Massachusetts Wealth Management Increases Stake in Illinois Tool Works Inc. (NYSE:ITW)

Massachusetts Wealth Management grew its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 9.1% in the first quarter, Holdings Channel reports. The institutional investor owned 7,179 shares of the industrial products company’s stock after buying an additional 600 shares during the period. Illinois Tool Works accounts for 1.4% of Massachusetts Wealth Management’s holdings, making the stock its 27th biggest holding. Massachusetts Wealth Management’s holdings in Illinois Tool Works were worth $1,926,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Norden Group LLC grew its stake in shares of Illinois Tool Works by 1,889.1% during the 1st quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock worth $7,103,000 after purchasing an additional 25,144 shares during the period. Meadow Creek Wealth Advisors LLC acquired a new position in shares of Illinois Tool Works during the 1st quarter worth $1,062,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired a new position in shares of Illinois Tool Works during the 1st quarter worth $159,000. Cullinan Associates Inc. grew its stake in shares of Illinois Tool Works by 33.0% during the 1st quarter. Cullinan Associates Inc. now owns 42,504 shares of the industrial products company’s stock worth $11,405,000 after purchasing an additional 10,539 shares during the period. Finally, Claro Advisors LLC grew its stake in Illinois Tool Works by 5.4% in the 1st quarter. Claro Advisors LLC now owns 3,622 shares of the industrial products company’s stock valued at $972,000 after acquiring an additional 187 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Citigroup increased their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Monday. Wells Fargo & Company lowered their price objective on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. Barclays lowered their price objective on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research note on Tuesday, June 4th. Finally, Truist Financial lowered their price objective on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a research note on Tuesday. Four analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $254.00.

Illinois Tool Works Trading Up 0.2 %

NYSE:ITW traded up $0.48 on Thursday, reaching $235.99. The stock had a trading volume of 475,351 shares, compared to its average volume of 1,025,234. The company has a market cap of $70.42 billion, a price-to-earnings ratio of 23.26, a P/E/G ratio of 3.46 and a beta of 1.10. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month 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 is $242.88 and its two-hundred day moving average is $253.50.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping 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 net margin of 19.07% and a return on equity of 97.82%. The company’s revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the firm posted $2.33 EPS. Equities analysts expect that Illinois Tool Works Inc. will post 10.22 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be issued a dividend of $1.40 per share. The ex-dividend date is Friday, June 28th. This represents a $5.60 annualized dividend and a dividend yield of 2.37%. Illinois Tool Works’s payout ratio is currently 55.23%.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. acquired 775 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were acquired at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the acquisition, the director now directly owns 121,506 shares in the company, valued at approximately $29,018,062.92. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.26% 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.