Illinois Tool Works Inc. (NYSE:ITW) Stock Holdings Lessened by Pinnacle Wealth Management Advisory Group LLC

Pinnacle Wealth Management Advisory Group LLC trimmed its stake in Illinois Tool Works Inc. (NYSE:ITW) by 1.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 20,636 shares of the industrial products company’s stock after selling 377 shares during the quarter. Pinnacle Wealth Management Advisory Group LLC’s holdings in Illinois Tool Works were worth $5,405,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ITW. Tokio Marine Asset Management Co. Ltd. raised its position in shares of Illinois Tool Works by 1.4% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock valued at $1,590,000 after purchasing an additional 84 shares during the period. Rockline Wealth Management LLC acquired a new stake in Illinois Tool Works during the fourth quarter worth $4,180,000. Wesbanco Bank Inc. boosted its stake in 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 buying an additional 1,152 shares in the last quarter. Ziegler Capital Management LLC acquired a new stake in Illinois Tool Works during the fourth quarter worth $224,000. Finally, Tyche Wealth Partners LLC acquired a new stake in Illinois Tool Works during the fourth quarter worth $2,972,000. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 0.4 %

Shares of ITW traded up $1.06 during midday trading on Thursday, hitting $248.46. The stock had a trading volume of 197,087 shares, compared to its average volume of 1,227,674. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. The firm has a market cap of $74.14 billion, a price-to-earnings ratio of 24.40, a price-to-earnings-growth ratio of 3.59 and a beta of 1.14. Illinois Tool Works Inc. has a twelve month low of $217.06 and a twelve month high of $271.15. The company has a 50 day simple moving average of $258.17 and a two-hundred day simple moving average of $252.34.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, beating analysts’ consensus estimates of $2.35 by $0.09. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter last year, the firm earned $2.33 earnings per share. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.29 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be issued a dividend of $1.40 per share. The ex-dividend date is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a yield of 2.25%. Illinois Tool Works’s payout ratio is 55.23%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ITW shares. Wells Fargo & Company reduced their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. Citigroup boosted their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Bank of America downgraded shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $260.00 to $235.00 in a research note on Wednesday, January 10th. Truist Financial upped their price target on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Finally, Barclays decreased their price objective on shares of Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating on the stock in a report on Thursday, May 2nd. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Illinois Tool Works has an average rating of “Hold” and an average target price of $257.78.

Insider Buying and Selling at Illinois Tool Works

In other news, Chairman Ernest Scott Santi sold 45,676 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.12, for a total value of $11,698,537.12. Following the sale, the chairman now directly owns 221,015 shares of the company’s stock, valued at approximately $56,606,361.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Chairman Ernest Scott Santi sold 45,676 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.12, for a total value of $11,698,537.12. Following the sale, the chairman now owns 221,015 shares in the company, valued at approximately $56,606,361.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Michael M. Larsen sold 37,167 shares of the 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 completion of the sale, the chief financial officer now owns 46,404 shares in the company, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Insiders sold a total of 89,471 shares of company stock worth $23,248,816 over the last quarter. 1.26% of the stock is currently owned by insiders.

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.