Illinois Tool Works Inc. (NYSE:ITW) Shares Bought by Eagle Ridge Investment Management

Eagle Ridge Investment Management raised its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 4.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,587 shares of the industrial products company’s stock after buying an additional 263 shares during the period. Eagle Ridge Investment Management’s holdings in Illinois Tool Works were worth $1,463,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ITW. Cornerstone Wealth Management LLC raised its position in shares of Illinois Tool Works by 2.8% during the 4th quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company’s stock worth $395,000 after purchasing an additional 41 shares during the last quarter. Nicolet Advisory Services LLC raised its position in shares of Illinois Tool Works by 4.5% during the 3rd quarter. Nicolet Advisory Services LLC now owns 1,066 shares of the industrial products company’s stock worth $247,000 after purchasing an additional 46 shares during the last quarter. PFG Advisors raised its position in shares of Illinois Tool Works by 0.7% during the 4th quarter. PFG Advisors now owns 6,655 shares of the industrial products company’s stock worth $1,743,000 after purchasing an additional 46 shares during the last quarter. Crestwood Advisors Group LLC raised its position in shares of Illinois Tool Works by 1.3% during the 4th quarter. Crestwood Advisors Group LLC now owns 3,635 shares of the industrial products company’s stock worth $952,000 after purchasing an additional 46 shares during the last quarter. Finally, Mcdonald Partners LLC raised its position in shares of Illinois Tool Works by 1.0% during the 3rd quarter. Mcdonald Partners LLC now owns 4,796 shares of the industrial products company’s stock worth $1,104,000 after purchasing an additional 47 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Stock Up 0.5 %

Illinois Tool Works stock traded up $1.22 during trading on Monday, reaching $249.50. 934,791 shares of the company’s stock were exchanged, compared to its average volume of 1,237,484. The company’s 50-day moving average is $260.04 and its two-hundred day moving average is $251.59. 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 market cap of $74.54 billion, a price-to-earnings ratio of 25.49, a PEG ratio of 3.65 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $4.01 billion. During the same period in the prior year, the company earned $2.34 EPS. The firm’s revenue was up .3% on a year-over-year basis. On average, analysts predict that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently declared 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. The ex-dividend date was Wednesday, March 27th. This represents a $5.60 dividend on an annualized basis and a yield of 2.24%. Illinois Tool Works’s dividend payout ratio (DPR) is 57.49%.

Analysts Set New Price Targets

Several brokerages recently issued reports on ITW. Bank of America downgraded 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 research report on Wednesday, January 10th. Stifel Nicolaus boosted 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. Citigroup boosted their price target on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Truist Financial started coverage on Illinois Tool Works in a report on Thursday, March 14th. They issued a “buy” rating and a $301.00 price target for the company. Finally, Barclays boosted their price target on Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a report on Tuesday, April 2nd. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus target price of $257.00.

Insider Buying and Selling

In related news, Chairman Ernest Scott Santi sold 50,000 shares of the company’s stock in a transaction 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 completion of the sale, the chairman now directly owns 221,015 shares of the company’s stock, valued at approximately $56,235,056.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Illinois Tool Works news, EVP Sharon Szafranski sold 801 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the completion of the transaction, the executive vice president now directly owns 5,870 shares of the company’s stock, valued at approximately $1,505,185.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Ernest Scott Santi sold 50,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, 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 three months, insiders sold 189,471 shares of company stock valued at $48,712,316. Company insiders own 1.26% of the company’s stock.

About Illinois Tool Works

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.