Trueblood Wealth Management LLC Invests $306,000 in Illinois Tool Works Inc. (NYSE:ITW)

Trueblood Wealth Management LLC acquired a new position in Illinois Tool Works Inc. (NYSE:ITW) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 1,170 shares of the industrial products company’s stock, valued at approximately $306,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Briaud Financial Planning Inc purchased a new position in shares of Illinois Tool Works in the 3rd quarter worth about $25,000. Bruce G. Allen Investments LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter valued at about $29,000. Quarry LP grew its holdings in Illinois Tool Works by 52.7% during the 1st quarter. Quarry LP now owns 142 shares of the industrial products company’s stock valued at $35,000 after buying an additional 49 shares in the last quarter. Arlington Trust Co LLC bought a new position in shares of Illinois Tool Works during the third quarter worth $38,000. Finally, Union Savings Bank bought a new stake in Illinois Tool Works in the 2nd quarter valued at $39,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 0.0 %

Shares of ITW stock traded up $0.12 during trading on Thursday, hitting $268.33. 1,132,512 shares of the stock traded hands, compared to its average volume of 1,297,507. The firm’s fifty day moving average price is $260.19 and its 200-day moving average price is $248.03. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97. The firm has a market capitalization of $80.16 billion, a P/E ratio of 27.62, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. Illinois Tool Works Inc. has a 52-week low of $217.06 and a 52-week high of $271.15.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.01. The business had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The company’s revenue was up .3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.34 earnings per share. As a group, research analysts forecast that Illinois Tool Works Inc. will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 11th. Shareholders of record on Friday, March 29th will be issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend is Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio (DPR) is 57.49%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on ITW shares. Citigroup upped their price objective on Illinois Tool Works from $244.00 to $256.00 and gave the stock a “neutral” rating in a report on Monday, December 11th. Barclays upped their target price on shares of Illinois Tool Works from $215.00 to $224.00 and gave the stock an “underweight” rating in a research note on Monday, February 5th. Stifel Nicolaus upped their target price on Illinois Tool Works from $238.00 to $239.00 and gave the stock a “hold” rating in a report on Tuesday, January 23rd. Truist Financial initiated coverage on shares of Illinois Tool Works in a research report on Thursday, March 14th. They issued a “buy” rating and a $301.00 price objective on the stock. Finally, Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. Five analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $245.50.

Insider Transactions at Illinois Tool Works

In related news, EVP Sharon Szafranski sold 801 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the completion of the sale, the executive vice president now owns 5,870 shares in the company, valued at approximately $1,505,185.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the transaction, the chairman now directly owns 221,015 shares of the company’s stock, valued at $56,235,056.60. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Sharon Szafranski sold 801 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $256.42, for a total value of $205,392.42. Following the transaction, the executive vice president now directly owns 5,870 shares in the company, valued at $1,505,185.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 189,471 shares of company stock valued at $48,712,316. 0.88% of the stock is currently owned by corporate insiders.

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.