Turning Point Benefit Group Inc. Takes $254,000 Position in Illinois Tool Works Inc. (NYSE:ITW)

Turning Point Benefit Group Inc. acquired a new position in Illinois Tool Works Inc. (NYSE:ITW) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,019 shares of the industrial products company’s stock, valued at approximately $254,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Franklin Resources Inc. lifted its stake in Illinois Tool Works by 41.0% during the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock worth $358,321,000 after purchasing an additional 398,676 shares in the last quarter. National Bank of Canada FI raised its stake in shares of Illinois Tool Works by 318.9% in the third quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company’s stock valued at $106,352,000 after acquiring an additional 308,935 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Illinois Tool Works by 2.7% in the third quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company’s stock valued at $1,645,972,000 after acquiring an additional 167,422 shares in the last quarter. Benjamin Edwards Inc. increased its holdings in Illinois Tool Works by 787.3% in the third quarter. Benjamin Edwards Inc. now owns 186,643 shares of the industrial products company’s stock valued at $48,945,000 after buying an additional 165,607 shares during the last quarter. Finally, State Street Corp increased its holdings in Illinois Tool Works by 1.2% in the third quarter. State Street Corp now owns 12,434,001 shares of the industrial products company’s stock valued at $3,277,127,000 after buying an additional 149,272 shares during the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on ITW. Stifel Nicolaus dropped their price objective on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating on the stock in a report on Thursday, February 6th. Evercore ISI dropped their price objective on shares of Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating for the company in a research note on Wednesday. Truist Financial raised their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price for the company in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $269.30.

Illinois Tool Works Stock Down 0.5 %

Shares of NYSE ITW opened at $264.30 on Friday. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $279.13. The firm has a fifty day moving average of $257.08 and a 200-day moving average of $258.29. The stock has a market capitalization of $77.57 billion, a PE ratio of 22.55, a P/E/G ratio of 4.52 and a beta of 1.11. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.41 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.27%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.19%.

Insider Activity

In other news, Director Ernest Scott Santi sold 70,000 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total value of $18,431,000.00. Following the sale, the director now owns 260,224 shares in the company, valued at approximately $68,516,979.20. This represents a 21.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.88% of the company’s stock.

Illinois Tool Works 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.