Greatmark Investment Partners Inc. Cuts Position in Illinois Tool Works Inc. (NYSE:ITW)

Greatmark Investment Partners Inc. decreased its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 1.8% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 43,233 shares of the industrial products company’s stock after selling 780 shares during the period. Illinois Tool Works makes up about 1.5% of Greatmark Investment Partners Inc.’s investment portfolio, making the stock its 25th largest position. Greatmark Investment Partners Inc.’s holdings in Illinois Tool Works were worth $10,962,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Aviso Financial Inc. raised its holdings in Illinois Tool Works by 4.1% in the fourth quarter. Aviso Financial Inc. now owns 2,885 shares of the industrial products company’s stock valued at $732,000 after buying an additional 113 shares during the period. LBP AM SA purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $4,125,000. Integras Partners LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $2,499,000. Madison Investment Advisors LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $4,393,000. Finally, Impact Capital Partners LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $728,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insider Activity

In other news, CEO Christopher A. O’herlihy sold 48,453 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 55,113 shares of the company’s stock, valued at approximately $15,120,802.68. The trade was a 46.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Ernest Scott Santi sold 70,000 shares of the business’s stock in a transaction 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 transaction, the director now directly owns 260,224 shares of the company’s stock, valued at approximately $68,516,979.20. This trade represents a 21.20 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 159,925 shares of company stock valued at $42,973,845. 0.88% of the stock is currently owned by company insiders.

Illinois Tool Works Stock Performance

Illinois Tool Works stock opened at $254.72 on Friday. The company has a market cap of $74.76 billion, a PE ratio of 21.73, a P/E/G ratio of 4.56 and a beta of 1.13. The company has a fifty day moving average price of $257.83 and a two-hundred day moving average price of $260.27. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. 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 released its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 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%. Research analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s dividend payout ratio (DPR) is 51.19%.

Analyst Ratings Changes

ITW has been the topic of a number of analyst reports. Barclays set a $260.00 price objective on shares of Illinois Tool Works and gave the company an “equal weight” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price objective on the stock in a research note on Wednesday, February 19th. Truist Financial lifted their price target on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Citigroup dropped their price target on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research note on Monday, January 13th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and a consensus target price of $269.10.

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.