Wendell David Associates Inc. Cuts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Wendell David Associates Inc. reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 18,543 shares of the industrial products company’s stock after selling 827 shares during the period. Wendell David Associates Inc.’s holdings in Illinois Tool Works were worth $4,857,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Briaud Financial Planning Inc purchased a new stake in Illinois Tool Works during the 3rd quarter valued at approximately $25,000. Bruce G. Allen Investments LLC purchased a new stake in Illinois Tool Works during the 4th quarter valued at approximately $29,000. Quarry LP grew its holdings in Illinois Tool Works by 52.7% during the 1st quarter. Quarry LP now owns 142 shares of the industrial products company’s stock valued at $35,000 after buying an additional 49 shares in the last quarter. Arlington Trust Co LLC bought a new position in shares of Illinois Tool Works during the 3rd quarter valued at approximately $38,000. Finally, Union Savings Bank bought a new position in shares of Illinois Tool Works during the 2nd quarter valued at approximately $39,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $254.83, for a total transaction of $12,741,500.00. Following the transaction, the chairman now owns 221,015 shares in the company, valued at $56,321,252.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CAO Randall J. Scheuneman sold 5,827 shares of the firm’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 transaction, the chief accounting officer now owns 8,870 shares in the company, valued at $2,273,292.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were 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 in the company, valued at approximately $56,321,252.45. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 189,471 shares of company stock worth $48,712,316. Company insiders own 1.26% of the company’s stock.

Illinois Tool Works Stock Down 1.2 %

NYSE:ITW opened at $265.23 on Tuesday. Illinois Tool Works Inc. has a twelve month low of $217.06 and a twelve month high of $271.15. The company has a market cap of $79.23 billion, a price-to-earnings ratio of 27.23, a price-to-earnings-growth ratio of 4.61 and a beta of 1.13. The stock has a fifty day simple moving average of $260.76 and a 200-day simple moving average of $248.53. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share 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 business had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period last year, the company earned $2.34 earnings per share. The business’s revenue for the quarter was up .3% compared to the same quarter last year. 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 declared a quarterly dividend, which will be paid on Thursday, April 11th. Stockholders of record on Friday, March 29th will be paid a dividend of $1.40 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $5.60 annualized dividend and a dividend yield of 2.11%. Illinois Tool Works’s dividend payout ratio is currently 57.49%.

Analyst Ratings Changes

ITW has been the subject of a number of research reports. Stifel Nicolaus increased their target price on Illinois Tool Works from $238.00 to $239.00 and gave the company a “hold” rating in a research report on Tuesday, January 23rd. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $260.00 to $235.00 in a research report on Wednesday, January 10th. Wells Fargo & Company downgraded Illinois Tool Works from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $277.00 to $240.00 in a research report on Tuesday, February 6th. Citigroup raised their price target on Illinois Tool Works from $244.00 to $256.00 and gave the stock a “neutral” rating in a research report on Monday, December 11th. Finally, Truist Financial initiated coverage on Illinois Tool Works in a research report on Thursday, March 14th. They issued a “buy” rating and a $301.00 price target for the company. Five analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and an average target price of $245.50.

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.