Wedmont Private Capital Makes New $291,000 Investment in Illinois Tool Works Inc. (NYSE:ITW)

Posted by Defense World Staff on Mar 19th, 2023

Wedmont Private Capital bought a new position in Illinois Tool Works Inc. (NYSE:ITW – Get Rating) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,283 shares of the industrial products company’s stock, valued at approximately $291,000.

Several other hedge funds have also added to or reduced their stakes in ITW. Bank OZK grew its stake in Illinois Tool Works by 0.9% during the 3rd quarter. Bank OZK now owns 5,065 shares of the industrial products company’s stock worth $915,000 after buying an additional 45 shares during the last quarter. Ten Capital Wealth Advisors LLC grew its stake in Illinois Tool Works by 16.0% during the 3rd quarter. Ten Capital Wealth Advisors LLC now owns 348 shares of the industrial products company’s stock worth $63,000 after buying an additional 48 shares during the last quarter. Cornerstone Capital Inc. grew its stake in Illinois Tool Works by 0.7% during the 3rd quarter. Cornerstone Capital Inc. now owns 6,745 shares of the industrial products company’s stock worth $1,218,000 after buying an additional 50 shares during the last quarter. Zullo Investment Group Inc. grew its stake in Illinois Tool Works by 1.5% during the 3rd quarter. Zullo Investment Group Inc. now owns 3,497 shares of the industrial products company’s stock worth $632,000 after buying an additional 51 shares during the last quarter. Finally, Zions Bancorporation N.A. grew its stake in Illinois Tool Works by 2.2% during the 3rd quarter. Zions Bancorporation N.A. now owns 2,420 shares of the industrial products company’s stock worth $437,000 after buying an additional 52 shares during the last quarter. 79.83% of the stock is owned by institutional investors.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock opened at $229.81 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.41 and a debt-to-equity ratio of 2.00. Illinois Tool Works Inc. has a twelve month low of $173.52 and a twelve month high of $253.37. The business has a 50-day moving average price of $234.04 and a 200 day moving average price of $217.85. The firm has a market cap of $70.11 billion, a PE ratio of 23.50, a P/E/G ratio of 3.46 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW – Get Rating) last announced its quarterly earnings results on Thursday, February 2nd. The industrial products company reported $2.34 earnings per share for the quarter, missing the consensus estimate of $2.60 by ($0.26). Illinois Tool Works had a net margin of 19.04% and a return on equity of 87.15%. The business had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter in the prior year, the firm earned $1.95 EPS. Illinois Tool Works’s revenue for the quarter was up 7.9% on a year-over-year basis. Sell-side analysts predict that Illinois Tool Works Inc. will post 9.61 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 13th. Investors of record on Friday, March 31st will be paid a $1.31 dividend. The ex-dividend date is Thursday, March 30th. This represents a $5.24 annualized dividend and a dividend yield of 2.28%. Illinois Tool Works’s dividend payout ratio is presently 53.58%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ITW. Robert W. Baird lifted their price target on Illinois Tool Works from $222.00 to $255.00 in a research report on Thursday, February 2nd. Morgan Stanley lifted their price target on Illinois Tool Works from $174.00 to $223.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 7th. Barclays lifted their price target on Illinois Tool Works from $172.00 to $184.00 and gave the stock an “underweight” rating in a research report on Thursday, January 5th. Deutsche Bank Aktiengesellschaft lifted their price target on Illinois Tool Works from $170.00 to $183.00 in a research report on Friday, February 3rd. Finally, The Goldman Sachs Group lifted their price target on Illinois Tool Works from $210.00 to $238.00 and gave the stock a “neutral” rating in a research report on Thursday, December 15th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $223.07.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Vice Chairman Christopher A. O’herlihy sold 60,137 shares of the business’s stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $246.26, for a total transaction of $14,809,337.62. Following the completion of the sale, the insider now directly owns 40,072 shares in the company, valued at approximately $9,868,130.72. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Illinois Tool Works news, Vice Chairman Christopher A. O’herlihy sold 60,137 shares of the business’s stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $246.26, for a total transaction of $14,809,337.62. Following the completion of the sale, the insider now directly owns 40,072 shares in the company, valued at approximately $9,868,130.72. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Ernest Scott Santi sold 235,656 shares of the business’s stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $246.29, for a total value of $58,039,716.24. Following the sale, the chief executive officer now owns 213,538 shares of the company’s stock, valued at $52,592,274.02. The disclosure for this sale can be found here. 0.78% of the stock is owned by company insiders.

Illinois Tool Works Profile

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Illinois Tool Works, Inc engages in the manufacture of industrial products and equipment. It operates through the following segments: Automotive OEM, Test and Measurement and Electronics, Food Equipment, Polymers and Fluids, Welding, Construction Products, and Specialty Products. The Automotive OEM segment produces components and fasteners for automotive-related applications.