Graypoint LLC Buys 279 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Graypoint LLC grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 11.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,760 shares of the industrial products company’s stock after purchasing an additional 279 shares during the quarter. Graypoint LLC’s holdings in Illinois Tool Works were worth $723,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Cibc World Market Inc. increased its position in Illinois Tool Works by 3.7% during the first quarter. Cibc World Market Inc. now owns 9,666 shares of the industrial products company’s stock worth $2,024,000 after acquiring an additional 348 shares during the period. Cetera Investment Advisers increased its position in Illinois Tool Works by 4.2% during the first quarter. Cetera Investment Advisers now owns 9,070 shares of the industrial products company’s stock worth $1,899,000 after acquiring an additional 368 shares during the period. Sequoia Financial Advisors LLC increased its position in Illinois Tool Works by 54.7% during the first quarter. Sequoia Financial Advisors LLC now owns 2,859 shares of the industrial products company’s stock worth $599,000 after acquiring an additional 1,011 shares during the period. Zions Bancorporation N.A. increased its position in Illinois Tool Works by 9.9% during the first quarter. Zions Bancorporation N.A. now owns 2,407 shares of the industrial products company’s stock worth $504,000 after acquiring an additional 217 shares during the period. Finally, Covestor Ltd increased its position in Illinois Tool Works by 70.7% during the first quarter. Covestor Ltd now owns 746 shares of the industrial products company’s stock worth $156,000 after acquiring an additional 309 shares during the period. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Trading Down 1.6 %

ITW opened at $253.51 on Friday. The company’s 50 day moving average is $260.94 and its 200-day moving average is $250.24. Illinois Tool Works Inc. has a 1-year low of $217.06 and a 1-year high of $271.15. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10. The company has a market cap of $75.73 billion, a P/E ratio of 26.03, a PEG ratio of 3.73 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results 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. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The company had revenue of $3.98 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same period last year, the company posted $2.34 EPS. The firm’s quarterly revenue was up .3% compared to the same quarter last year. Equities research analysts predict 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 announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were given a dividend of $1.40 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.60 annualized dividend and a yield of 2.21%. Illinois Tool Works’s dividend payout ratio is presently 57.49%.

Insider Buying and Selling

In related news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the sale, the chief financial officer now directly owns 46,404 shares in the company, valued at approximately $12,299,844.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s 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 completion of the transaction, the chairman now owns 221,015 shares in the company, valued at approximately $56,235,056.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the transaction, the chief financial officer now owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Insiders have sold a total of 189,471 shares of company stock worth $48,712,316 in the last ninety days. Company insiders own 0.88% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on ITW. Wells Fargo & Company lowered shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $277.00 to $240.00 in a research report on Tuesday, February 6th. Barclays increased their price objective on shares of Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 2nd. Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $238.00 to $239.00 and gave the stock a “hold” rating in a research note on Tuesday, January 23rd. Citigroup increased their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Finally, Truist Financial assumed coverage on shares of Illinois Tool Works in a research note on Thursday, March 14th. They set a “buy” rating and a $301.00 price objective on the stock. Four research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $254.78.

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.