HighPoint Advisor Group LLC Boosts Stake in Illinois Tool Works Inc. (NYSE:ITW)

HighPoint Advisor Group LLC raised its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 1.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,617 shares of the industrial products company’s stock after acquiring an additional 259 shares during the period. HighPoint Advisor Group LLC’s holdings in Illinois Tool Works were worth $3,776,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in Illinois Tool Works by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 26,326,996 shares of the industrial products company’s stock worth $6,675,473,000 after buying an additional 94,601 shares in the last quarter. State Street Corp grew its position in Illinois Tool Works by 1.2% in the third quarter. State Street Corp now owns 12,434,001 shares of the industrial products company’s stock worth $3,277,127,000 after acquiring an additional 149,272 shares in the last quarter. Geode Capital Management LLC increased its stake in Illinois Tool Works by 2.7% in the third quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company’s stock valued at $1,645,972,000 after acquiring an additional 167,422 shares during the last quarter. Fisher Asset Management LLC raised its position in Illinois Tool Works by 2.9% during the fourth quarter. Fisher Asset Management LLC now owns 3,443,251 shares of the industrial products company’s stock valued at $873,071,000 after purchasing an additional 95,925 shares in the last quarter. Finally, Norges Bank bought a new stake in Illinois Tool Works during the fourth quarter worth about $806,291,000. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 2.2 %

Shares of NYSE:ITW opened at $246.34 on Monday. The stock’s 50-day moving average is $258.40 and its 200 day moving average is $260.83. The company has a market cap of $72.27 billion, a PE ratio of 21.02, a P/E/G ratio of 4.56 and a beta of 1.13. 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 1 year low of $232.77 and a 1 year high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works’s payout ratio is currently 51.19%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ITW. Evercore ISI decreased their price objective on Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating on the stock in a report on Wednesday, February 19th. JPMorgan Chase & Co. lowered their price objective on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Citigroup cut 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 report on Monday, January 13th. Finally, Truist Financial lifted their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Two 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $268.30.

Insiders Place Their Bets

In other Illinois Tool Works news, Director Ernest Scott Santi sold 70,000 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total value of $18,431,000.00. Following the completion of the transaction, the director now owns 260,224 shares in the company, valued at approximately $68,516,979.20. This represents a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael M. Larsen sold 41,472 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the completion of the transaction, the chief financial officer now owns 50,502 shares of the company’s stock, valued at approximately $13,698,667.50. The trade was a 45.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 159,925 shares of company stock worth $42,973,845 over the last three months. Company 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.