Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. reduced its position in Illinois Tool Works Inc. (NYSE:ITW) by 1.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,052 shares of the industrial products company’s stock after selling 107 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Illinois Tool Works were worth $2,042,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ITW. Prudent Man Investment Management Inc. acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $25,000. Redwood Park Advisors LLC acquired a new stake in Illinois Tool Works in the 4th quarter valued at about $26,000. Glass Jacobson Investment Advisors llc lifted its stake in Illinois Tool Works by 336.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 84 shares in the last quarter. Sugar Maple Asset Management LLC acquired a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $28,000. Finally, Millstone Evans Group LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $31,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ITW. Citigroup lowered their price objective on Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating on the stock in a research note on Monday. UBS Group lowered their price target on shares of Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price objective for the company in a research report on Wednesday, February 19th. Evercore ISI decreased their target price on shares of 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, Truist Financial raised their price target on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a report on Thursday, December 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 given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $260.09.

Illinois Tool Works Trading Up 0.5 %

Shares of NYSE ITW opened at $233.44 on Tuesday. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90. The stock has a market capitalization of $68.48 billion, a PE ratio of 19.92, a PEG ratio of 4.56 and a beta of 1.12. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The stock has a fifty day simple moving average of $251.88 and a 200-day simple moving average of $258.72.

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%. On average, equities analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Monday, March 31st were paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.57%. The ex-dividend date of this dividend was Monday, March 31st. Illinois Tool Works’s payout ratio is currently 51.19%.

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.