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

Azzad Asset Management Inc. ADV cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 SEC filing.

Other institutional investors have also made changes to their positions in the company. Turtle Creek Wealth Advisors LLC bought a new position in Illinois Tool Works during the fourth quarter worth about $26,000. Frazier Financial Advisors LLC bought a new position in Illinois Tool Works during the fourth quarter worth about $26,000. Security National Bank bought a new position in Illinois Tool Works during the fourth quarter worth about $28,000. Financial Connections Group Inc. bought a new position in Illinois Tool Works during the fourth quarter worth about $28,000. Finally, Bruce G. Allen Investments LLC bought a new position in Illinois Tool Works during the fourth quarter worth about $29,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Illinois Tool Works Stock Performance

ITW 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 firm has a market capitalization of $70.38 billion, a PE ratio of 23.26, a PEG 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. The business’s 50-day simple moving average is $242.88 and its 200 day simple moving average is $253.50.

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. 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 analyst estimates of $4.03 billion. During the same quarter in the prior year, the company posted $2.33 earnings per share. Illinois Tool Works’s revenue was down 1.1% on a year-over-year basis. As a group, sell-side analysts expect that Illinois Tool Works Inc. will post 10.22 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, July 11th. Shareholders of record on Friday, June 28th will be given a dividend of $1.40 per share. 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 (DPR) is presently 55.23%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ITW shares. Citigroup lifted their target price on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Monday. Truist Financial cut their price target on Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a report on Tuesday. Wells Fargo & Company cut their price target on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a report on Wednesday, May 1st. Finally, Barclays cut their price target on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a report on Tuesday, June 4th. Four equities 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. According to MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and an average price target of $254.00.

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.