Raymond James Financial Inc. Purchases New Shares in Illinois Tool Works Inc. (NYSE:ITW)

Raymond James Financial Inc. acquired a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 804,342 shares of the industrial products company's stock, valued at approximately $203,949,000. Raymond James Financial Inc. owned approximately 0.27% of Illinois Tool Works as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the stock. Sugar Maple Asset Management LLC bought a new stake in shares of Illinois Tool Works in the fourth quarter worth approximately $28,000. True Wealth Design LLC grew its stake in shares of Illinois Tool Works by 1,060.0% in the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company's stock worth $30,000 after acquiring an additional 106 shares during the period. Catalyst Capital Advisors LLC bought a new stake in shares of Illinois Tool Works in the third quarter worth approximately $32,000. Ulland Investment Advisors LLC bought a new stake in shares of Illinois Tool Works in the fourth quarter worth approximately $33,000. Finally, Hager Investment Management Services LLC bought a new stake in shares of Illinois Tool Works in the fourth quarter worth approximately $37,000. Hedge funds and other institutional investors own 79.77% of the company's stock.

Insider Transactions at Illinois Tool Works

In other news, Director Ernest Scott Santi sold 70,000 shares of the business's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total value of $18,431,000.00. Following the transaction, the director now owns 260,224 shares of the company's stock, valued at approximately $68,516,979.20. The trade was a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.88% of the company's stock.

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Illinois Tool Works Price Performance

Shares of ITW traded up $9.78 during mid-day trading on Friday, reaching $274.89. The stock had a trading volume of 2,321,003 shares, compared to its average volume of 1,054,398. The firm has a market cap of $80.68 billion, a price-to-earnings ratio of 23.45, a PEG ratio of 4.56 and a beta of 1.13. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $279.13. The business has a fifty day moving average of $257.54 and a 200 day moving average of $260.15. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts' consensus estimates of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. Equities analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.18%. The ex-dividend date is Monday, March 31st. Illinois Tool Works's dividend payout ratio (DPR) is presently 51.19%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on ITW shares. Citigroup reduced their price target on shares of Illinois Tool Works from $279.00 to $265.00 and set a "neutral" rating for the company in a research note on Monday, January 13th. Stifel Nicolaus cut their target price on shares of Illinois Tool Works from $266.00 to $259.00 and set a "hold" rating for the company in a research report on Thursday, February 6th. Truist Financial boosted their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. StockNews.com lowered shares of Illinois Tool Works from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Finally, Jefferies Financial Group boosted their target price on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a "hold" rating in a research report on Friday, December 6th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Illinois Tool Works presently has an average rating of "Hold" and a consensus target price of $269.30.

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.