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

Estabrook Capital Management cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 800 shares of the industrial products company’s stock after selling 50 shares during the period. Estabrook Capital Management’s holdings in Illinois Tool Works were worth $203,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ITW. Prudent Man Investment Management Inc. purchased a new stake in shares of Illinois Tool Works in the 4th quarter valued at approximately $25,000. Sugar Maple Asset Management LLC bought a new stake in shares of Illinois Tool Works during the 4th quarter worth about $28,000. Millstone Evans Group LLC acquired a new position in shares of Illinois Tool Works during the 4th quarter valued at about $31,000. Atlantic Private Wealth LLC bought a new position in shares of Illinois Tool Works in the 4th quarter valued at approximately $32,000. Finally, Ulland Investment Advisors LLC acquired a new stake in Illinois Tool Works in the 4th quarter worth approximately $33,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 2.0 %

ITW opened at $217.33 on Wednesday. The firm has a market cap of $63.76 billion, a price-to-earnings ratio of 18.54, a PEG ratio of 4.56 and a beta of 1.12. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. The firm’s 50-day simple moving average is $254.29 and its 200-day simple moving average is $259.67. Illinois Tool Works Inc. has a twelve month low of $214.44 and a twelve month high of $279.13.

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

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.19%.

Wall Street Analysts Forecast Growth

ITW has been the topic of several analyst reports. Truist Financial increased their price target on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. JPMorgan Chase & Co. lowered their target price on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. UBS Group decreased their price target on shares of Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating for the company in a report on Monday. 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. Finally, Deutsche Bank Aktiengesellschaft raised Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target on the stock in a research report on Wednesday, February 19th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus price target of $265.18.

Insider Buying and Selling at Illinois Tool Works

In other news, CFO Michael M. Larsen sold 41,472 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the sale, the chief financial officer now owns 50,502 shares in the company, valued at $13,698,667.50. This represents a 45.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Christopher A. O’herlihy sold 48,453 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the completion of the transaction, the chief executive officer now directly owns 55,113 shares of the company’s stock, valued at $15,120,802.68. This represents a 46.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 159,925 shares of company stock valued at $42,973,845. 0.88% of the stock is currently owned by insiders.

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.