Spinnaker Trust Reduces Position in Illinois Tool Works Inc. (NYSE:ITW)

Spinnaker Trust trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.6% during the fourth quarter, Holdings Channel reports. The fund owned 4,084 shares of the industrial products company’s stock after selling 195 shares during the quarter. Spinnaker Trust’s holdings in Illinois Tool Works were worth $1,070,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Briaud Financial Planning Inc acquired a new position in Illinois Tool Works in the third quarter worth about $25,000. Turtle Creek Wealth Advisors LLC acquired a new position in Illinois Tool Works in the fourth quarter worth about $26,000. Financial Connections Group Inc. acquired a new position in Illinois Tool Works in the fourth quarter worth about $28,000. Bruce G. Allen Investments LLC acquired a new position in Illinois Tool Works in the fourth quarter worth about $29,000. Finally, Rakuten Securities Inc. acquired a new position in Illinois Tool Works in the fourth quarter worth about $29,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $254.83, for a total value of $12,741,500.00. Following the transaction, the chairman now owns 221,015 shares of the company’s stock, valued at $56,321,252.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $254.83, for a total transaction of $12,741,500.00. Following the transaction, the chairman now directly owns 221,015 shares in the company, valued at approximately $56,321,252.45. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Randall J. Scheuneman sold 5,827 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.29, for a total transaction of $1,493,401.83. Following the completion of the transaction, the chief accounting officer now directly owns 8,870 shares in the company, valued at $2,273,292.30. The disclosure for this sale can be found here. Insiders have sold a total of 189,471 shares of company stock valued at $48,712,316 over the last quarter. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of NYSE ITW traded up $0.12 during midday trading on Friday, hitting $248.28. 947,179 shares of the company’s stock were exchanged, compared to its average volume of 1,023,968. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97. The stock’s 50 day moving average price is $260.04 and its 200-day moving average price is $251.37. The firm has a market cap of $74.17 billion, a P/E ratio of 25.49, a PEG ratio of 3.65 and a beta of 1.13. Illinois Tool Works Inc. has a twelve month low of $217.06 and a twelve month high of $271.15.

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

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were issued a dividend of $1.40 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.60 annualized dividend and a yield of 2.26%. Illinois Tool Works’s payout ratio is 57.49%.

Analyst Ratings Changes

ITW has been the subject of a number of research reports. Barclays lifted their price target on Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 2nd. Truist Financial started coverage on Illinois Tool Works in a research note on Thursday, March 14th. They issued a “buy” rating and a $301.00 target price for the company. Stifel Nicolaus lifted their target price on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Wells Fargo & Company downgraded Illinois Tool Works from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $277.00 to $240.00 in a research note on Tuesday, February 6th. Finally, Citigroup lifted their target price on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and a consensus target price of $257.00.

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.