CreativeOne Wealth LLC Makes New Investment in Illinois Tool Works Inc. (NYSE:ITW)

CreativeOne Wealth LLC purchased a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 5,260 shares of the industrial products company’s stock, valued at approximately $1,411,000.

A number of other hedge funds also recently bought and sold shares of the business. Norges Bank purchased a new position in Illinois Tool Works during the fourth quarter worth approximately $818,408,000. Corient Private Wealth LLC lifted its position in Illinois Tool Works by 122.7% during the fourth quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock worth $164,927,000 after buying an additional 346,919 shares in the last quarter. International Assets Investment Management LLC lifted its position in Illinois Tool Works by 23,183.6% during the fourth quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock worth $82,579,000 after buying an additional 313,906 shares in the last quarter. Confluence Investment Management LLC purchased a new position in Illinois Tool Works during the first quarter worth approximately $65,747,000. Finally, Pinebridge Investments L.P. lifted its position in Illinois Tool Works by 380.7% during the fourth quarter. Pinebridge Investments L.P. now owns 261,590 shares of the industrial products company’s stock worth $68,521,000 after buying an additional 207,167 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 1.7 %

Shares of NYSE ITW traded up $4.08 during midday trading on Friday, reaching $247.91. 383,993 shares of the company’s stock were exchanged, compared to its average volume of 1,163,231. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The stock has a market capitalization of $73.98 billion, a PE ratio of 24.49, a price-to-earnings-growth ratio of 3.64 and a beta of 1.10. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32. The business’s fifty day moving average price is $240.98 and its two-hundred day moving average price is $251.41.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 97.82% and a net margin of 19.07%. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the previous year, the company earned $2.33 earnings per share. Analysts forecast that Illinois Tool Works Inc. will post 10.16 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 11th. Investors of record on Friday, June 28th were paid a $1.40 dividend. The ex-dividend date was Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a yield of 2.26%. Illinois Tool Works’s dividend payout ratio (DPR) is 55.23%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ITW shares. Citigroup raised their target price on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Jefferies Financial Group dropped their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Saturday, July 20th. Stifel Nicolaus lifted their target price on Illinois Tool Works from $259.00 to $268.00 and gave the company a “hold” rating in a report on Thursday, July 18th. Finally, Wells Fargo & Company decreased their price target on Illinois Tool Works from $244.00 to $230.00 and set an “underweight” rating for the company in a 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 MarketBeat.com, Illinois Tool Works currently has an average rating of “Hold” and an average target price of $253.30.

Insider Buying and Selling at Illinois Tool Works

In related news, Director David Byron Smith, Jr. bought 775 shares of the firm’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 in the company, valued at approximately $29,018,062.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is currently owned by insiders.

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.