Illinois Tool Works Inc. (NYSE:ITW) Shares Acquired by GAMMA Investing LLC

GAMMA Investing LLC raised its stake in Illinois Tool Works Inc. (NYSE:ITW) by 77.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,253 shares of the industrial products company’s stock after acquiring an additional 2,289 shares during the quarter. GAMMA Investing LLC’s holdings in Illinois Tool Works were worth $1,245,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 775 shares of the stock in a transaction dated Thursday, June 13th. The shares were acquired at an average price of $238.82 per share, with a total value of $185,085.50. Following the acquisition, the director now owns 121,506 shares in the company, valued at $29,018,062.92. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.88% of the company’s stock.

Analysts Set New Price Targets

ITW has been the topic of a number of research reports. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a report on Wednesday. Wells Fargo & Company boosted their price target on Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research report on Wednesday. Truist Financial cut their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Jefferies Financial Group dropped their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $250.75.

Illinois Tool Works Stock Up 0.7 %

NYSE ITW traded up $1.59 during trading on Friday, hitting $243.85. 1,281,644 shares of the company traded hands, compared to its average volume of 1,134,753. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The company has a market capitalization of $72.76 billion, a P/E ratio of 24.05, a PEG ratio of 3.80 and a beta of 1.10. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 2.17. The business has a fifty day simple moving average of $240.94 and a 200 day simple moving average of $251.05.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The firm had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business’s revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.41 EPS. As a group, sell-side analysts predict that Illinois Tool Works Inc. will post 10.25 EPS for the current year.

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.