Sagespring Wealth Partners LLC Purchases New Shares in Illinois Tool Works Inc. (NYSE:ITW)

Sagespring Wealth Partners LLC acquired a new position in Illinois Tool Works Inc. (NYSE:ITW) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 3,942 shares of the industrial products company’s stock, valued at approximately $999,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Townsquare Capital LLC increased its stake in shares of Illinois Tool Works by 5.2% in the 4th quarter. Townsquare Capital LLC now owns 9,412 shares of the industrial products company’s stock worth $2,387,000 after acquiring an additional 466 shares in the last quarter. Nicolet Bankshares Inc. increased its stake in shares of Illinois Tool Works by 3.0% during the fourth quarter. Nicolet Bankshares Inc. now owns 2,017 shares of the industrial products company’s stock valued at $511,000 after purchasing an additional 58 shares in the last quarter. Qtron Investments LLC purchased a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $643,000. Glass Jacobson Investment Advisors llc boosted its position in shares of Illinois Tool Works by 336.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 84 shares in the last quarter. Finally, Heritage Trust Co purchased a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $5,460,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on ITW shares. Barclays lowered their price objective on Illinois Tool Works from $252.00 to $240.00 and set an “equal weight” rating for the company in a research note on Thursday. JPMorgan Chase & Co. dropped their price target on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Truist Financial raised their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Wells Fargo & Company cut their price target on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a report on Thursday, February 6th. Finally, Citigroup lowered their price target on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a report on Monday, January 13th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $264.09.

Illinois Tool Works Stock Performance

ITW opened at $232.40 on Monday. The firm has a market cap of $68.18 billion, a P/E ratio of 19.83, a PEG ratio of 4.56 and a beta of 1.12. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13. The company has a 50 day simple moving average of $252.30 and a two-hundred day simple moving average of $258.93. 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 (NYSE:ITW) last issued its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Equities analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Monday, March 31st were paid a $1.50 dividend. The ex-dividend date was Monday, March 31st. This represents a $6.00 annualized dividend and a yield of 2.58%. Illinois Tool Works’s payout ratio is 51.19%.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, 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 owns 55,113 shares of the company’s stock, valued at $15,120,802.68. This represents a 46.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael M. Larsen sold 41,472 shares of Illinois Tool Works stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $271.25, for a total value of $11,249,280.00. Following the completion of the sale, the chief financial officer now directly owns 50,502 shares in the company, valued at $13,698,667.50. This trade represents a 45.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 159,925 shares of company stock valued at $42,973,845 in the last three months. 0.88% of the stock is currently owned by corporate insiders.

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.