Dumont & Blake Investment Advisors LLC Trims Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Dumont & Blake Investment Advisors LLC trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITWFree Report) by 5.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,231 shares of the industrial products company’s stock after selling 310 shares during the quarter. Dumont & Blake Investment Advisors LLC’s holdings in Illinois Tool Works were worth $1,370,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Briaud Financial Planning Inc acquired a new position in Illinois Tool Works in the 3rd quarter valued at $25,000. Bruce G. Allen Investments LLC acquired a new position in shares of Illinois Tool Works during the fourth quarter worth about $29,000. Quarry LP raised its holdings in Illinois Tool Works by 52.7% during the first quarter. Quarry LP now owns 142 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 49 shares in the last quarter. Union Savings Bank acquired a new stake in Illinois Tool Works in the second quarter valued at about $39,000. Finally, Arlington Trust Co LLC purchased a new stake in Illinois Tool Works in the 3rd quarter valued at approximately $38,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Illinois Tool Works

In other news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the completion of the sale, the chairman now directly owns 221,015 shares in the company, valued at $56,235,056.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the sale, the chairman now owns 221,015 shares in the company, valued at $56,235,056.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Randall J. Scheuneman sold 5,827 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.29, for a total value of $1,493,401.83. Following the completion of the transaction, the chief accounting officer now owns 8,870 shares of the company’s stock, valued at $2,273,292.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 189,471 shares of company stock valued at $48,712,316. 0.88% of the stock is owned by insiders.

Illinois Tool Works Price Performance

Shares of NYSE ITW traded down $0.38 on Wednesday, hitting $263.55. The company’s stock had a trading volume of 440,489 shares, compared to its average volume of 1,271,535. The stock has a 50 day moving average of $260.97 and a 200-day moving average of $248.89. The company has a market capitalization of $78.73 billion, a price-to-earnings ratio of 27.10, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. Illinois Tool Works Inc. has a 12-month low of $217.06 and a 12-month high of $271.15. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97.

Illinois Tool Works (NYSE:ITWGet Free Report) last issued its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.01. The firm had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $4.01 billion. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.34 EPS. As a group, research analysts predict that Illinois Tool Works Inc. will post 10.12 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Friday, March 29th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio is presently 57.49%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ITW. Truist Financial initiated coverage on Illinois Tool Works in a report on Thursday, March 14th. They issued a “buy” rating and a $301.00 price target for the company. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Wells Fargo & Company cut shares of 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 note on Tuesday, February 6th. Citigroup raised their price objective on shares of Illinois Tool Works from $244.00 to $256.00 and gave the company a “neutral” rating in a research note on Monday, December 11th. Finally, Barclays upped their target price on shares of Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a research report on Tuesday. Five equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and an average target price of $246.10.

Read Our Latest Report on ITW

About Illinois Tool Works

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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