Proficio Capital Partners LLC Raises Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Proficio Capital Partners LLC raised its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 36,632.9% during the fourth quarter, Holdings Channel reports. The firm owned 438,591 shares of the industrial products company’s stock after buying an additional 437,397 shares during the quarter. Proficio Capital Partners LLC’s holdings in Illinois Tool Works were worth $111,209,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. increased its position in Illinois Tool Works by 3.4% during the 4th quarter. Oppenheimer & Co. Inc. now owns 16,884 shares of the industrial products company’s stock valued at $4,281,000 after purchasing an additional 563 shares during the period. Kovack Advisors Inc. increased its position in Illinois Tool Works by 8.5% during the 4th quarter. Kovack Advisors Inc. now owns 1,753 shares of the industrial products company’s stock valued at $444,000 after purchasing an additional 138 shares during the period. Mn Services Vermogensbeheer B.V. grew its position in shares of Illinois Tool Works by 2.9% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 119,329 shares of the industrial products company’s stock worth $30,257,000 after buying an additional 3,400 shares during the period. Convergence Financial LLC grew its position in shares of Illinois Tool Works by 6.8% in the 4th quarter. Convergence Financial LLC now owns 1,024 shares of the industrial products company’s stock worth $260,000 after buying an additional 65 shares during the period. Finally, Whipplewood Advisors LLC purchased a new stake in shares of Illinois Tool Works in the 4th quarter worth about $40,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Illinois Tool Works news, Director Ernest Scott Santi sold 70,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the sale, the director now owns 260,224 shares in the company, valued at approximately $68,516,979.20. This trade represents a 21.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.26% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Stifel Nicolaus reduced their target price 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. Deutsche Bank Aktiengesellschaft raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price on the stock in a research report on Wednesday, February 19th. Truist Financial upped their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Evercore ISI reduced 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 research report on Wednesday, February 19th. Finally, Robert W. Baird upped their price target on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $269.30.

Illinois Tool Works Stock Performance

ITW opened at $261.18 on Friday. 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 company has a market cap of $76.65 billion, a price-to-earnings ratio of 22.28, a PEG ratio of 4.56 and a beta of 1.11. The company’s 50 day moving average is $256.90 and its 200 day moving average is $258.94. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $279.13.

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

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s payout ratio is 51.19%.

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.