Occidental Asset Management LLC Increases Position in Illinois Tool Works Inc. (NYSE:ITW)

Occidental Asset Management LLC grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 18.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,733 shares of the industrial products company’s stock after acquiring an additional 1,691 shares during the quarter. Occidental Asset Management LLC’s holdings in Illinois Tool Works were worth $2,880,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ITW. Turtle Creek Wealth Advisors LLC bought a new position in Illinois Tool Works during the 4th quarter valued at about $26,000. Frazier Financial Advisors LLC purchased a new position in Illinois Tool Works during the fourth quarter valued at $26,000. Security National Bank bought a new stake in Illinois Tool Works during the fourth quarter valued at about $28,000. Financial Connections Group Inc. purchased a new stake in Illinois Tool Works in the fourth quarter worth about $28,000. Finally, Bruce G. Allen Investments LLC bought a new position in shares of Illinois Tool Works in the fourth quarter worth about $29,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. purchased 775 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was acquired at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the transaction, the director now owns 121,506 shares in the company, valued at approximately $29,018,062.92. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.88% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ITW. Barclays reduced their target price on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a report on Tuesday, June 4th. Wells Fargo & Company dropped their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a report on Wednesday, May 1st. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Friday, June 21st. Citigroup increased their target price on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Finally, Truist Financial boosted their price target on Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $256.44.

Illinois Tool Works Stock Up 0.4 %

NYSE ITW traded up $0.96 on Friday, reaching $236.96. 3,403,554 shares of the stock traded hands, compared to its average volume of 1,001,118. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. 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 company has a fifty day moving average price of $243.51 and a 200-day moving average price of $253.82. The company has a market cap of $70.71 billion, a price-to-earnings ratio of 23.36, a PEG ratio of 3.53 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 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 business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter last year, the firm posted $2.33 EPS. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. As a group, research analysts forecast that Illinois Tool Works Inc. will post 10.22 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 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.