Miracle Mile Advisors LLC Has $1.62 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Miracle Mile Advisors LLC grew its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 11.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,054 shares of the industrial products company’s stock after acquiring an additional 601 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Illinois Tool Works were worth $1,624,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Illinois Tool Works by 5.0% during the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock worth $6,035,292,000 after acquiring an additional 1,238,239 shares during the last quarter. Norges Bank acquired a new position in Illinois Tool Works during the 4th quarter worth approximately $818,408,000. Fisher Asset Management LLC boosted its position in Illinois Tool Works by 4.3% during the 4th quarter. Fisher Asset Management LLC now owns 2,951,948 shares of the industrial products company’s stock worth $773,234,000 after acquiring an additional 122,840 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Illinois Tool Works by 2.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,350,363 shares of the industrial products company’s stock worth $353,715,000 after acquiring an additional 26,089 shares during the last quarter. Finally, Alecta Tjanstepension Omsesidigt boosted its holdings in shares of Illinois Tool Works by 150.0% in the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock valued at $294,671,000 after buying an additional 675,000 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on ITW. Citigroup increased their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the company 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. Truist Financial increased their price target on Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Wells Fargo & Company dropped their price target on 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. Finally, Stifel Nicolaus increased their price target on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Four analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $256.44.

Illinois Tool Works Stock Down 1.5 %

ITW stock opened at $233.41 on Tuesday. 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 $69.65 billion, a price-to-earnings ratio of 23.02, a PEG ratio of 3.48 and a beta of 1.10. The business’s fifty day moving average price is $243.51 and its two-hundred day moving average price is $253.84. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.35 by $0.09. The company had revenue of $3.97 billion for 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 prior year, the firm posted $2.33 EPS. On average, equities analysts anticipate that Illinois Tool Works Inc. will post 10.22 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 55.23%.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. bought 775 shares of Illinois Tool Works stock in a transaction dated Thursday, June 13th. The shares were bought at an average cost of $238.82 per share, with a total value of $185,085.50. Following the acquisition, the director now owns 121,506 shares in the company, valued at approximately $29,018,062.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.26% of the stock is currently owned by insiders.

About Illinois Tool Works

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.