Spinnaker Trust Reduces Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Spinnaker Trust lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,084 shares of the industrial products company’s stock after selling 195 shares during the quarter. Spinnaker Trust’s holdings in Illinois Tool Works were worth $1,070,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Exchange Traded Concepts LLC raised its holdings in shares of Illinois Tool Works by 14.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,101 shares of the industrial products company’s stock worth $254,000 after acquiring an additional 141 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in shares of Illinois Tool Works by 0.6% during the 3rd quarter. Handelsbanken Fonder AB now owns 108,628 shares of the industrial products company’s stock worth $25,018,000 after acquiring an additional 650 shares in the last quarter. Ballentine Partners LLC raised its holdings in shares of Illinois Tool Works by 2.8% during the 3rd quarter. Ballentine Partners LLC now owns 8,265 shares of the industrial products company’s stock worth $1,904,000 after acquiring an additional 226 shares in the last quarter. TFG Advisers LLC raised its holdings in shares of Illinois Tool Works by 0.9% during the 3rd quarter. TFG Advisers LLC now owns 9,122 shares of the industrial products company’s stock worth $2,101,000 after acquiring an additional 79 shares in the last quarter. Finally, Slow Capital Inc. raised its holdings in shares of Illinois Tool Works by 6.0% during the 3rd quarter. Slow Capital Inc. now owns 11,675 shares of the industrial products company’s stock worth $2,694,000 after acquiring an additional 660 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insider Activity at Illinois Tool Works

In related news, EVP Sharon Szafranski sold 801 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $256.42, for a total transaction of $205,392.42. Following the sale, the executive vice president now owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Illinois Tool Works news, EVP Sharon Szafranski sold 801 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $256.42, for a total value of $205,392.42. Following the completion of the sale, the executive vice president now directly owns 5,870 shares in the company, valued at $1,505,185.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Ernest Scott Santi sold 50,000 shares of the 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 of the company’s stock, valued at $56,235,056.60. The disclosure for this sale can be found here. Insiders have sold a total of 189,471 shares of company stock valued at $48,712,316 over the last quarter. 0.88% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

ITW has been the topic of several recent research reports. Citigroup upped their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Bank of America lowered Illinois Tool Works from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Truist Financial assumed coverage on Illinois Tool Works in a report on Thursday, March 14th. They set a “buy” rating and a $301.00 price target on the stock. Stifel Nicolaus increased their price target on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Finally, Barclays upped 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. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $257.00.

Illinois Tool Works Stock Up 0.0 %

Shares of ITW traded up $0.12 during midday trading on Friday, reaching $248.28. 947,179 shares of the stock were exchanged, compared to its average volume of 1,023,968. Illinois Tool Works Inc. has a 52 week low of $217.06 and a 52 week high of $271.15. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10. The company’s 50 day moving average is $260.04 and its two-hundred day moving average is $251.37. The company has a market capitalization of $74.17 billion, a P/E ratio of 25.49, a PEG ratio of 3.65 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share (EPS) 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 the consensus estimate of $4.01 billion. During the same quarter in the prior year, the company earned $2.34 EPS. The business’s revenue was up .3% compared to the same quarter last year. On average, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

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