Proficio Capital Partners LLC Grows Position in Illinois Tool Works Inc. (NYSE:ITW)

Proficio Capital Partners LLC increased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,490 shares of the industrial products company’s stock after buying an additional 44 shares during the quarter. Proficio Capital Partners LLC’s holdings in Illinois Tool Works were worth $400,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Illinois Tool Works in the fourth quarter valued at about $26,000. Frazier Financial Advisors LLC purchased a new position in Illinois Tool Works during the 4th quarter worth approximately $26,000. Financial Connections Group Inc. acquired a new stake in Illinois Tool Works during the 4th quarter valued at approximately $28,000. Security National Bank purchased a new stake in shares of Illinois Tool Works in the 4th quarter valued at $28,000. Finally, Bruce G. Allen Investments LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter worth $29,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on ITW. Stifel Nicolaus upped their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Citigroup raised their target price on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Monday, July 1st. Truist Financial dropped their price objective 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, July 2nd. Finally, Wells Fargo & Company lowered 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 report on Wednesday, May 1st. Four analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $254.00.

Illinois Tool Works Price Performance

Shares of ITW stock traded up $0.37 on Wednesday, reaching $234.43. 116,053 shares of the company were exchanged, compared to its average volume of 1,171,913. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32. The business has a 50-day moving average price of $241.51 and a 200 day moving average price of $252.64. The company has a market cap of $69.95 billion, a price-to-earnings ratio of 23.08, a P/E/G ratio of 3.45 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping the consensus estimate of $2.35 by $0.09. The company had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. Illinois Tool Works’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.33 EPS. Equities research analysts forecast that Illinois Tool Works Inc. will post 10.19 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be issued 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 payout ratio is currently 55.23%.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 775 shares of Illinois Tool Works stock in a transaction dated Thursday, June 13th. The stock was acquired at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the transaction, the director now directly owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.26% of the stock is currently owned by corporate insiders.

Illinois Tool Works Company 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.