Azzad Asset Management Inc. ADV Has $2.82 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Azzad Asset Management Inc. ADV reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.8% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 10,520 shares of the industrial products company’s stock after selling 189 shares during the period. Azzad Asset Management Inc. ADV’s holdings in Illinois Tool Works were worth $2,823,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of ITW. Truist Financial Corp lifted its stake in Illinois Tool Works by 29.8% during the 3rd quarter. Truist Financial Corp now owns 100,270 shares of the industrial products company’s stock valued at $23,093,000 after acquiring an additional 23,015 shares in the last quarter. Legacy Advisors LLC lifted its stake in Illinois Tool Works by 5.8% during the 3rd quarter. Legacy Advisors LLC now owns 945 shares of the industrial products company’s stock valued at $219,000 after acquiring an additional 52 shares in the last quarter. Scotia Capital Inc. lifted its stake in Illinois Tool Works by 155.8% during the 3rd quarter. Scotia Capital Inc. now owns 8,491 shares of the industrial products company’s stock valued at $1,956,000 after acquiring an additional 5,171 shares in the last quarter. Rainsberger Wealth Advisors Inc. bought a new position in Illinois Tool Works during the 3rd quarter valued at $270,000. Finally, Royal London Asset Management Ltd. lifted its stake in Illinois Tool Works by 2.4% during the 3rd quarter. Royal London Asset Management Ltd. now owns 154,242 shares of the industrial products company’s stock valued at $35,524,000 after acquiring an additional 3,553 shares in the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Up 0.1 %

Shares of Illinois Tool Works stock opened at $235.86 on Thursday. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The stock’s 50-day simple moving average is $242.88 and its 200 day simple moving average is $253.50. The stock has a market capitalization of $70.38 billion, a P/E ratio of 23.26, a P/E/G ratio of 3.46 and a beta of 1.10. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32.

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

Illinois Tool Works Announces Dividend

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 paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Monday. Truist Financial lowered their target price on Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a research note on Tuesday. Barclays lowered their target price on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research note on Tuesday, June 4th. Wells Fargo & Company lowered their target price 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, Citigroup lifted their target price on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Four research 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. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $254.00.

Insider Buying and Selling at Illinois Tool Works

In related news, Director David Byron Smith, Jr. bought 775 shares of Illinois Tool Works stock in a transaction on Thursday, June 13th. The stock was acquired at an average price of $238.82 per share, with a total value of $185,085.50. Following the acquisition, the director now directly owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.26% of the company’s stock.

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.