Steele Capital Management Inc. Purchases New Position in Illinois Tool Works Inc. (NYSE:ITW)

Steele Capital Management Inc. bought a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 823 shares of the industrial products company’s stock, valued at approximately $216,000.

A number of other large investors have also recently made changes to their positions in ITW. Vanguard Group Inc. lifted its position in 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 worth $6,035,292,000 after acquiring an additional 1,238,239 shares during the period. Alecta Tjanstepension Omsesidigt grew its position in Illinois Tool Works by 150.0% in the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock valued at $294,671,000 after buying an additional 675,000 shares during the last quarter. International Assets Investment Management LLC increased its stake in Illinois Tool Works by 23,183.6% in the 4th quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock valued at $82,579,000 after buying an additional 313,906 shares during the period. Envestnet Asset Management Inc. raised its position in Illinois Tool Works by 77.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 597,186 shares of the industrial products company’s stock worth $137,538,000 after buying an additional 260,679 shares during the last quarter. Finally, Barclays PLC lifted its stake in shares of Illinois Tool Works by 57.1% in the 3rd quarter. Barclays PLC now owns 699,639 shares of the industrial products company’s stock worth $161,131,000 after acquiring an additional 254,321 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ITW has been the topic of a number of analyst reports. Citigroup lifted their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Truist Financial assumed coverage on shares of Illinois Tool Works in a report on Thursday, March 14th. They set a “buy” rating and a $301.00 price objective on the stock. Stifel Nicolaus lifted their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. Finally, Wells Fargo & Company lowered Illinois Tool Works from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $277.00 to $240.00 in a report on Tuesday, February 6th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and an average price target of $257.00.

Illinois Tool Works Trading Down 0.8 %

Shares of NYSE:ITW traded down $2.00 during trading on Tuesday, reaching $247.24. The stock had a trading volume of 707,702 shares, compared to its average volume of 1,239,492. Illinois Tool Works Inc. has a fifty-two week low of $217.06 and a fifty-two week high of $271.15. The stock has a market cap of $73.86 billion, a P/E ratio of 25.54, a PEG ratio of 3.65 and a beta of 1.13. The business has a fifty day moving average price of $259.95 and a 200-day moving average price of $251.70. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, topping the consensus estimate of $2.41 by $0.01. The firm 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%. Illinois Tool Works’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.34 earnings per share. As a group, analysts anticipate that Illinois Tool Works Inc. will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were given a $1.40 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.60 dividend on an annualized basis and a yield of 2.27%. Illinois Tool Works’s payout ratio is currently 57.49%.

Insiders Place Their Bets

In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the completion of the sale, the chairman now owns 221,015 shares in the company, valued at $56,235,056.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the transaction, the chairman now owns 221,015 shares of the company’s stock, valued at approximately $56,235,056.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Sharon Szafranski sold 801 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the transaction, the executive vice president now directly owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The disclosure for this sale can be found here. Insiders have sold 189,471 shares of company stock worth $48,712,316 in the last three months. 1.26% of the stock is owned by insiders.

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.