Occidental Asset Management LLC Has $2.88 Million Stake in Illinois Tool Works Inc. (NYSE:ITW)

Occidental Asset Management LLC raised its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 18.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,733 shares of the industrial products company’s stock after acquiring an additional 1,691 shares during the quarter. Occidental Asset Management LLC’s holdings in Illinois Tool Works were worth $2,880,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Turtle Creek Wealth Advisors LLC acquired a new position in Illinois Tool Works in the fourth quarter valued at about $26,000. Frazier Financial Advisors LLC acquired a new position in shares of Illinois Tool Works in the 4th quarter worth approximately $26,000. Security National Bank bought a new position in Illinois Tool Works during the 4th quarter worth about $28,000. Financial Connections Group Inc. bought a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $28,000. Finally, Bruce G. Allen Investments LLC bought a new position in shares of Illinois Tool Works during the fourth quarter worth about $29,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of ITW traded up $0.96 during trading hours on Friday, hitting $236.96. 3,403,554 shares of the company were exchanged, compared to its average volume of 1,001,118. The company has a market cap of $70.71 billion, a price-to-earnings ratio of 23.36, a P/E/G ratio of 3.53 and a beta of 1.11. The firm’s fifty day moving average is $243.51 and its 200 day moving average is $253.82. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07.

Illinois Tool Works (NYSE:ITW) last released its 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 firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period last year, the firm earned $2.33 EPS. On average, equities analysts anticipate that Illinois Tool Works Inc. will post 10.22 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is presently 55.23%.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. purchased 775 shares of the stock in a transaction dated Thursday, June 13th. The stock was bought at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the acquisition, the director now owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.88% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

ITW has been the topic of a number of research reports. Truist Financial boosted their price objective on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Barclays lowered their target price on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 4th. Wells Fargo & Company decreased their price target on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a research note on Wednesday, May 1st. Citigroup boosted their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Friday, June 21st. Four research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $256.44.

Illinois Tool Works 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.