Patrick M Sweeney & Associates Inc. Buys New Stake in Illinois Tool Works Inc. (NYSE:ITW)

Patrick M Sweeney & Associates Inc. purchased a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,046 shares of the industrial products company’s stock, valued at approximately $536,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brown Advisory Inc. boosted its position in Illinois Tool Works by 3.1% during the third quarter. Brown Advisory Inc. now owns 66,304 shares of the industrial products company’s stock worth $15,271,000 after purchasing an additional 2,001 shares in the last quarter. Lindbrook Capital LLC grew its stake in Illinois Tool Works by 8.9% in the 3rd quarter. Lindbrook Capital LLC now owns 2,810 shares of the industrial products company’s stock valued at $647,000 after acquiring an additional 229 shares during the period. Verdence Capital Advisors LLC increased its holdings in Illinois Tool Works by 2.1% in the 3rd quarter. Verdence Capital Advisors LLC now owns 9,646 shares of the industrial products company’s stock worth $2,222,000 after acquiring an additional 203 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Illinois Tool Works by 1.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 93,379 shares of the industrial products company’s stock worth $21,506,000 after acquiring an additional 1,682 shares during the period. Finally, Mackenzie Financial Corp lifted its holdings in Illinois Tool Works by 3.6% during the third quarter. Mackenzie Financial Corp now owns 28,441 shares of the industrial products company’s stock valued at $6,553,000 after purchasing an additional 987 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 0.1 %

Shares of ITW stock traded up $0.26 during trading on Wednesday, hitting $247.40. 617,090 shares of the stock traded hands, compared to its average volume of 1,239,295. The firm has a market capitalization of $73.82 billion, a P/E ratio of 24.37, a price-to-earnings-growth ratio of 3.59 and a beta of 1.14. Illinois Tool Works Inc. has a 52-week low of $217.06 and a 52-week high of $271.15. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. The firm’s fifty day moving average price is $258.17 and its 200-day moving average price is $252.34.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating the consensus estimate of $2.35 by $0.09. The business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.33 EPS. As a group, research analysts forecast that Illinois Tool Works Inc. will post 10.29 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 Thursday, July 11th. Stockholders of record on Friday, June 28th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is 55.23%.

Analyst Ratings Changes

Several research firms have recently weighed in on ITW. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $260.00 to $235.00 in a research report on Wednesday, January 10th. Stifel Nicolaus increased their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Citigroup raised their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Finally, Wells Fargo & Company lowered their target price on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a report on Wednesday, May 1st. Four equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $257.78.

Insider Buying and Selling

In other Illinois Tool Works news, EVP Sharon Szafranski sold 801 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $256.42, for a total value of $205,392.42. Following the sale, the executive vice president now owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Sharon Szafranski sold 801 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.42, for a total transaction of $205,392.42. Following the sale, the executive vice president now owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Ernest Scott Santi sold 45,676 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $256.12, for a total transaction of $11,698,537.12. Following the sale, the chairman now directly owns 221,015 shares in the company, valued at $56,606,361.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 89,471 shares of company stock valued at $23,248,816. Company insiders own 1.26% of the company’s stock.

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.