Grove Bank & Trust Sells 5,077 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Grove Bank & Trust lessened its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 63.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,872 shares of the industrial products company's stock after selling 5,077 shares during the period. Grove Bank & Trust's holdings in Illinois Tool Works were worth $752,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Moneta Group Investment Advisors LLC raised its holdings in shares of Illinois Tool Works by 106,553.0% in 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 buying an additional 7,178,474 shares during the last quarter. Norges Bank bought a new position in shares of Illinois Tool Works in the fourth quarter valued at about $708,259,000. Morgan Stanley raised its holdings in Illinois Tool Works by 59.2% during 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 last quarter. Vanguard Group Inc. raised its holdings 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 worth $6,035,292,000 after purchasing an additional 1,238,239 shares during the last quarter. Finally, Alecta Tjanstepension Omsesidigt raised its holdings in Illinois Tool Works by 150.0% during the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company's stock worth $294,671,000 after purchasing an additional 675,000 shares during the last quarter. Institutional investors own 79.77% of the company's stock.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the 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 transaction, the chairman now owns 221,015 shares in the company, valued at approximately $56,235,056.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Sharon Szafranski sold 801 shares of the firm's stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.42, for a total value of $205,392.42. Following the transaction, the executive vice president now owns 5,870 shares in the company, valued at $1,505,185.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Ernest Scott Santi sold 50,000 shares of the firm's stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total value of $12,722,000.00. Following the completion of the transaction, the chairman now owns 221,015 shares in the company, valued at approximately $56,235,056.60. The disclosure for this sale can be found here. Insiders sold 189,471 shares of company stock valued at $48,712,316 in the last quarter. 1.26% of the stock is currently owned by insiders.

Illinois Tool Works Stock Up 0.1 %

Shares of NYSE ITW traded up $0.37 during trading hours on Monday, hitting $253.88. The company had a trading volume of 2,036,390 shares, compared to its average volume of 1,257,321. The stock has a market capitalization of $75.84 billion, a P/E ratio of 26.07, a price-to-earnings-growth ratio of 3.73 and a beta of 1.13. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10. Illinois Tool Works Inc. has a 1-year low of $217.06 and a 1-year high of $271.15. The firm's 50 day moving average is $260.93 and its 200-day moving average is $250.52.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 EPS 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 company 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 firm posted $2.34 EPS. The firm's revenue for the quarter was up .3% compared to the same quarter last year. On average, analysts expect that Illinois Tool Works Inc. will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend was Wednesday, March 27th. Illinois Tool Works's dividend payout ratio is 57.49%.

Analyst Ratings Changes

Several equities analysts recently issued reports 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 price objective for the company. Stifel Nicolaus boosted their price objective on Illinois Tool Works from $238.00 to $239.00 and gave the company a "hold" rating in a research report on Tuesday, January 23rd. Bank of America lowered Illinois Tool Works from a "neutral" rating to an "underperform" rating and decreased their price objective for the company from $260.00 to $235.00 in a research report on Wednesday, January 10th. Barclays boosted their price objective on Illinois Tool Works from $224.00 to $230.00 and gave the company an "underweight" rating in a research report on Tuesday, April 2nd. Finally, Citigroup boosted their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the company a "neutral" rating in a research report on Monday, April 8th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Illinois Tool Works currently has an average rating of "Hold" and a consensus target price of $254.78.

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.