TIAA Trust National Association Raises Holdings in Illinois Tool Works Inc. (NYSE:ITW)

TIAA Trust National Association lifted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.9% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 22,714 shares of the industrial products company’s stock after purchasing an additional 1,067 shares during the period. TIAA Trust National Association’s holdings in Illinois Tool Works were worth $6,095,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of ITW. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $26,000. Frazier Financial Advisors LLC purchased a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $26,000. Financial Connections Group Inc. purchased a new position in Illinois Tool Works in the 4th quarter valued at approximately $28,000. Security National Bank purchased a new position in Illinois Tool Works in the 4th quarter valued at approximately $28,000. Finally, Bruce G. Allen Investments LLC purchased a new position in Illinois Tool Works in the 4th quarter valued at approximately $29,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 775 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, June 13th. The shares were purchased at an average price 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Barclays dropped their price objective on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a research note on Tuesday, June 4th. Truist Financial dropped their price objective on Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating for the company in a research note on Tuesday, July 2nd. Citigroup raised their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Stifel Nicolaus raised their price objective on Illinois Tool Works from $259.00 to $268.00 and gave the company a “hold” rating in a research note on Thursday. Finally, Wells Fargo & Company dropped their price target on Illinois Tool Works from $244.00 to $230.00 and set an “underweight” rating for the company in a research report on Wednesday, July 10th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and an average price target of $252.10.

Illinois Tool Works Trading Down 2.7 %

Shares of ITW stock traded down $6.67 during mid-day trading on Friday, hitting $242.62. 2,575,575 shares of the company’s stock were exchanged, compared to its average volume of 1,073,437. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. The stock has a 50-day simple moving average of $241.51 and a two-hundred day simple moving average of $251.80. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The stock has a market cap of $72.40 billion, a price-to-earnings ratio of 23.93, a PEG ratio of 3.69 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The business had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter last year, the firm earned $2.33 earnings per share. The business’s revenue was down 1.1% on a year-over-year basis. Equities analysts expect that Illinois Tool Works Inc. will post 10.16 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 11th. Stockholders of record on Friday, June 28th were issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend was Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is 55.23%.

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.