Twinbeech Capital LP Buys New Stake in Illinois Tool Works Inc. (NYSE:ITW)

Twinbeech Capital LP bought a new position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 6,911 shares of the industrial products company's stock, valued at approximately $1,752,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ITW. Prudent Man Investment Management Inc. bought a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $25,000. Redwood Park Advisors LLC acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth $26,000. Sugar Maple Asset Management LLC acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth $28,000. Glass Jacobson Investment Advisors llc lifted its stake in shares of Illinois Tool Works by 336.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock worth $28,000 after buying an additional 84 shares during the period. Finally, Millstone Evans Group LLC acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth $31,000. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Stock Up 1.7%

ITW traded up $4.16 during trading hours on Tuesday, hitting $246.00. 217,053 shares of the company's stock were exchanged, compared to its average volume of 1,158,351. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The firm has a 50 day moving average of $240.78 and a 200 day moving average of $254.57. The firm has a market cap of $72.08 billion, a P/E ratio of 20.99, a price-to-earnings-growth ratio of 4.56 and a beta of 1.12. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its 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 in the prior year, the firm earned $2.44 EPS. The firm's revenue for the quarter was down 3.4% on a year-over-year basis. Analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works's dividend payout ratio is presently 52.77%.

Wall Street Analyst Weigh In

ITW has been the subject of a number of research reports. Barclays decreased their target price on shares of Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Wells Fargo & Company cut their target price on shares of Illinois Tool Works from $250.00 to $245.00 and set an "underweight" rating for the company in a research note on Thursday, February 6th. Bank of America cut shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price for the company. in a research note on Wednesday, May 7th. Evercore ISI cut their target price on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a research note on Monday, May 19th. Finally, Robert W. Baird boosted their target price on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. Three 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $253.42.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, CFO Michael M. Larsen sold 41,472 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 50,502 shares of the company's stock, valued at approximately $13,698,667.50. This represents a 45.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Christopher A. O'herlihy sold 48,453 shares of the stock in a transaction that occurred on 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 approximately $15,120,802.68. This represents a 46.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.