Sunbeam Capital Management LLC Acquires Shares of 1,240 Illinois Tool Works Inc. (NYSE:ITW)

Sunbeam Capital Management LLC bought a new stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,240 shares of the industrial products company's stock, valued at approximately $314,000.

A number of other institutional investors have also recently added to or reduced their stakes in ITW. Brighton Jones LLC increased its holdings in shares of Illinois Tool Works by 5.3% during the fourth quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company's stock worth $1,399,000 after buying an additional 277 shares in the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of Illinois Tool Works by 57.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 9,845 shares of the industrial products company's stock worth $2,496,000 after acquiring an additional 3,605 shares during the period. McGuire Investment Group LLC increased its position in Illinois Tool Works by 0.3% during the 4th quarter. McGuire Investment Group LLC now owns 42,656 shares of the industrial products company's stock worth $10,816,000 after purchasing an additional 125 shares in the last quarter. Smith Chas P & Associates PA Cpas increased its position in Illinois Tool Works by 63.6% in the 4th quarter. Smith Chas P & Associates PA Cpas now owns 121,226 shares of the industrial products company's stock valued at $30,738,000 after acquiring an additional 47,137 shares during the period. Finally, Precedent Wealth Partners LLC increased its position in shares of Illinois Tool Works by 3.6% during the fourth quarter. Precedent Wealth Partners LLC now owns 3,481 shares of the industrial products company's stock worth $883,000 after buying an additional 122 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Christopher A. O'herlihy sold 48,453 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $274.36, for a total value of $13,293,565.08. Following the completion of the sale, the chief executive officer now owns 55,113 shares in the company, valued at approximately $15,120,802.68. This trade represents a 46.78% decrease in their ownership of the stock. The transaction was disclosed in a filing 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 shares were 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 owns 50,502 shares of the company's stock, valued at approximately $13,698,667.50. This trade represents a 45.09% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Down 0.6%

Shares of ITW traded down $1.41 during midday trading on Friday, hitting $244.32. The company had a trading volume of 336,665 shares, compared to its average volume of 1,010,474. The company's 50-day simple moving average is $240.30 and its 200-day simple moving average is $254.24. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. The firm has a market capitalization of $71.58 billion, a P/E ratio of 20.86, a P/E/G 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.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The company had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the prior year, the company earned $2.44 earnings per share. Illinois Tool Works's revenue was down 3.4% compared to the same quarter last year. As a group, sell-side analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be given a $1.50 dividend. The ex-dividend date is Monday, June 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.46%. Illinois Tool Works's dividend payout ratio is currently 52.77%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. UBS Group lowered their price objective on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Robert W. Baird raised their price target on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Truist Financial cut their price objective on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Citigroup decreased their target price on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Finally, JPMorgan Chase & Co. decreased their target price on Illinois Tool Works from $300.00 to $295.00 and set an "overweight" rating for the company in a research report on Monday, February 3rd. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $253.42.

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.