White Pine Capital LLC Sells 715 Shares of Illinois Tool Works Inc. (NYSE:ITW)

White Pine Capital LLC reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 9.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,836 shares of the industrial products company’s stock after selling 715 shares during the quarter. White Pine Capital LLC’s holdings in Illinois Tool Works were worth $1,791,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ITW. Briaud Financial Planning Inc bought a new position in shares of Illinois Tool Works during the 3rd quarter valued at approximately $25,000. Turtle Creek Wealth Advisors LLC bought a new position in Illinois Tool Works in the 4th quarter worth approximately $26,000. Financial Connections Group Inc. bought a new position in Illinois Tool Works in the 4th quarter worth approximately $28,000. Bruce G. Allen Investments LLC bought a new position in Illinois Tool Works in the 4th quarter worth approximately $29,000. Finally, Rakuten Securities Inc. bought a new position in shares of Illinois Tool Works during the 4th quarter valued at approximately $29,000. 79.77% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Michael M. Larsen sold 37,167 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the transaction, 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 is accessible through this link. In other news, CFO Michael M. Larsen sold 37,167 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the transaction, 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 is accessible through this link. Also, EVP Sharon Szafranski sold 801 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now owns 5,870 shares in the company, valued at approximately $1,505,185.40. The disclosure for this sale can be found here. Insiders have sold a total of 189,471 shares of company stock worth $48,712,316 over the last quarter. Company insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

ITW has been the subject of a number of research reports. Wells Fargo & Company downgraded Illinois Tool Works from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $277.00 to $240.00 in a research report on Tuesday, February 6th. Stifel Nicolaus increased their target price on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Citigroup increased their target price on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $260.00 to $235.00 in a research report on Wednesday, January 10th. Finally, Truist Financial initiated coverage on Illinois Tool Works in a research report on Thursday, March 14th. They issued a “buy” rating and a $301.00 price target for the company. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $257.00.

Illinois Tool Works Trading Up 0.0 %

ITW stock traded up $0.12 during midday trading on Friday, reaching $248.28. The company’s stock had a trading volume of 947,179 shares, compared to its average volume of 1,023,968. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.97 and a current ratio of 1.33. The stock has a fifty day simple moving average of $260.04 and a two-hundred day simple moving average of $251.37. Illinois Tool Works Inc. has a 1 year low of $217.06 and a 1 year high of $271.15. The firm has a market capitalization of $74.17 billion, a price-to-earnings ratio of 25.49, a PEG ratio of 3.65 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates of $2.41 by $0.01. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The business had revenue of $3.98 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter last year, the firm posted $2.34 earnings per share. The business’s revenue was up .3% compared to the same quarter last year. On average, equities research analysts predict that Illinois Tool Works Inc. will post 10.12 EPS for the current year.

Illinois Tool Works Dividend Announcement

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

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.