Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by FineMark National Bank & Trust

FineMark National Bank & Trust decreased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 2.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,761 shares of the industrial products company’s stock after selling 157 shares during the period. FineMark National Bank & Trust’s holdings in Illinois Tool Works were worth $1,461,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Pensionfund Sabic boosted its holdings in shares of Illinois Tool Works by 37.0% during the fourth quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company’s stock valued at $1,876,000 after acquiring an additional 2,000 shares during the period. Franklin Resources Inc. boosted its stake in Illinois Tool Works by 41.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock valued at $358,321,000 after purchasing an additional 398,676 shares during the period. Clark & Stuart Inc acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $1,729,000. Czech National Bank raised its holdings in shares of Illinois Tool Works by 5.9% during the fourth quarter. Czech National Bank now owns 58,265 shares of the industrial products company’s stock valued at $14,774,000 after buying an additional 3,227 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its holdings in Illinois Tool Works by 11.8% in the 3rd quarter. Daiwa Securities Group Inc. now owns 36,938 shares of the industrial products company’s stock worth $9,680,000 after buying an additional 3,903 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $254.93 on Wednesday. The stock’s fifty day simple moving average is $258.65 and its 200 day simple moving average is $260.74. The stock has a market capitalization of $74.82 billion, a price-to-earnings ratio of 21.75, a PEG ratio of 4.56 and a beta of 1.13. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping 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%. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works’s payout ratio is 51.19%.

Insider Buying and Selling at Illinois Tool Works

In other news, Director Ernest Scott Santi sold 70,000 shares of the company’s stock in a transaction dated 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 transaction, the director now owns 260,224 shares in the company, valued at $68,516,979.20. This represents a 21.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael M. Larsen sold 41,472 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief financial officer now owns 50,502 shares of the company’s stock, valued at approximately $13,698,667.50. This represents a 45.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 159,925 shares of company stock valued at $42,973,845 in the last three months. 1.26% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on ITW shares. Citigroup cut their target price on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research note on Monday, January 13th. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price for the company in a research report on Wednesday, February 19th. Truist Financial upped 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. Evercore ISI lowered their price objective on shares of Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating on the stock in a research note on Wednesday, February 19th. Finally, StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target 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.