Abbrea Capital LLC Acquires 132 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Abbrea Capital LLC increased its position in Illinois Tool Works Inc. (NYSE:ITW) by 6.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 2,324 shares of the industrial products company’s stock after acquiring an additional 132 shares during the quarter. Abbrea Capital LLC’s holdings in Illinois Tool Works were worth $612,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Tokio Marine Asset Management Co. Ltd. increased its holdings in Illinois Tool Works by 1.4% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock worth $1,590,000 after acquiring an additional 84 shares during the last quarter. Rockline Wealth Management LLC purchased a new position in shares of Illinois Tool Works during the fourth quarter worth about $4,180,000. Wesbanco Bank Inc. grew its holdings in shares of Illinois Tool Works by 23.4% during the third quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock worth $1,401,000 after purchasing an additional 1,152 shares in the last quarter. Ziegler Capital Management LLC purchased a new stake in Illinois Tool Works in the fourth quarter worth approximately $224,000. Finally, Tyche Wealth Partners LLC bought a new position in shares of Illinois Tool Works during the 4th quarter valued at $2,972,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Citigroup upped their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Truist Financial began coverage on shares of Illinois Tool Works in a report on Thursday, March 14th. They issued a “buy” rating and a $301.00 target price on the stock. Stifel Nicolaus raised their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a report on Wednesday, April 17th. Bank of America cut 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 research note on Wednesday, January 10th. Finally, Wells Fargo & Company cut Illinois Tool Works from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $277.00 to $240.00 in a report on Tuesday, February 6th. Four analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $257.00.

Insider Activity

In related news, CFO Michael M. Larsen sold 37,167 shares of the business’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 value of $9,851,485.02. Following the completion of the sale, the chief financial officer now owns 46,404 shares in the company, valued at $12,299,844.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Michael M. Larsen sold 37,167 shares of the business’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 value of $9,851,485.02. Following the completion of the sale, the chief financial officer now owns 46,404 shares in the company, valued at $12,299,844.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sharon Szafranski sold 801 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $1,505,185.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 189,471 shares of company stock valued at $48,712,316. 0.88% of the stock is currently owned by insiders.

Illinois Tool Works Price Performance

Shares of ITW stock traded down $3.60 during mid-day trading on Thursday, hitting $248.16. The company had a trading volume of 1,138,122 shares, compared to its average volume of 1,245,244. 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 stock’s 50 day moving average price is $260.33 and its 200-day moving average price is $251.30. Illinois Tool Works Inc. has a 52-week low of $217.06 and a 52-week high of $271.15. The company has a market capitalization of $74.14 billion, a P/E ratio of 25.84, a P/E/G ratio of 3.68 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, topping the consensus estimate of $2.41 by $0.01. The business had revenue of $3.98 billion for the quarter, compared to analysts’ expectations of $4.01 billion. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.34 EPS. Equities research analysts forecast that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were paid a dividend of $1.40 per share. The ex-dividend date was Wednesday, March 27th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.26%. Illinois Tool Works’s dividend payout ratio is 57.49%.

Illinois Tool Works Company 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.