SlateStone Wealth LLC Trims Holdings in Illinois Tool Works Inc. (NYSE:ITW)

SlateStone Wealth LLC lowered its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 38.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,254 shares of the industrial products company’s stock after selling 2,022 shares during the quarter. SlateStone Wealth LLC’s holdings in Illinois Tool Works were worth $852,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Summit Global Investments increased its holdings in shares of Illinois Tool Works by 13.8% in the 3rd quarter. Summit Global Investments now owns 1,115 shares of the industrial products company’s stock valued at $257,000 after purchasing an additional 135 shares in the last quarter. RFG Advisory LLC increased its holdings in shares of Illinois Tool Works by 5.3% in the 3rd quarter. RFG Advisory LLC now owns 4,325 shares of the industrial products company’s stock valued at $996,000 after purchasing an additional 217 shares in the last quarter. Onyx Bridge Wealth Group LLC increased its holdings in shares of Illinois Tool Works by 8.1% in the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 1,054 shares of the industrial products company’s stock valued at $243,000 after purchasing an additional 79 shares in the last quarter. Montecito Bank & Trust increased its holdings in shares of Illinois Tool Works by 2.1% in the 3rd quarter. Montecito Bank & Trust now owns 3,636 shares of the industrial products company’s stock valued at $837,000 after purchasing an additional 75 shares in the last quarter. Finally, Flagship Harbor Advisors LLC increased its holdings in shares of Illinois Tool Works by 5.5% in the 3rd quarter. Flagship Harbor Advisors LLC now owns 1,666 shares of the industrial products company’s stock valued at $384,000 after purchasing an additional 87 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $260.00 to $235.00 in a research note on Wednesday, January 10th. Truist Financial initiated coverage on shares of Illinois Tool Works in a research note on Thursday, March 14th. They set a “buy” rating and a $301.00 price target on the stock. Barclays raised their price target on shares of Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 2nd. Wells Fargo & Company cut shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $277.00 to $240.00 in a research note on Tuesday, February 6th. Finally, Stifel Nicolaus raised their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Four research 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. Based on data from MarketBeat, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus target price of $257.00.

Illinois Tool Works Trading Up 0.5 %

Shares of ITW traded up $1.31 during mid-day trading on Tuesday, hitting $251.27. The company had a trading volume of 390,992 shares, compared to its average volume of 1,239,830. The stock has a market cap of $75.06 billion, a PE ratio of 25.67, a P/E/G ratio of 3.68 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 business’s 50-day simple moving average is $260.40 and its 200-day simple moving average is $251.19.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.01. The firm had revenue of $3.98 billion for the quarter, compared to analysts’ expectations of $4.01 billion. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. Illinois Tool Works’s revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.34 earnings per share. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were given a dividend of $1.40 per share. The ex-dividend date was Wednesday, March 27th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.23%. Illinois Tool Works’s payout ratio is currently 57.49%.

Insider Transactions at Illinois Tool Works

In other news, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were 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 directly owns 46,404 shares of the company’s stock, valued at $12,299,844.24. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were 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 directly owns 46,404 shares of the company’s stock, valued at $12,299,844.24. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Sharon Szafranski sold 801 shares of the business’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.42, for a total transaction of $205,392.42. Following the transaction, the executive vice president now directly owns 5,870 shares in the company, valued at $1,505,185.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 189,471 shares of company stock valued at $48,712,316. Corporate insiders own 1.26% of the company’s stock.

Illinois Tool Works 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.