Harbour Trust & Investment Management Co Purchases New Shares in Illinois Tool Works Inc. (NYSE:ITW)

Harbour Trust & Investment Management Co purchased a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 10,247 shares of the industrial products company's stock, valued at approximately $2,684,000.

Several other large investors have also recently bought and sold shares of ITW. Briaud Financial Planning Inc acquired a new position in Illinois Tool Works during the third quarter valued at $25,000. Turtle Creek Wealth Advisors LLC acquired a new position in Illinois Tool Works during the fourth quarter valued at $26,000. Bruce G. Allen Investments LLC acquired a new position in Illinois Tool Works during the fourth quarter valued at $29,000. Quarry LP raised its position in Illinois Tool Works by 52.7% during the first quarter. Quarry LP now owns 142 shares of the industrial products company's stock valued at $35,000 after buying an additional 49 shares during the period. Finally, Arlington Trust Co LLC acquired a new position in Illinois Tool Works during the third quarter valued at $38,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Illinois Tool Works

In related news, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $254.83, for a total transaction of $12,741,500.00. Following the completion of the sale, the chairman now owns 221,015 shares in the company, valued at approximately $56,321,252.45. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the firm's stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $254.83, for a total value of $12,741,500.00. Following the completion of the sale, the chairman now owns 221,015 shares in the company, valued at approximately $56,321,252.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Randall J. Scheuneman sold 5,827 shares of the firm's stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $256.29, for a total value of $1,493,401.83. Following the completion of the sale, the chief accounting officer now owns 8,870 shares of the company's stock, valued at approximately $2,273,292.30. 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 90 days. 1.26% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ITW shares. Truist Financial started coverage on Illinois Tool Works in a research report on Thursday, March 14th. They issued a "buy" rating and a $301.00 target price on the stock. Citigroup upped their target price on Illinois Tool Works from $258.00 to $269.00 and gave the stock a "neutral" rating in a research report on Monday. Wells Fargo & Company lowered Illinois Tool Works from an "equal weight" rating to an "underweight" rating and dropped their target price for the stock from $277.00 to $240.00 in a research report on Tuesday, February 6th. Barclays upped their target price on Illinois Tool Works from $224.00 to $230.00 and gave the stock an "underweight" rating in a research report on Tuesday, April 2nd. Finally, Bank of America lowered Illinois Tool Works from a "neutral" rating to an "underperform" rating and dropped their target price for the stock from $260.00 to $235.00 in a research report on Wednesday, January 10th. Five analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $247.40.

Illinois Tool Works Stock Up 0.2 %

Shares of ITW traded up $0.49 during trading hours on Tuesday, hitting $262.53. 917,179 shares of the company were exchanged, compared to its average volume of 1,257,239. The company has a market cap of $78.43 billion, a PE ratio of 26.95, a PEG ratio of 3.87 and a beta of 1.13. The firm's 50 day moving average is $260.98 and its 200-day moving average is $249.85. Illinois Tool Works Inc. has a 52 week low of $217.06 and a 52 week high of $271.15. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.97 and a current ratio of 1.33.

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

Illinois Tool Works Announces Dividend

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