Cullinan Associates Inc. Sells 5,065 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Cullinan Associates Inc. reduced its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 13.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,965 shares of the industrial products company's stock after selling 5,065 shares during the period. Cullinan Associates Inc.'s holdings in Illinois Tool Works were worth $8,373,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in ITW. Moneta Group Investment Advisors LLC increased its position in Illinois Tool Works by 106,553.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 7,185,211 shares of the industrial products company's stock valued at $1,582,902,000 after acquiring an additional 7,178,474 shares during the last quarter. Norges Bank bought a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $708,259,000. Morgan Stanley lifted its position in shares of Illinois Tool Works by 59.2% in the 4th quarter. Morgan Stanley now owns 4,591,278 shares of the industrial products company's stock worth $1,011,459,000 after purchasing an additional 1,707,780 shares during the period. Vanguard Group Inc. boosted its position in Illinois Tool Works by 5.0% during the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company's stock valued at $6,035,292,000 after acquiring an additional 1,238,239 shares in the last quarter. Finally, Alecta Tjanstepension Omsesidigt grew its stake in Illinois Tool Works by 150.0% in the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company's stock valued at $294,671,000 after purchasing an additional 675,000 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on ITW shares. Stifel Nicolaus lifted their price objective on shares of Illinois Tool Works from $238.00 to $239.00 and gave the stock a "hold" rating in a research report on Tuesday, January 23rd. Truist Financial assumed coverage on Illinois Tool Works in a research report on Thursday, March 14th. They issued a "buy" rating and a $301.00 price objective for the company. Barclays upped their target price on Illinois Tool Works from $224.00 to $230.00 and gave the company an "underweight" rating in a research report on Tuesday. Bank of America lowered Illinois Tool Works from a "neutral" rating to an "underperform" rating and dropped their price target for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. Finally, Citigroup increased their price objective on shares of Illinois Tool Works from $244.00 to $256.00 and gave the company a "neutral" rating in a research report on Monday, December 11th. Five equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $246.10.

Insider Activity at Illinois Tool Works

In other news, CFO Michael M. Larsen sold 37,167 shares of the firm's stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the sale, the chief financial officer now directly owns 46,404 shares in the company, valued at approximately $12,299,844.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Michael M. Larsen sold 37,167 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the transaction, the chief financial officer now owns 46,404 shares in the company, valued at approximately $12,299,844.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Ernest Scott Santi sold 50,000 shares of the business's stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the completion of the sale, the chairman now directly owns 221,015 shares of the company's stock, valued at approximately $56,235,056.60. The disclosure for this sale can be found here. Insiders sold a total of 189,471 shares of company stock worth $48,712,316 in the last three months. Company insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW traded up $1.16 during midday trading on Friday, reaching $262.94. The company's stock had a trading volume of 908,509 shares, compared to its average volume of 1,269,749. Illinois Tool Works Inc. has a twelve month low of $217.06 and a twelve month high of $271.15. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10. The firm has a market capitalization of $78.55 billion, a PE ratio of 27.00, a P/E/G ratio of 4.54 and a beta of 1.13. The stock has a fifty day moving average of $261.09 and a 200 day moving average of $249.26.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.01. The business had revenue of $3.98 billion during the quarter, compared to analysts' expectations of $4.01 billion. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The company's revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.34 EPS. On average, equities analysts expect that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Stockholders of record on Friday, March 29th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.13%. The ex-dividend date is Wednesday, March 27th. Illinois Tool Works's dividend payout ratio (DPR) is 57.49%.

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.

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