First Manhattan CO. LLC. Decreases Holdings in Illinois Tool Works Inc. (NYSE:ITW)

First Manhattan CO. LLC. decreased its position in Illinois Tool Works Inc. (NYSE:ITW) by 3.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,133 shares of the industrial products company’s stock after selling 553 shares during the quarter. First Manhattan CO. LLC.’s holdings in Illinois Tool Works were worth $4,625,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Barclays PLC grew its holdings in shares of Illinois Tool Works by 1.7% during the 3rd quarter. Barclays PLC now owns 776,966 shares of the industrial products company’s stock valued at $203,619,000 after purchasing an additional 12,988 shares during the last quarter. Principal Financial Group Inc. boosted its position in Illinois Tool Works by 5.2% during the third quarter. Principal Financial Group Inc. now owns 340,027 shares of the industrial products company’s stock valued at $89,111,000 after buying an additional 16,846 shares during the period. Nordea Investment Management AB grew its stake in shares of Illinois Tool Works by 3.2% during the fourth quarter. Nordea Investment Management AB now owns 39,382 shares of the industrial products company’s stock valued at $10,017,000 after buying an additional 1,216 shares during the last quarter. Diversified Trust Co increased its holdings in shares of Illinois Tool Works by 8.4% in the fourth quarter. Diversified Trust Co now owns 1,534 shares of the industrial products company’s stock worth $389,000 after buying an additional 119 shares during the period. Finally, Fulton Bank N.A. lifted its stake in shares of Illinois Tool Works by 8.1% in the 4th quarter. Fulton Bank N.A. now owns 882 shares of the industrial products company’s stock valued at $224,000 after acquiring an additional 66 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on ITW. Evercore ISI reduced their price target on Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating on the stock in a research report on Wednesday, February 19th. Truist Financial cut their target price on shares of Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Wells Fargo & Company lowered their price target on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a report on Thursday, February 6th. Stifel Nicolaus raised their price target on shares of Illinois Tool Works from $227.00 to $233.00 and gave the stock a “hold” rating in a report on Thursday, May 1st. Finally, Deutsche Bank Aktiengesellschaft raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price objective for the company in a research note on Wednesday, February 19th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and an average price target of $253.67.

Illinois Tool Works Stock Down 0.3 %

ITW stock opened at $242.40 on Friday. The company has a market capitalization of $71.11 billion, a price-to-earnings ratio of 20.68, a price-to-earnings-growth ratio of 4.56 and a beta of 1.12. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. The business’s 50 day moving average price is $243.34 and its two-hundred day moving average price is $255.87. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.34 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The business had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter in the prior year, the company earned $2.44 earnings per share. The firm’s quarterly revenue was down 3.4% compared to the same quarter last year. As a group, analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date is Monday, June 30th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 52.77%.

Insider Buying and Selling at Illinois Tool Works

In related news, CEO Christopher A. O’herlihy sold 48,453 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the sale, the chief executive officer now directly owns 55,113 shares of the company’s stock, valued at approximately $15,120,802.68. This represents a 46.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ernest Scott Santi sold 70,000 shares of Illinois Tool Works stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the completion of the transaction, the director now directly owns 260,224 shares of the company’s stock, valued at $68,516,979.20. This trade represents a 21.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 159,925 shares of company stock valued at $42,973,845. Corporate insiders own 0.88% of the company’s stock.

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.