Parisi Gray Wealth Management Purchases 53 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Parisi Gray Wealth Management boosted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,264 shares of the industrial products company’s stock after purchasing an additional 53 shares during the quarter. Parisi Gray Wealth Management’s holdings in Illinois Tool Works were worth $1,641,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Cornerstone Wealth Management LLC grew its position in shares of Illinois Tool Works by 2.8% in the 4th quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company’s stock valued at $395,000 after purchasing an additional 41 shares during the period. City Holding Co. boosted its position in Illinois Tool Works by 0.5% during the 3rd quarter. City Holding Co. now owns 8,057 shares of the industrial products company’s stock worth $1,856,000 after acquiring an additional 44 shares during the last quarter. Nicolet Advisory Services LLC boosted its position in Illinois Tool Works by 4.5% during the 3rd quarter. Nicolet Advisory Services LLC now owns 1,066 shares of the industrial products company’s stock worth $247,000 after acquiring an additional 46 shares during the last quarter. Mcdonald Partners LLC boosted its position in Illinois Tool Works by 1.0% during the 3rd quarter. Mcdonald Partners LLC now owns 4,796 shares of the industrial products company’s stock worth $1,104,000 after acquiring an additional 47 shares during the last quarter. Finally, Sunbelt Securities Inc. boosted its position in Illinois Tool Works by 5.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 992 shares of the industrial products company’s stock worth $228,000 after acquiring an additional 47 shares during the last quarter. 79.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ITW shares. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Truist Financial began coverage on Illinois Tool Works in a report on Thursday, March 14th. They issued a “buy” rating and a $301.00 price objective for the company. Stifel Nicolaus increased their price target on Illinois Tool Works from $238.00 to $239.00 and gave the company a “hold” rating in a research note on Tuesday, January 23rd. Barclays increased their price target on Illinois Tool Works from $215.00 to $224.00 and gave the company an “underweight” rating in a research note on Monday, February 5th. Finally, Wells Fargo & Company cut Illinois Tool Works from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $277.00 to $240.00 in a research note on Tuesday, February 6th. Five investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $245.50.

Illinois Tool Works Stock Performance

ITW stock traded down $0.19 during trading hours on Thursday, hitting $268.02. 46,245 shares of the stock were exchanged, compared to its average volume of 1,279,693. The firm has a market capitalization of $80.07 billion, a P/E ratio of 27.54, a P/E/G ratio of 4.56 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. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10. The company has a 50-day simple moving average of $259.83 and a two-hundred day simple moving average of $247.89.

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

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Shareholders of record on Friday, March 29th will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend is Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio is presently 57.49%.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total value of $9,851,485.02. Following the transaction, the chief financial officer now owns 46,404 shares in the company, valued at $12,299,844.24. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CAO Randall J. Scheuneman sold 5,827 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $256.29, for a total transaction of $1,493,401.83. Following the sale, the chief accounting officer now directly owns 8,870 shares in the company, valued at $2,273,292.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total value of $9,851,485.02. Following the sale, the chief financial officer now owns 46,404 shares in the company, valued at $12,299,844.24. The disclosure for this sale can be found here. Insiders have sold a total of 189,471 shares of company stock worth $48,712,316 over the last 90 days. Insiders own 0.88% of the company’s stock.

About Illinois Tool Works

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.