Illinois Tool Works Inc. (NYSE:ITW) Shares Acquired by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC increased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 23.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,774 shares of the industrial products company’s stock after acquiring an additional 3,693 shares during the period. Illinois Tool Works makes up approximately 1.6% of Palumbo Wealth Management LLC’s portfolio, making the stock its 14th biggest holding. Palumbo Wealth Management LLC’s holdings in Illinois Tool Works were worth $4,904,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Illinois Tool Works by 0.4% during the fourth 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 increased its position in shares of Illinois Tool Works by 3.9% in the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company’s stock valued at $3,465,570,000 after buying an additional 508,188 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Illinois Tool Works by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 6,392,021 shares of the industrial products company’s stock valued at $1,620,491,000 after buying an additional 99,753 shares in the last quarter. Capital Research Global Investors raised its stake 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 buying an additional 71,934 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its position in shares of Illinois Tool Works by 2.9% in 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 buying an additional 95,925 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 0.4%

NYSE:ITW opened at $240.41 on Monday. The business’s fifty day moving average price is $242.34 and its 200 day moving average price is $250.74. The firm has a market capitalization of $70.44 billion, a price-to-earnings ratio of 21.14, a PEG ratio of 5.18 and a beta of 1.10. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its quarterly 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 business had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. Illinois Tool Works’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period in the prior year, the business posted $2.44 earnings per share. On average, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared 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 annualized dividend and a yield of 2.50%. Illinois Tool Works’s dividend payout ratio is 52.77%.

Analyst Ratings Changes

A number of brokerages have commented on ITW. Robert W. Baird increased their target price on Illinois Tool Works from $239.00 to $244.00 and gave the company a “neutral” rating in a report on Thursday, May 1st. Citigroup dropped their price objective on Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Evercore ISI cut their target price on shares of Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating for the company in a research note on Monday, May 19th. Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price target on the stock. in a research note on Wednesday, May 7th. Finally, Stifel Nicolaus boosted their price objective on shares of Illinois Tool Works from $227.00 to $233.00 and gave the company a “hold” rating in a research 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 assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $253.42.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. acquired 872 shares of the company’s stock in a transaction on Monday, June 2nd. The stock was purchased at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the purchase, the director now directly owns 122,884 shares of the company’s stock, valued at $29,634,705.44. The trade was a 0.71% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.88% 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.