Golden State Wealth Management LLC Purchases 957 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Golden State Wealth Management LLC raised its stake in Illinois Tool Works Inc. (NYSE:ITW) by 132.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,678 shares of the industrial products company’s stock after purchasing an additional 957 shares during the quarter. Golden State Wealth Management LLC’s holdings in Illinois Tool Works were worth $416,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Prudent Man Investment Management Inc. purchased a new stake in shares of Illinois Tool Works in the fourth quarter worth approximately $25,000. Ameriflex Group Inc. purchased a new stake in shares of Illinois Tool Works in the fourth quarter worth approximately $26,000. Redwood Park Advisors LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter worth approximately $26,000. Glass Jacobson Investment Advisors llc raised its stake in shares of Illinois Tool Works by 336.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 84 shares during the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter worth approximately $31,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. purchased 872 shares of the business’s stock in a transaction dated Monday, June 2nd. The stock was purchased at an average cost of $241.16 per share, with a total value of $210,291.52. Following the completion of the acquisition, the director now directly owns 122,884 shares of the company’s stock, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $248.09 on Friday. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.60 and a quick ratio of 1.16. The business has a fifty day simple moving average of $243.84 and a two-hundred day simple moving average of $250.11. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The company has a market capitalization of $72.69 billion, a P/E ratio of 21.82, a P/E/G ratio of 5.31 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.34 by $0.04. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The business had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.83 billion. During the same period last year, the business posted $2.44 earnings per share. The business’s revenue for the quarter was down 3.4% on a year-over-year basis. On average, analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works’s payout ratio is currently 52.77%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ITW. Citigroup lowered their price objective on Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Evercore ISI decreased their price target on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating for the company in a research report on Monday, May 19th. Robert W. Baird increased their price target on Illinois Tool Works from $239.00 to $244.00 and gave the company a “neutral” rating in a research report on Thursday, May 1st. Stifel Nicolaus increased their price target on Illinois Tool Works from $227.00 to $233.00 and gave the company a “hold” rating in a research report on Thursday, May 1st. Finally, Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price target for the company. in a research report on Wednesday, May 7th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and an average target price of $253.42.

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.