Illinois Tool Works Inc. (NYSE:ITW) Shares Purchased by Tidal Investments LLC

Tidal Investments LLC lifted its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 21.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 23,925 shares of the industrial products company's stock after acquiring an additional 4,277 shares during the quarter. Tidal Investments LLC's holdings in Illinois Tool Works were worth $6,066,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Clarity Financial LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter worth $315,000. Milestone Asset Management LLC acquired a new stake in Illinois Tool Works during the fourth quarter valued at $941,000. Heck Capital Advisors LLC acquired a new stake in Illinois Tool Works during the fourth quarter valued at $739,000. MOKAN Wealth Management Inc. acquired a new stake in Illinois Tool Works during the fourth quarter valued at $1,096,000. Finally, EP Wealth Advisors LLC grew its position in Illinois Tool Works by 42.2% during the fourth quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company's stock valued at $1,450,000 after buying an additional 1,698 shares during the period. Institutional investors and hedge funds own 79.77% of the company's stock.

Insiders Place Their Bets

In other Illinois Tool Works news, CEO Christopher A. O'herlihy sold 48,453 shares of Illinois Tool Works 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 sale, the chief executive officer now directly owns 55,113 shares in the company, valued at $15,120,802.68. This trade represents a 46.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ernest Scott Santi sold 70,000 shares of Illinois Tool Works 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. This represents a 21.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 159,925 shares of company stock valued at $42,973,845 over the last ninety days. Company insiders own 0.88% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Truist Financial dropped their price target on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Wells Fargo & Company dropped 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 research report on Thursday, February 6th. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 price target on the stock in a research report on Wednesday, February 19th. Bank of America lowered shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price target on the stock. in a research report on Wednesday, May 7th. Finally, Stifel Nicolaus raised their price target on shares of Illinois Tool Works from $227.00 to $233.00 and gave the company a "hold" rating in a research report on Thursday, May 1st. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Illinois Tool Works presently has an average rating of "Hold" and a consensus target price of $253.42.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $251.66 on Tuesday. The company's 50-day moving average price is $241.76 and its 200-day moving average price is $255.46. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90. The company has a market cap of $73.74 billion, a P/E ratio of 21.47, a P/E/G ratio of 4.56 and a beta of 1.12. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. The firm had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same period last year, the firm posted $2.44 earnings per share. The company's revenue for the quarter was down 3.4% on a year-over-year basis. On average, 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 announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works's dividend payout ratio (DPR) is presently 52.77%.

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.

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