Coerente Capital Management Cuts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Coerente Capital Management decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITWFree Report) by 0.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 98,736 shares of the industrial products company’s stock after selling 923 shares during the quarter. Illinois Tool Works accounts for about 5.3% of Coerente Capital Management’s investment portfolio, making the stock its 3rd biggest position. Coerente Capital Management’s holdings in Illinois Tool Works were worth $25,863,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Briaud Financial Planning Inc bought a new position in Illinois Tool Works in the third quarter worth approximately $25,000. Bruce G. Allen Investments LLC purchased a new stake in Illinois Tool Works during the fourth quarter worth $29,000. Quarry LP lifted 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 buying an additional 49 shares during the period. Arlington Trust Co LLC purchased a new stake in Illinois Tool Works during the third quarter worth $38,000. Finally, Union Savings Bank purchased a new stake in Illinois Tool Works during the second quarter worth $39,000. Institutional investors own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

ITW has been the subject of several analyst reports. Citigroup increased their price objective on Illinois Tool Works from $244.00 to $256.00 and gave the company a “neutral” rating in a report on Monday, December 11th. Stifel Nicolaus upped their target price on Illinois Tool Works from $238.00 to $239.00 and gave the company a “hold” rating in a research report on Tuesday, January 23rd. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and cut their target price for the company from $260.00 to $235.00 in a research report on Wednesday, January 10th. Wells Fargo & Company downgraded Illinois Tool Works from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $277.00 to $240.00 in a research report on Tuesday, February 6th. Finally, Truist Financial assumed coverage on Illinois Tool Works in a research report on Thursday, March 14th. They issued a “buy” rating and a $301.00 target price on the stock. Five investment analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $245.50.

View Our Latest Stock Report on ITW

Illinois Tool Works Price Performance

NYSE:ITW opened at $265.23 on Tuesday. Illinois Tool Works Inc. has a 52 week low of $217.06 and a 52 week high of $271.15. 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 $79.23 billion, a PE ratio of 27.23, a price-to-earnings-growth ratio of 4.61 and a beta of 1.13. The stock’s 50-day moving average price is $260.76 and its 200-day moving average price is $248.53.

Illinois Tool Works (NYSE:ITWGet Free Report) last posted its earnings results 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. The firm had revenue of $3.98 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the firm earned $2.34 EPS. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Shareholders of record on Friday, March 29th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio (DPR) is 57.49%.

Insiders Place Their Bets

In other news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the sale, the chief financial officer now owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the sale, the chief financial officer now owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Sharon Szafranski sold 801 shares of Illinois Tool Works stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $256.42, for a total transaction of $205,392.42. Following the completion of the sale, the executive vice president now owns 5,870 shares of the company’s stock, valued at approximately $1,505,185.40. The disclosure for this sale can be found here. Insiders have sold 189,471 shares of company stock valued at $48,712,316 in the last ninety days. 1.26% of the stock is currently owned by corporate insiders.

Illinois Tool Works Company Profile

(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.

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

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