Gulf International Bank UK Ltd Has $6.76 Million Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Gulf International Bank UK Ltd grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 1.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,180 shares of the industrial products company’s stock after purchasing an additional 252 shares during the period. Gulf International Bank UK Ltd’s holdings in Illinois Tool Works were worth $6,756,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of ITW. Tokio Marine Asset Management Co. Ltd. increased its stake in Illinois Tool Works by 1.4% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock valued at $1,590,000 after acquiring an additional 84 shares during the period. Rockline Wealth Management LLC bought a new stake in Illinois Tool Works in the fourth quarter valued at about $4,180,000. Nomura Asset Management Co. Ltd. increased its stake in Illinois Tool Works by 6.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock valued at $55,821,000 after acquiring an additional 12,065 shares during the period. Wesbanco Bank Inc. increased its stake in Illinois Tool Works by 23.4% in the third quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock valued at $1,401,000 after acquiring an additional 1,152 shares during the period. Finally, Ziegler Capital Management LLC bought a new stake in Illinois Tool Works in the fourth quarter valued at about $224,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 775 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The shares were acquired at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the acquisition, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.88% of the stock is currently owned by company insiders.

Illinois Tool Works Price Performance

Shares of ITW stock opened at $240.40 on Friday. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15. The firm’s 50 day moving average is $244.72 and its 200-day moving average is $254.20. The firm has a market capitalization of $71.74 billion, a price-to-earnings ratio of 23.71, a PEG ratio of 3.62 and a beta of 1.11. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same period in the prior year, the business earned $2.33 earnings per share. Illinois Tool Works’s quarterly revenue was down 1.1% on a year-over-year basis. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.22 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.60 annualized dividend and a yield of 2.33%. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ITW shares. Barclays lowered their target price on shares of 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. StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Friday. Citigroup boosted their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Truist Financial boosted their price target on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Finally, Stifel Nicolaus boosted their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, Illinois Tool Works has an average rating of “Hold” and an average target price of $256.44.

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.