Axxcess Wealth Management LLC Boosts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Axxcess Wealth Management LLC boosted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 98.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,634 shares of the industrial products company’s stock after purchasing an additional 6,770 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Illinois Tool Works were worth $3,571,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of ITW. Vanguard Group Inc. increased its position in shares of Illinois Tool Works by 5.0% during the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock valued at $6,035,292,000 after purchasing an additional 1,238,239 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Illinois Tool Works by 1.9% in the 3rd quarter. Northern Trust Corp now owns 12,829,189 shares of the industrial products company’s stock worth $2,954,691,000 after acquiring an additional 244,145 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Illinois Tool Works by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,899,522 shares of the industrial products company’s stock valued at $1,578,299,000 after purchasing an additional 97,568 shares during the last quarter. Fisher Asset Management LLC lifted its stake in 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 during the last quarter. Finally, Stifel Financial Corp boosted its position in shares of Illinois Tool Works by 1.3% during the third quarter. Stifel Financial Corp now owns 1,742,605 shares of the industrial products company’s stock valued at $401,352,000 after buying an additional 22,238 shares during the period. Institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on ITW shares. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Wednesday. Truist Financial upped their target price on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research note on Wednesday. Barclays decreased their price target on shares of Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating for the company in a research note on Thursday. Stifel Nicolaus increased their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Finally, Citigroup lifted their target price on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Four equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $257.78.

Illinois Tool Works Stock Performance

Illinois Tool Works stock traded up $1.88 during mid-day trading on Friday, reaching $243.92. 929,954 shares of the company traded hands, compared to its average volume of 1,218,462. The company has a market capitalization of $72.87 billion, a price-to-earnings ratio of 24.06, a price-to-earnings-growth ratio of 3.55 and a beta of 1.14. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.97. Illinois Tool Works Inc. has a fifty-two week low of $217.06 and a fifty-two week high of $271.15. The firm’s fifty day moving average is $258.75 and its two-hundred day moving average is $251.73.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the previous year, the company posted $2.33 earnings per share. The company’s revenue was down 1.1% compared to the same quarter last year. On average, equities research analysts expect that Illinois Tool Works Inc. will post 10.35 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were issued a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.30%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s payout ratio is 55.23%.

Insiders Place Their Bets

In other news, Chairman Ernest Scott Santi sold 50,000 shares of the company’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total value of $12,722,000.00. Following the sale, the chairman now owns 221,015 shares in the company, valued at $56,235,056.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 5,827 shares of Illinois Tool Works stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.29, for a total value of $1,493,401.83. Following the completion of the transaction, the chief accounting officer now owns 8,870 shares of the company’s stock, valued at $2,273,292.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the sale, the chairman now directly owns 221,015 shares in the company, valued at $56,235,056.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 139,471 shares of company stock valued at $35,970,816. Company insiders own 0.88% of the company’s stock.

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.