Cary Street Partners Investment Advisory LLC Has $2.84 Million Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Cary Street Partners Investment Advisory LLC lessened its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.2% during the 4th quarter, HoldingsChannel reports. The fund 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 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Penobscot Investment Management Company Inc. lifted its stake in shares of Illinois Tool Works by 3.4% in the 4th quarter. Penobscot Investment Management Company Inc. now owns 26,822 shares of the industrial products company’s stock valued at $7,026,000 after purchasing an additional 891 shares during the last quarter. Cozad Asset Management Inc. boosted its position in Illinois Tool Works by 130.0% in the fourth quarter. Cozad Asset Management Inc. now owns 9,201 shares of the industrial products company’s stock valued at $2,410,000 after buying an additional 5,200 shares in the last quarter. Kestra Private Wealth Services LLC grew its stake in Illinois Tool Works by 20.6% during the fourth quarter. Kestra Private Wealth Services LLC now owns 7,106 shares of the industrial products company’s stock worth $1,861,000 after buying an additional 1,216 shares during the last quarter. Ledyard National Bank boosted its holdings in shares of Illinois Tool Works by 5.6% in the 4th quarter. Ledyard National Bank now owns 3,848 shares of the industrial products company’s stock worth $1,008,000 after acquiring an additional 205 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in Illinois Tool Works by 2.8% during the 4th quarter. Van ECK Associates Corp now owns 44,908 shares of the industrial products company’s stock worth $11,763,000 after acquiring an additional 1,220 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Illinois Tool Works Trading Down 1.1 %

Shares of NYSE:ITW traded down $2.67 during midday trading on Tuesday, hitting $246.57. The company had a trading volume of 1,063,455 shares, compared to its average volume of 1,243,555. The firm has a fifty day simple moving average of $259.95 and a 200 day simple moving average of $251.70. The stock 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 current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10. Illinois Tool Works Inc. has a 12 month low of $217.06 and a 12 month high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.01. The company had revenue of $3.98 billion during 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 revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.34 EPS. On average, analysts predict that Illinois Tool Works Inc. will post 10.12 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were issued a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.27%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio (DPR) is 57.49%.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the business’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 completion of the transaction, the chairman now directly owns 221,015 shares of the company’s stock, valued at $56,235,056.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total value of $9,851,485.02. Following the sale, the chief financial officer now directly owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Ernest Scott Santi sold 50,000 shares of the business’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 sale, 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. Insiders sold a total of 189,471 shares of company stock worth $48,712,316 in the last quarter. Corporate insiders own 1.26% of the company’s stock.

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.