Fenimore Asset Management Inc. Cuts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Fenimore Asset Management Inc. cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 0.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 381,540 shares of the industrial products company’s stock after selling 1,453 shares during the quarter. Illinois Tool Works comprises about 2.3% of Fenimore Asset Management Inc.’s investment portfolio, making the stock its 13th biggest position. Fenimore Asset Management Inc. owned 0.13% of Illinois Tool Works worth $99,941,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, EVP Sharon Szafranski sold 801 shares of the company’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 transaction of $205,392.42. Following the transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Illinois Tool Works news, EVP Sharon Szafranski sold 801 shares of the 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 owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was 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 $56,235,056.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 189,471 shares of company stock worth $48,712,316. 1.26% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ITW has been the subject of several research reports. Truist Financial initiated coverage on Illinois Tool Works in a report on Thursday, March 14th. They set a “buy” rating and a $301.00 price target for the company. Wells Fargo & Company downgraded shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $277.00 to $240.00 in a research note on Tuesday, February 6th. Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $260.00 to $235.00 in a research note on Wednesday, January 10th. Barclays increased their target price on Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a research note on Tuesday. Finally, Stifel Nicolaus increased their price target on shares of Illinois Tool Works from $238.00 to $239.00 and gave the company a “hold” rating in a research note on Tuesday, January 23rd. Five analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $246.10.

Illinois Tool Works Stock Performance

ITW traded down $1.30 on Tuesday, hitting $263.93. The company’s stock had a trading volume of 888,133 shares, compared to its average volume of 1,285,308. The firm has a market cap of $78.85 billion, a P/E ratio of 27.13, a price-to-earnings-growth ratio of 4.61 and a beta of 1.13. The company’s 50 day simple moving average is $260.91 and its 200-day simple moving average is $248.71. Illinois Tool Works Inc. has a 12 month low of $217.06 and a 12 month high of $271.15. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates of $2.41 by $0.01. The business had revenue of $3.98 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.34 EPS. Analysts forecast that Illinois Tool Works Inc. will post 10.12 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 11th. Investors of record on Friday, March 29th will be paid a $1.40 dividend. The ex-dividend date is Wednesday, March 27th. This represents a $5.60 annualized dividend and a dividend yield of 2.12%. Illinois Tool Works’s payout ratio is presently 57.49%.

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.