Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Cary Street Partners Investment Advisory LLC

Cary Street Partners Investment Advisory LLC trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,522 shares of the industrial products company’s stock after selling 632 shares during the period. Cary Street Partners Investment Advisory LLC’s holdings in Illinois Tool Works were worth $2,844,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Cornerstone Wealth Management LLC lifted its position in shares of Illinois Tool Works by 2.8% during the fourth quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company’s stock worth $395,000 after purchasing an additional 41 shares during the last quarter. Nicolet Advisory Services LLC grew its position in shares of Illinois Tool Works by 4.5% in the 3rd quarter. Nicolet Advisory Services LLC now owns 1,066 shares of the industrial products company’s stock worth $247,000 after acquiring an additional 46 shares in the last quarter. PFG Advisors increased its holdings in shares of Illinois Tool Works by 0.7% in the 4th quarter. PFG Advisors now owns 6,655 shares of the industrial products company’s stock valued at $1,743,000 after acquiring an additional 46 shares during the last quarter. Crestwood Advisors Group LLC raised its position in shares of Illinois Tool Works by 1.3% during the 4th quarter. Crestwood Advisors Group LLC now owns 3,635 shares of the industrial products company’s stock valued at $952,000 after acquiring an additional 46 shares in the last quarter. Finally, Mcdonald Partners LLC lifted its stake in Illinois Tool Works by 1.0% during the third quarter. Mcdonald Partners LLC now owns 4,796 shares of the industrial products company’s stock worth $1,104,000 after purchasing an additional 47 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

ITW has been the topic of a number of research reports. Citigroup increased their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. Barclays increased their price target on Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 2nd. Wells Fargo & Company lowered Illinois Tool Works from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $277.00 to $240.00 in a research report on Tuesday, February 6th. Finally, Truist Financial started coverage on Illinois Tool Works in a research report on Thursday, March 14th. They issued a “buy” rating and a $301.00 target price on the stock. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $257.00.

Illinois Tool Works Stock Performance

Shares of NYSE ITW traded down $2.67 during midday trading on Tuesday, reaching $246.57. 1,063,455 shares of the company traded hands, compared to its average volume of 1,243,555. The stock has a 50-day moving average price of $259.95 and a 200 day moving average price of $251.70. The company has a market cap of $73.66 billion, a price-to-earnings ratio of 25.54, a PEG ratio of 3.65 and a beta of 1.13. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97. 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 released its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.01. The company had revenue of $3.98 billion for the quarter, compared to the consensus estimate of $4.01 billion. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. Illinois Tool Works’s revenue was up .3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.34 EPS. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.27%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 57.49%.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total value of $12,722,000.00. Following the completion of the transaction, the chairman now directly owns 221,015 shares in the company, valued at $56,235,056.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Illinois Tool Works news, EVP Sharon Szafranski sold 801 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,505,185.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total value of $12,722,000.00. Following the sale, the chairman now directly owns 221,015 shares of the company’s stock, valued at $56,235,056.60. The disclosure for this sale can be found here. Insiders sold a total of 189,471 shares of company stock valued at $48,712,316 in the last three months. 1.26% of the stock is currently owned by corporate insiders.

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.