Kolinsky Wealth Management LLC Purchases 56 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Kolinsky Wealth Management LLC lifted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 847 shares of the industrial products company’s stock after purchasing an additional 56 shares during the quarter. Kolinsky Wealth Management LLC’s holdings in Illinois Tool Works were worth $215,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in ITW. Vanguard Group Inc. raised its holdings in shares of Illinois Tool Works by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 26,326,996 shares of the industrial products company’s stock worth $6,675,473,000 after acquiring an additional 94,601 shares during the period. Northern Trust Corp increased its holdings in Illinois Tool Works by 3.9% during the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company’s stock worth $3,465,570,000 after purchasing an additional 508,188 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Illinois Tool Works by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 6,392,021 shares of the industrial products company’s stock valued at $1,620,491,000 after purchasing an additional 99,753 shares during the period. Capital Research Global Investors lifted its holdings in shares of Illinois Tool Works by 1.8% in the fourth quarter. Capital Research Global Investors now owns 4,132,493 shares of the industrial products company’s stock valued at $1,047,837,000 after purchasing an additional 71,934 shares in the last quarter. Finally, Fisher Asset Management LLC raised its position in Illinois Tool Works by 2.9% in the 4th quarter. Fisher Asset Management LLC now owns 3,443,251 shares of the industrial products company’s stock valued at $873,071,000 after buying an additional 95,925 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on ITW shares. Truist Financial cut their price objective on shares of Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Wells Fargo & Company cut their price target on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research report on Thursday, February 6th. Barclays decreased their price objective on Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating for the company in a report on Thursday, May 1st. Evercore ISI dropped their target price on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating on the stock in a report on Monday. Finally, Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price target for the company. in a research report on Wednesday, May 7th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $253.42.

Insider Activity at Illinois Tool Works

In related news, CEO Christopher A. O’herlihy sold 48,453 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $274.36, for a total value of $13,293,565.08. Following the completion of the sale, the chief executive officer now directly owns 55,113 shares in the company, valued at $15,120,802.68. The trade was a 46.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Michael M. Larsen sold 41,472 shares of the company’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $271.25, for a total value of $11,249,280.00. Following the completion of the transaction, the chief financial officer now directly owns 50,502 shares in the company, valued at approximately $13,698,667.50. This represents a 45.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.88% of the stock is owned by company insiders.

Illinois Tool Works Price Performance

NYSE:ITW opened at $244.73 on Thursday. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The firm has a market capitalization of $71.71 billion, a price-to-earnings ratio of 20.88, a P/E/G ratio of 4.56 and a beta of 1.12. The stock’s 50 day moving average price is $241.56 and its two-hundred day moving average price is $255.35. 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 posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $2.34 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The business had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.83 billion. During the same quarter in the prior year, the business earned $2.44 EPS. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works’s payout ratio is 52.77%.

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.