11,348 Shares in Illinois Tool Works Inc. (NYSE:ITW) Purchased by Tyche Wealth Partners LLC

Tyche Wealth Partners LLC bought a new stake in Illinois Tool Works Inc. (NYSE:ITW) in the fourth quarter, Holdings Channel reports. The fund bought 11,348 shares of the industrial products company’s stock, valued at approximately $2,972,000. Illinois Tool Works makes up approximately 0.7% of Tyche Wealth Partners LLC’s portfolio, making the stock its 29th biggest position.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Arbor Trust Wealth Advisors LLC bought a new position in Illinois Tool Works in the 4th quarter valued at about $208,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Illinois Tool Works by 6.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,226 shares of the industrial products company’s stock valued at $25,991,000 after buying an additional 5,847 shares in the last quarter. Marino Stram & Associates LLC boosted its position in shares of Illinois Tool Works by 1.5% during the 4th quarter. Marino Stram & Associates LLC now owns 3,156 shares of the industrial products company’s stock valued at $827,000 after purchasing an additional 47 shares in the last quarter. United Asset Strategies Inc. boosted its position in shares of Illinois Tool Works by 8.4% during the 4th quarter. United Asset Strategies Inc. now owns 8,162 shares of the industrial products company’s stock valued at $2,138,000 after purchasing an additional 630 shares in the last quarter. Finally, SVB Wealth LLC boosted its position in shares of Illinois Tool Works by 10.6% during the 4th quarter. SVB Wealth LLC now owns 7,992 shares of the industrial products company’s stock valued at $2,093,000 after purchasing an additional 764 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Bank of America lowered shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $260.00 to $235.00 in a research report on Wednesday, January 10th. Wells Fargo & Company lowered shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $277.00 to $240.00 in a research report on Tuesday, February 6th. Barclays raised their price objective on shares of Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a research report on Tuesday, April 2nd. Truist Financial assumed coverage on shares of Illinois Tool Works in a research report on Thursday, March 14th. They set a “buy” rating and a $301.00 price objective for the company. Finally, Stifel Nicolaus raised their target price on shares of Illinois Tool Works from $238.00 to $239.00 and gave the stock a “hold” rating in a report on Tuesday, January 23rd. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works has an average rating of “Hold” and a consensus target price of $254.78.

Illinois Tool Works Stock Down 1.0 %

Shares of NYSE ITW traded down $2.66 during mid-day trading on Tuesday, reaching $251.17. The company had a trading volume of 1,032,092 shares, compared to its average volume of 1,254,056. The stock has a fifty day moving average of $260.93 and a two-hundred day moving average of $250.52. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.97 and a current ratio of 1.33. The company has a market capitalization of $75.03 billion, a price-to-earnings ratio of 26.07, a PEG ratio of 3.73 and a beta of 1.13. Illinois Tool Works Inc. has a 12-month low of $217.06 and a 12-month high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.41 by $0.01. The business had revenue of $3.98 billion during the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The firm’s revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.34 earnings per share. As a group, equities research analysts expect that Illinois Tool Works Inc. will post 10.12 EPS for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.23%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s payout ratio is presently 57.49%.

Insider Activity at Illinois Tool Works

In other news, CAO Randall J. Scheuneman sold 5,827 shares of Illinois Tool Works stock in a transaction that occurred 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 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 legal filing with the SEC, which is available at the SEC website. In other news, CAO Randall J. Scheuneman sold 5,827 shares of Illinois Tool Works stock in a transaction that occurred 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 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 legal filing with the SEC, which is available at the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the transaction, the chief financial officer now directly owns 46,404 shares in the company, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 189,471 shares of company stock valued at $48,712,316. 1.26% of the stock is currently owned by corporate insiders.

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.