Kingsview Wealth Management LLC Purchases 9,867 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Kingsview Wealth Management LLC raised its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 95.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,207 shares of the industrial products company’s stock after acquiring an additional 9,867 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Illinois Tool Works were worth $5,012,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Prudent Man Investment Management Inc. bought a new position in shares of Illinois Tool Works during the 4th quarter valued at about $25,000. Ameriflex Group Inc. acquired a new position in Illinois Tool Works in the 4th quarter valued at $26,000. Redwood Park Advisors LLC acquired a new position in Illinois Tool Works in the 4th quarter valued at $26,000. von Borstel & Associates Inc. acquired a new position in Illinois Tool Works in the 1st quarter valued at $26,000. Finally, Glass Jacobson Investment Advisors llc lifted its position in shares of Illinois Tool Works by 336.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 84 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 872 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The shares were purchased at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the transaction, the director owned 122,884 shares in the company, 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 filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

Shares of ITW stock opened at $257.82 on Friday. The company has a market capitalization of $75.54 billion, a PE ratio of 22.68, a price-to-earnings-growth ratio of 5.43 and a beta of 1.09. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The firm has a fifty day simple moving average of $248.77 and a 200-day simple moving average of $249.55. 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 (NYSE:ITW) last released its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS 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 21.37% and a return on equity of 92.77%. Illinois Tool Works’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the company earned $2.44 EPS. Equities research analysts anticipate 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 was paid on Friday, July 11th. Investors of record on Monday, June 30th were issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend was Monday, June 30th. Illinois Tool Works’s dividend payout ratio is currently 52.77%.

Analysts Set New Price Targets

ITW has been the topic of several research analyst reports. Bank of America lowered Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price objective on the stock. in a research note on Wednesday, May 7th. Evercore ISI lowered their target price on 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. Truist Financial reduced their price objective 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. Robert W. Baird boosted their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a research note on Thursday, May 1st. Finally, Wells Fargo & Company upped their target price on Illinois Tool Works from $230.00 to $235.00 and gave the company an “underweight” rating in a research report on Tuesday, July 1st. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $253.83.

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.