Foundation Wealth Management LLC PA Acquires Shares of 898 Illinois Tool Works Inc. (NYSE:ITW)

Foundation Wealth Management LLC PA bought a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 898 shares of the industrial products company’s stock, valued at approximately $228,000.

Other institutional investors have also modified their holdings of the company. Borer Denton & Associates Inc. increased its stake in shares of Illinois Tool Works by 1.4% in the fourth quarter. Borer Denton & Associates Inc. now owns 39,515 shares of the industrial products company’s stock worth $10,019,000 after buying an additional 544 shares during the last quarter. Ausdal Financial Partners Inc. increased its position in shares of Illinois Tool Works by 17.1% in the 4th quarter. Ausdal Financial Partners Inc. now owns 1,481 shares of the industrial products company’s stock worth $375,000 after purchasing an additional 216 shares during the last quarter. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Illinois Tool Works in the 4th quarter valued at about $95,000. Meiji Yasuda Asset Management Co Ltd. lifted its position in shares of Illinois Tool Works by 3.7% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 36,595 shares of the industrial products company’s stock worth $9,279,000 after purchasing an additional 1,290 shares during the last quarter. Finally, Prestige Wealth Management Group LLC grew its stake in Illinois Tool Works by 8.1% in the fourth quarter. Prestige Wealth Management Group LLC now owns 1,298 shares of the industrial products company’s stock worth $331,000 after purchasing an additional 97 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Buying and Selling

In related news, CFO Michael M. Larsen sold 41,472 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the completion of the sale, the chief financial officer now directly owns 50,502 shares of the company’s stock, valued at $13,698,667.50. This represents a 45.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ernest Scott Santi sold 70,000 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total value of $18,431,000.00. Following the sale, the director now owns 260,224 shares of the company’s stock, valued at $68,516,979.20. This trade represents a 21.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 159,925 shares of company stock valued at $42,973,845 over the last quarter. Corporate insiders own 1.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on ITW shares. Jefferies Financial Group increased their target price on Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a report on Friday, December 6th. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Barclays reduced their price target on shares of Illinois Tool Works from $260.00 to $252.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Truist Financial increased their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, Wells Fargo & Company decreased their target price on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a research note on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $268.30.

Illinois Tool Works Stock Up 0.3 %

Shares of Illinois Tool Works stock opened at $255.86 on Thursday. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13. The business’s fifty day moving average price is $258.68 and its two-hundred day moving average price is $260.70. The company has a market capitalization of $75.10 billion, a P/E ratio of 21.83, a PEG ratio of 4.56 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. As a group, research analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be paid a dividend of $1.50 per share. The ex-dividend date is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.34%. Illinois Tool Works’s dividend payout ratio is presently 51.19%.

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.