Illinois Tool Works Inc. (NYSE:ITW) Stake Increased by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. raised its stake in Illinois Tool Works Inc. (NYSE:ITW) by 3.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 26,822 shares of the industrial products company’s stock after purchasing an additional 891 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Illinois Tool Works were worth $7,026,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Turtle Creek Wealth Advisors LLC bought a new position in Illinois Tool Works during the fourth quarter worth $26,000. Financial Connections Group Inc. acquired a new stake in Illinois Tool Works during the fourth quarter worth about $28,000. Briaud Financial Planning Inc acquired a new position in Illinois Tool Works in the third quarter valued at approximately $25,000. Bruce G. Allen Investments LLC bought a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $29,000. Finally, Rakuten Securities Inc. acquired a new stake in shares of Illinois Tool Works during the 4th quarter worth approximately $29,000. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Illinois Tool Works stock traded down $3.99 during mid-day trading on Tuesday, hitting $245.25. The company’s stock had a trading volume of 958,838 shares, compared to its average volume of 1,242,447. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10. The stock has a market capitalization of $73.27 billion, a P/E ratio of 25.54, a P/E/G ratio of 3.65 and a beta of 1.13. The stock’s fifty day moving average price is $259.95 and its two-hundred day moving average price is $251.70. Illinois Tool Works Inc. has a twelve month low of $217.06 and a twelve month high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $0.01. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The company had revenue of $3.98 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same period in the prior year, the firm earned $2.34 earnings per share. The business’s quarterly revenue was up .3% on a year-over-year basis. Research analysts forecast that Illinois Tool Works Inc. will post 10.12 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 11th. Stockholders of record on Friday, March 29th were issued a $1.40 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.28%. Illinois Tool Works’s payout ratio is currently 57.49%.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total value of $9,851,485.02. Following the transaction, the chief financial officer now owns 46,404 shares in the company, valued at approximately $12,299,844.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 5,827 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $256.29, for a total value of $1,493,401.83. Following the completion of the sale, the chief accounting officer now owns 8,870 shares of the company’s stock, valued at $2,273,292.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Michael M. Larsen sold 37,167 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total value of $9,851,485.02. Following the completion of the transaction, the chief financial officer now directly owns 46,404 shares in the company, valued at $12,299,844.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 189,471 shares of company stock valued at $48,712,316. Company insiders own 1.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ITW. Barclays boosted their price objective on Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a research report on Tuesday, April 2nd. Truist Financial initiated coverage on shares of Illinois Tool Works in a research report on Thursday, March 14th. They issued a “buy” rating and a $301.00 price objective on the stock. Stifel Nicolaus upped their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Citigroup lifted their price target on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Finally, Bank of America lowered Illinois Tool Works from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. Four analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $257.00.

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.