Illinois Tool Works Inc. (NYSE:ITW) Shares Purchased by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC lifted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 13.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 16,081 shares of the industrial products company's stock after buying an additional 1,902 shares during the period. Illinois Tool Works makes up approximately 1.5% of Palumbo Wealth Management LLC's holdings, making the stock its 13th largest position. Palumbo Wealth Management LLC's holdings in Illinois Tool Works were worth $4,078,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ITW. State Street Corp lifted its position in Illinois Tool Works by 1.2% during the 3rd quarter. State Street Corp now owns 12,434,001 shares of the industrial products company's stock worth $3,277,127,000 after acquiring an additional 149,272 shares during the period. Geode Capital Management LLC raised its stake in shares of Illinois Tool Works by 2.7% during the third quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company's stock worth $1,645,972,000 after purchasing an additional 167,422 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Illinois Tool Works by 4.2% during the third quarter. Fisher Asset Management LLC now owns 3,347,326 shares of the industrial products company's stock worth $877,234,000 after purchasing an additional 135,023 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Illinois Tool Works by 1.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,849,448 shares of the industrial products company's stock valued at $484,685,000 after buying an additional 32,656 shares during the last quarter. Finally, Stifel Financial Corp increased its stake in Illinois Tool Works by 1.0% in the 3rd quarter. Stifel Financial Corp now owns 1,757,245 shares of the industrial products company's stock valued at $460,533,000 after buying an additional 17,139 shares during the period. Hedge funds and other institutional investors own 79.77% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ITW. StockNews.com cut shares of Illinois Tool Works from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Stifel Nicolaus dropped their price objective on Illinois Tool Works from $266.00 to $259.00 and set a "hold" rating on the stock in a 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 stock a "buy" rating in a research report on Thursday, December 19th. Jefferies Financial Group increased their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a "hold" rating in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Illinois Tool Works from $300.00 to $295.00 and set an "overweight" rating on the stock in a report on Monday, February 3rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works has a consensus rating of "Hold" and a consensus target price of $269.30.

Illinois Tool Works Price Performance

NYSE:ITW traded up $1.79 during trading hours on Wednesday, reaching $264.04. 818,307 shares of the company traded hands, compared to its average volume of 969,528. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. The firm's 50-day moving average is $257.57 and its 200-day moving average is $258.02. The stock has a market cap of $77.97 billion, a P/E ratio of 22.53, a P/E/G ratio of 4.42 and a beta of 1.11. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, topping analysts' consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Equities research analysts expect that Illinois Tool Works Inc. will post 10.41 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.27%. Illinois Tool Works's dividend payout ratio (DPR) is currently 51.19%.

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.