Sandy Cove Advisors LLC Purchases 334 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Sandy Cove Advisors LLC boosted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 10.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,516 shares of the industrial products company’s stock after acquiring an additional 334 shares during the quarter. Sandy Cove Advisors LLC’s holdings in Illinois Tool Works were worth $943,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Illinois Tool Works by 5.0% in the third quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock worth $6,035,292,000 after buying an additional 1,238,239 shares during the period. Norges Bank bought a new position in shares of Illinois Tool Works in the fourth quarter worth approximately $818,408,000. Fisher Asset Management LLC increased its stake in shares of Illinois Tool Works by 4.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,951,948 shares of the industrial products company’s stock worth $773,234,000 after purchasing an additional 122,840 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Illinois Tool Works by 2.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,350,363 shares of the industrial products company’s stock valued at $353,715,000 after purchasing an additional 26,089 shares during the period. Finally, Alecta Tjanstepension Omsesidigt lifted its stake in shares of Illinois Tool Works by 150.0% during the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock valued at $294,671,000 after buying an additional 675,000 shares in the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Illinois Tool Works

In related news, Director David Byron Smith, Jr. bought 775 shares of the stock in a transaction on Thursday, June 13th. The stock was bought 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 directly owns 121,506 shares in the company, valued at $29,018,062.92. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.88% of the company’s stock.

Wall Street Analysts Forecast Growth

ITW has been the topic of several research analyst reports. Wells Fargo & Company lowered their price objective on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. Barclays reduced 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 report on Tuesday, June 4th. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Friday, June 21st. Truist Financial increased their price objective on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Finally, Stifel Nicolaus boosted their target price on Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and an average price target of $256.44.

Illinois Tool Works Trading Up 0.4 %

NYSE:ITW traded up $0.96 during midday trading on Friday, hitting $236.96. 3,403,554 shares of the company traded hands, compared to its average volume of 1,001,118. The firm’s fifty day moving average is $243.51 and its 200-day moving average is $253.84. The firm has a market capitalization of $70.71 billion, a P/E ratio of 23.37, a P/E/G ratio of 3.52 and a beta of 1.11. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month high of $271.15.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same period in the previous year, the firm earned $2.33 earnings per share. The business’s revenue was down 1.1% on a year-over-year basis. On average, sell-side analysts predict that Illinois Tool Works Inc. will post 10.22 EPS for the current 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 dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.36%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s payout ratio is 55.23%.

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.