Illinois Tool Works Inc. (NYSE:ITW) Holdings Decreased by Greatmark Investment Partners Inc.

Greatmark Investment Partners Inc. reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 43,233 shares of the industrial products company’s stock after selling 780 shares during the quarter. Illinois Tool Works comprises about 1.5% of Greatmark Investment Partners Inc.’s investment portfolio, making the stock its 25th largest holding. Greatmark Investment Partners Inc.’s holdings in Illinois Tool Works were worth $10,962,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp raised its position in Illinois Tool Works by 1.2% in the third quarter. State Street Corp now owns 12,434,001 shares of the industrial products company’s stock worth $3,277,127,000 after acquiring an additional 149,272 shares in the last quarter. Geode Capital Management LLC raised its position in Illinois Tool Works by 2.7% in the third quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company’s stock worth $1,645,972,000 after acquiring an additional 167,422 shares in the last quarter. Fisher Asset Management LLC raised its position in Illinois Tool Works by 2.9% in the fourth quarter. Fisher Asset Management LLC now owns 3,443,251 shares of the industrial products company’s stock worth $873,071,000 after acquiring an additional 95,925 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Illinois Tool Works by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,516,979 shares of the industrial products company’s stock worth $638,205,000 after acquiring an additional 32,607 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Illinois Tool Works by 1.9% in the fourth quarter. Bank of New York Mellon Corp now owns 2,503,537 shares of the industrial products company’s stock worth $634,797,000 after acquiring an additional 46,287 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on ITW. Stifel Nicolaus dropped their price target on shares of Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating on the stock in a research report on Thursday, February 6th. JPMorgan Chase & Co. dropped their price target on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Truist Financial boosted their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Evercore ISI cut their price objective on Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating on the stock in a report on Wednesday, February 19th. Finally, Citigroup cut their price objective on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a report on Monday, January 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $269.10.

Illinois Tool Works Trading Up 1.7 %

NYSE:ITW opened at $254.72 on Friday. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $279.13. The stock’s 50-day moving average is $257.83 and its two-hundred day moving average is $260.27. The stock has a market cap of $74.76 billion, a PE ratio of 21.73, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13.

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

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.36%. Illinois Tool Works’s payout ratio is 51.19%.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director Ernest Scott Santi sold 70,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the completion of the sale, the director now owns 260,224 shares of the company’s stock, valued at $68,516,979.20. This represents a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher A. O’herlihy sold 48,453 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $274.36, for a total value of $13,293,565.08. Following the sale, the chief executive officer now directly owns 55,113 shares of the company’s stock, valued at $15,120,802.68. The trade was a 46.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 159,925 shares of company stock valued at $42,973,845. 0.88% of the stock is owned by corporate 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.