Frank Rimerman Advisors LLC Grows Position in Illinois Tool Works Inc. (NYSE:ITW)

Frank Rimerman Advisors LLC boosted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 5.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,353 shares of the industrial products company’s stock after buying an additional 231 shares during the period. Frank Rimerman Advisors LLC’s holdings in Illinois Tool Works were worth $1,104,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of ITW. Sugar Maple Asset Management LLC purchased a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $28,000. True Wealth Design LLC boosted its position in shares of Illinois Tool Works by 1,060.0% during the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after buying an additional 106 shares during the period. Ulland Investment Advisors LLC purchased a new stake in shares of Illinois Tool Works in the 4th quarter valued at $33,000. Hager Investment Management Services LLC acquired a new position in Illinois Tool Works during the 4th quarter worth about $37,000. Finally, Asset Planning Inc purchased a new position in Illinois Tool Works during the 4th quarter valued at about $40,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 1.7 %

ITW stock opened at $254.72 on Friday. The company has a market cap of $74.76 billion, a price-to-earnings ratio of 21.73, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. The company has a fifty day moving average price of $257.83 and a 200 day moving average price of $260.34. 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 announced its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, topping the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. Sell-side analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share 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. Stockholders of record on Monday, March 31st will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works’s payout ratio is 51.19%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ITW shares. 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 note on Wednesday, February 19th. Jefferies Financial Group increased their price objective on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Barclays set a $260.00 price target on Illinois Tool Works and gave the stock an “equal weight” rating in a report on Monday, March 10th. Truist Financial boosted their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Finally, Stifel Nicolaus lowered their price target on shares of Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating for the company in a report on Thursday, February 6th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $269.10.

Insider Buying and Selling

In related news, Director Ernest Scott Santi sold 70,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $68,516,979.20. The trade was a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Christopher A. O’herlihy sold 48,453 shares of the stock in a transaction dated 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 directly owns 55,113 shares of the company’s stock, valued at approximately $15,120,802.68. This trade represents a 46.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 159,925 shares of company stock valued at $42,973,845 over the last ninety days. Corporate insiders own 0.88% of the company’s stock.

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.