Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Ocean Capital Management LLC

Ocean Capital Management LLC lowered its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 11.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,980 shares of the industrial products company’s stock after selling 390 shares during the period. Illinois Tool Works makes up 0.3% of Ocean Capital Management LLC’s portfolio, making the stock its 25th biggest position. Ocean Capital Management LLC’s holdings in Illinois Tool Works were worth $781,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ITW. Briaud Financial Planning Inc purchased a new position in Illinois Tool Works in the third quarter valued at about $25,000. Bruce G. Allen Investments LLC bought a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $29,000. Quarry LP lifted its holdings in shares of Illinois Tool Works by 52.7% in the 1st quarter. Quarry LP now owns 142 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 49 shares during the last quarter. Arlington Trust Co LLC bought a new position in Illinois Tool Works in the 3rd quarter worth about $38,000. Finally, Union Savings Bank bought a new stake in Illinois Tool Works during the second quarter worth approximately $39,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 0.0 %

Shares of ITW stock opened at $268.33 on Friday. The stock has a market cap of $80.16 billion, a price-to-earnings ratio of 27.55, a P/E/G ratio of 4.61 and a beta of 1.13. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.97 and a current ratio of 1.33. Illinois Tool Works Inc. has a 52-week low of $217.06 and a 52-week high of $271.15. The firm has a fifty day moving average of $260.19 and a 200-day moving average of $248.03.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, beating the consensus estimate 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 in the previous year, the firm earned $2.34 EPS. Illinois Tool Works’s quarterly revenue was up .3% on a year-over-year basis. On average, equities research analysts forecast that Illinois Tool Works Inc. will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Shareholders of record on Friday, March 29th will be issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio is currently 57.49%.

Insider Buying and Selling at Illinois Tool Works

In other news, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the sale, the chairman now directly owns 221,015 shares of the company’s stock, valued at $56,235,056.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Randall J. Scheuneman sold 5,827 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.29, for a total value of $1,493,401.83. Following the transaction, the chief accounting officer now owns 8,870 shares of the company’s stock, valued at approximately $2,273,292.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction that occurred 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 sale, the chairman now directly owns 221,015 shares of the company’s stock, valued at $56,235,056.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 189,471 shares of company stock worth $48,712,316. 0.88% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ITW shares. Truist Financial began coverage on Illinois Tool Works in a research report on Thursday, March 14th. They set a “buy” rating and a $301.00 target price on the stock. Barclays upped their target price on Illinois Tool Works from $215.00 to $224.00 and gave the company an “underweight” rating in a report on Monday, February 5th. Wells Fargo & Company cut shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $277.00 to $240.00 in a report on Tuesday, February 6th. Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $238.00 to $239.00 and gave the company a “hold” rating in a research note on Tuesday, January 23rd. Finally, Bank of America lowered Illinois Tool Works from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. Five equities research 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. Based on data from MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $245.50.

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.