First Heartland Consultants Inc. Invests $224,000 in Illinois Tool Works Inc. (NYSE:ITW)

Posted by Defense World Staff on Mar 24th, 2023

First Heartland Consultants Inc. purchased a new position in shares of Illinois Tool Works Inc. (NYSE:ITW – Get Rating) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,018 shares of the industrial products company’s stock, valued at approximately $224,000.

Other institutional investors also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC purchased a new stake in shares of Illinois Tool Works in the third quarter valued at $26,000. Standard Family Office LLC purchased a new position in Illinois Tool Works in the third quarter valued at about $39,000. Old North State Trust LLC bought a new position in Illinois Tool Works during the 3rd quarter worth approximately $42,000. JFS Wealth Advisors LLC lifted its holdings in Illinois Tool Works by 51.0% during the 3rd quarter. JFS Wealth Advisors LLC now owns 237 shares of the industrial products company’s stock worth $43,000 after buying an additional 80 shares during the last quarter. Finally, Orion Capital Management LLC acquired a new stake in shares of Illinois Tool Works during the 3rd quarter worth approximately $43,000. Institutional investors and hedge funds own 79.83% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on ITW shares. UBS Group raised their target price on Illinois Tool Works from $213.00 to $245.00 and gave the company a “neutral” rating in a research report on Thursday, February 9th. Morgan Stanley raised their target price on Illinois Tool Works from $174.00 to $223.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 7th. Barclays raised their target price on Illinois Tool Works from $172.00 to $184.00 and gave the stock an “underweight” rating in a research report on Thursday, January 5th. Wells Fargo & Company lifted their price objective on Illinois Tool Works from $210.00 to $220.00 and gave the company an “equal weight” rating in a research report on Thursday, January 19th. Finally, Credit Suisse Group raised their target price on Illinois Tool Works from $259.00 to $282.00 and gave the company an “outperform” rating in a report on Friday, February 3rd. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $223.07.

Insider Transactions at Illinois Tool Works

In other news, Vice Chairman Christopher A. O’herlihy sold 60,137 shares of the firm’s stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $246.26, for a total transaction of $14,809,337.62. Following the transaction, the insider now directly owns 40,072 shares of the company’s stock, valued at $9,868,130.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Ernest Scott Santi sold 235,656 shares of Illinois Tool Works stock in a transaction on Friday, February 3rd. The shares were sold at an average price of $246.29, for a total transaction of $58,039,716.24. Following the transaction, the chief executive officer now owns 213,538 shares in the company, valued at $52,592,274.02. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Vice Chairman Christopher A. O’herlihy sold 60,137 shares of Illinois Tool Works stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $246.26, for a total transaction of $14,809,337.62. Following the transaction, the insider now directly owns 40,072 shares of the company’s stock, valued at approximately $9,868,130.72. The disclosure for this sale can be found here. Insiders own 0.78% of the company’s stock.

Illinois Tool Works Stock Up 0.1 %

Shares of ITW stock opened at $231.28 on Friday. The stock has a market cap of $70.56 billion, a price-to-earnings ratio of 23.65, a PEG ratio of 3.54 and a beta of 1.10. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.95 and a current ratio of 1.41. Illinois Tool Works Inc. has a 52-week low of $173.52 and a 52-week high of $253.37. The firm’s 50-day moving average is $234.32 and its 200-day moving average is $218.73.

Illinois Tool Works (NYSE:ITW – Get Rating) last released its quarterly earnings results on Thursday, February 2nd. The industrial products company reported $2.34 earnings per share for the quarter, missing the consensus estimate of $2.60 by ($0.26). The company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $3.90 billion. Illinois Tool Works had a net margin of 19.04% and a return on equity of 87.15%. The firm’s revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.95 earnings per share. Sell-side analysts predict that Illinois Tool Works Inc. will post 9.61 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 13th. Stockholders of record on Friday, March 31st will be issued a dividend of $1.31 per share. The ex-dividend date of this dividend is Thursday, March 30th. This represents a $5.24 annualized dividend and a dividend yield of 2.27%. Illinois Tool Works’s dividend payout ratio is presently 53.58%.

Illinois Tool Works Company Profile

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Illinois Tool Works, Inc engages in the manufacture of industrial products and equipment. It operates through the following segments: Automotive OEM, Test and Measurement and Electronics, Food Equipment, Polymers and Fluids, Welding, Construction Products, and Specialty Products. The Automotive OEM segment produces components and fasteners for automotive-related applications.