4,241 Shares in Illinois Tool Works Inc. (NYSE:ITW) Purchased by Redmond Asset Management LLC

Redmond Asset Management LLC acquired a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 4,241 shares of the industrial products company’s stock, valued at approximately $1,075,000.

A number of other hedge funds have also modified their holdings of ITW. Allspring Global Investments Holdings LLC grew its holdings in shares of Illinois Tool Works by 66.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 23,188 shares of the industrial products company’s stock worth $6,077,000 after buying an additional 9,271 shares in the last quarter. Foundations Investment Advisors LLC boosted its position in Illinois Tool Works by 7.4% during the third quarter. Foundations Investment Advisors LLC now owns 1,525 shares of the industrial products company’s stock valued at $400,000 after purchasing an additional 105 shares during the last quarter. Sequoia Financial Advisors LLC boosted its position in Illinois Tool Works by 6.2% during the third quarter. Sequoia Financial Advisors LLC now owns 6,299 shares of the industrial products company’s stock valued at $1,651,000 after purchasing an additional 367 shares during the last quarter. Private Advisor Group LLC boosted its position in Illinois Tool Works by 3.5% during the third quarter. Private Advisor Group LLC now owns 44,762 shares of the industrial products company’s stock valued at $11,731,000 after purchasing an additional 1,513 shares during the last quarter. Finally, Brighton Jones LLC boosted its position in Illinois Tool Works by 8.2% during the third quarter. Brighton Jones LLC now owns 5,242 shares of the industrial products company’s stock valued at $1,374,000 after purchasing an additional 397 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Ernest Scott Santi sold 70,000 shares of Illinois Tool Works stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total value of $18,431,000.00. Following the transaction, the director now owns 260,224 shares in the company, valued at approximately $68,516,979.20. This trade represents a 21.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $264.30 on Friday. The stock has a 50 day simple moving average of $257.08 and a 200 day simple moving average of $258.29. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90. The stock has a market cap of $77.57 billion, a P/E ratio of 22.55, a PEG ratio of 4.56 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Research analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be paid a dividend of $1.50 per share. The ex-dividend date is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.27%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.19%.

Analyst Upgrades and Downgrades

ITW has been the subject of several recent research reports. Jefferies Financial Group increased their price target on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Wells Fargo & Company cut their price objective on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a research report on Thursday, February 6th. Robert W. Baird raised their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Barclays cut their price objective on Illinois Tool Works from $265.00 to $262.00 and set an “equal weight” rating for the company in a research report on Friday, February 7th. Finally, JPMorgan Chase & Co. cut their price objective on 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. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and an average target price of $269.30.

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.