Illinois Tool Works Inc. (NYSE:ITW) Shares Acquired by Cullinan Associates Inc.

Cullinan Associates Inc. lifted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 33.0% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 42,504 shares of the industrial products company’s stock after purchasing an additional 10,539 shares during the quarter. Cullinan Associates Inc.’s holdings in Illinois Tool Works were worth $11,405,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth about $26,000. Frazier Financial Advisors LLC acquired a new stake in Illinois Tool Works in the fourth quarter valued at approximately $26,000. Financial Connections Group Inc. acquired a new stake in Illinois Tool Works in the fourth quarter valued at approximately $28,000. Security National Bank acquired a new stake in Illinois Tool Works in the fourth quarter valued at approximately $28,000. Finally, Bruce G. Allen Investments LLC acquired a new stake in Illinois Tool Works in the fourth quarter valued at approximately $29,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Activity at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 775 shares of the stock in a transaction that occurred on Thursday, June 13th. The shares were purchased at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the transaction, the director now directly owns 121,506 shares in the company, valued at approximately $29,018,062.92. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.26% of the stock is currently owned by insiders.

Illinois Tool Works Stock Performance

Shares of ITW traded up $1.33 during mid-day trading on Tuesday, reaching $234.74. 272,015 shares of the company’s stock were exchanged, compared to its average volume of 1,183,425. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. The stock has a market capitalization of $70.05 billion, a PE ratio of 23.10, a price-to-earnings-growth ratio of 3.48 and a beta of 1.10. The business’s fifty day simple moving average is $243.51 and its 200-day simple moving average is $253.84. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. The business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the firm posted $2.33 earnings per share. On average, equities research analysts expect that Illinois Tool Works Inc. will post 10.22 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be given a $1.40 dividend. The ex-dividend date is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a yield of 2.39%. Illinois Tool Works’s dividend payout ratio (DPR) is 55.23%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ITW. Citigroup raised their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Wells Fargo & Company dropped their price target on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. Truist Financial dropped their price target on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a research note on Tuesday. Stifel Nicolaus increased 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 note on Wednesday, April 17th. Finally, StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Monday. Four investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $254.00.

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.