Cullen Investment Group LTD. Buys Shares of 1,483 Illinois Tool Works Inc. (NYSE:ITW)

Cullen Investment Group LTD. bought a new stake in Illinois Tool Works Inc. (NYSE:ITW) in the fourth quarter, HoldingsChannel.com reports. The fund bought 1,483 shares of the industrial products company’s stock, valued at approximately $388,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Rockline Wealth Management LLC acquired a new position in Illinois Tool Works in the fourth quarter valued at approximately $4,180,000. Wesbanco Bank Inc. raised its holdings in shares of Illinois Tool Works by 23.4% during the third quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock valued at $1,401,000 after buying an additional 1,152 shares during the last quarter. Ziegler Capital Management LLC bought a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $224,000. DNB Asset Management AS raised its holdings in shares of Illinois Tool Works by 8.0% during the fourth quarter. DNB Asset Management AS now owns 135,552 shares of the industrial products company’s stock valued at $35,506,000 after buying an additional 10,062 shares during the last quarter. Finally, BKM Wealth Management LLC bought a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $1,770,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ITW has been the topic of a number of recent analyst reports. Wells Fargo & Company cut Illinois Tool Works from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $277.00 to $240.00 in a report on Tuesday, February 6th. Truist Financial initiated 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 lifted their price target on Illinois Tool Works from $238.00 to $239.00 and gave the company a “hold” rating in a report on Tuesday, January 23rd. Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and cut their price target for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Finally, Barclays boosted their target price on Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a report on Tuesday, April 2nd. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $254.78.

Illinois Tool Works Trading Up 0.1 %

Illinois Tool Works stock opened at $253.88 on Tuesday. 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 firm has a market cap of $75.84 billion, a price-to-earnings ratio of 26.07, a price-to-earnings-growth ratio of 3.73 and a beta of 1.13. Illinois Tool Works Inc. has a 1 year low of $217.06 and a 1 year high of $271.15. The firm’s 50 day moving average price is $260.93 and its two-hundred day moving average price is $250.52.

Illinois Tool Works (NYSE:ITW) last posted 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 net margin of 18.36% and a return on equity of 96.60%. The business had revenue of $3.98 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same period in the previous year, the company posted $2.34 EPS. Illinois Tool Works’s revenue was up .3% on a year-over-year basis. On average, research analysts predict that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend was Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio is currently 57.49%.

Insider Activity at Illinois Tool Works

In related news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction on 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 approximately $56,235,056.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction on 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 approximately $56,235,056.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the sale, the chief financial officer now directly owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. In the last 90 days, insiders sold 189,471 shares of company stock valued at $48,712,316. Insiders own 1.26% of the company’s stock.

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.