Grant GrossMendelsohn LLC Invests $203,000 in Illinois Tool Works Inc. (NYSE:ITW)

Grant GrossMendelsohn LLC bought a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 774 shares of the industrial products company’s stock, valued at approximately $203,000.

Other institutional investors have also recently made changes to their positions in the company. Rockline Wealth Management LLC purchased a new stake in Illinois Tool Works during the fourth quarter valued at about $4,180,000. Wesbanco Bank Inc. increased its position 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 valued at $1,401,000 after acquiring an additional 1,152 shares in the last quarter. Ziegler Capital Management LLC bought a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $224,000. DNB Asset Management AS grew its position in Illinois Tool Works by 8.0% in the 4th quarter. DNB Asset Management AS now owns 135,552 shares of the industrial products company’s stock worth $35,506,000 after purchasing an additional 10,062 shares during the period. Finally, BKM Wealth Management LLC bought a new stake in Illinois Tool Works in the 4th quarter worth approximately $1,770,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ITW shares. Wells Fargo & Company downgraded shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $277.00 to $240.00 in a research report on Tuesday, February 6th. Bank of America downgraded shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. Barclays upped their price target on shares of Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a report on Tuesday, April 2nd. 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. Finally, Citigroup upped their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. 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. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $254.78.

Illinois Tool Works Stock Performance

NYSE:ITW traded up $0.37 during trading hours on Monday, reaching $253.88. 2,036,390 shares of the company’s stock were exchanged, compared to its average volume of 1,257,321. The firm has a market capitalization of $75.84 billion, a price-to-earnings ratio of 26.03, a P/E/G ratio of 3.73 and a beta of 1.13. 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 Inc. has a 1-year low of $217.06 and a 1-year high of $271.15. The company has a 50-day moving average of $260.94 and a 200 day moving average of $250.37.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $0.01. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The firm had revenue of $3.98 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same period in the prior year, the company earned $2.34 EPS. The firm’s revenue was up .3% on a year-over-year basis. Research analysts anticipate that Illinois Tool Works Inc. will post 10.12 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were given a $1.40 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $5.60 annualized dividend and a dividend yield of 2.21%. Illinois Tool Works’s dividend payout ratio is presently 57.49%.

Insider Activity at Illinois Tool Works

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

About Illinois Tool Works

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.