2.44 earnings per share. As a group, research analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared 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 yield of 2.46%. The ex-dividend date is Monday, June 30th. Illinois Tool Works’s payout ratio is 52.77%.

Illinois Tool Works Company 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.