Harbour Investments Inc. Increases Position in Illinois Tool Works Inc. (NYSE:ITW)

Harbour Investments Inc. increased its position in Illinois Tool Works Inc. (NYSE:ITW) by 1.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 3,696 shares of the industrial products company’s stock after buying an additional 44 shares during the period. Harbour Investments Inc.’s holdings in Illinois Tool Works were worth $937,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ITW. Baron Wealth Management LLC raised its stake in shares of Illinois Tool Works by 4.5% in the fourth quarter. Baron Wealth Management LLC now owns 910 shares of the industrial products company’s stock worth $231,000 after purchasing an additional 39 shares during the last quarter. Cypress Capital Group raised its position in Illinois Tool Works by 1.2% during the 3rd quarter. Cypress Capital Group now owns 3,671 shares of the industrial products company’s stock worth $962,000 after buying an additional 43 shares during the last quarter. Capital Advisors Ltd. LLC lifted its stake in Illinois Tool Works by 3.0% during the 4th quarter. Capital Advisors Ltd. LLC now owns 1,569 shares of the industrial products company’s stock valued at $398,000 after acquiring an additional 46 shares during the period. Valmark Advisers Inc. boosted its holdings in shares of Illinois Tool Works by 0.5% in the 4th quarter. Valmark Advisers Inc. now owns 9,240 shares of the industrial products company’s stock valued at $2,343,000 after acquiring an additional 47 shares during the last quarter. Finally, Lyell Wealth Management LP increased its stake in shares of Illinois Tool Works by 4.9% in the fourth quarter. Lyell Wealth Management LP now owns 1,002 shares of the industrial products company’s stock worth $254,000 after acquiring an additional 47 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Transactions at Illinois Tool Works

In other news, CEO Christopher A. O’herlihy sold 48,453 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $274.36, for a total value of $13,293,565.08. Following the transaction, the chief executive officer now directly owns 55,113 shares of the company’s stock, valued at approximately $15,120,802.68. This trade represents a 46.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Michael M. Larsen sold 41,472 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the sale, the chief financial officer now directly owns 50,502 shares of the company’s stock, valued at approximately $13,698,667.50. This represents a 45.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 159,925 shares of company stock valued at $42,973,845 over the last ninety days. Insiders own 0.88% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ITW shares. JPMorgan Chase & Co. decreased their target price on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Truist Financial boosted their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Jefferies Financial Group raised their target price on Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Deutsche Bank Aktiengesellschaft raised Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target for the company in a report on Wednesday, February 19th. Finally, Barclays set a $260.00 price objective on shares of Illinois Tool Works and gave the stock an “equal weight” rating in a research note on Monday, March 10th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and an average price target of $269.10.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $256.46 on Thursday. The stock has a market capitalization of $75.27 billion, a P/E ratio of 21.88, a P/E/G ratio of 4.56 and a beta of 1.13. The company’s fifty day moving average price is $258.24 and its 200 day moving average price is $260.45. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. Illinois Tool Works Inc. has a 1 year low of $232.77 and a 1 year high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. As a group, equities research analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be given a $1.50 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.34%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.19%.

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.