Illinois Tool Works Inc. (NYSE:ITW) Shares Bought by Evermay Wealth Management LLC

Evermay Wealth Management LLC raised its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 28.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,195 shares of the industrial products company’s stock after purchasing an additional 266 shares during the quarter. Evermay Wealth Management LLC’s holdings in Illinois Tool Works were worth $322,000 as of its most recent filing with the Securities and Exchange Commission.

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

Illinois Tool Works Trading Up 1.9 %

Shares of ITW stock traded up $4.63 during mid-day trading on Thursday, hitting $243.93. 970,534 shares of the company’s stock were exchanged, compared to its average volume of 1,168,718. The stock has a market cap of $72.79 billion, a price-to-earnings ratio of 24.06, a PEG ratio of 3.69 and a beta of 1.10. 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 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 $240.98 and a two-hundred day simple moving average of $251.41.

Illinois Tool Works (NYSE:ITW) last posted 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 company had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The firm’s revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.33 EPS. Equities analysts expect that Illinois Tool Works Inc. will post 10.16 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 11th. Shareholders of record on Friday, June 28th were issued a $1.40 dividend. The ex-dividend date was Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.30%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

Insider Activity

In other news, Director David Byron Smith, Jr. purchased 775 shares of the company’s stock in a transaction on 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 purchase, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

ITW has been the topic of several research reports. Truist Financial lowered their target price on Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a report on Tuesday, July 2nd. Stifel Nicolaus raised their target price on shares of Illinois Tool Works from $259.00 to $268.00 and gave the company a “hold” rating in a report on Thursday, July 18th. Wells Fargo & Company reduced their price target on shares of Illinois Tool Works from $244.00 to $230.00 and set an “underweight” rating on the stock in a report on Wednesday, July 10th. JPMorgan Chase & Co. dropped their price objective on shares of Illinois Tool Works from $275.00 to $267.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Saturday, July 20th. Four analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $253.30.

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.