Hartline Investment Corp Decreases Position in Illinois Tool Works Inc. (NYSE:ITW)

Hartline Investment Corp decreased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,017 shares of the industrial products company’s stock after selling 85 shares during the quarter. Illinois Tool Works accounts for 0.6% of Hartline Investment Corp’s portfolio, making the stock its 28th largest position. Hartline Investment Corp’s holdings in Illinois Tool Works were worth $3,934,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in ITW. Vanguard Group Inc. boosted its holdings in Illinois Tool Works by 5.0% in the third 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. Alecta Tjanstepension Omsesidigt lifted its holdings in shares of 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 valued at $294,671,000 after buying an additional 675,000 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Illinois Tool Works by 23,183.6% in the 4th quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock worth $82,579,000 after buying an additional 313,906 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Illinois Tool Works by 77.5% in the third quarter. Envestnet Asset Management Inc. now owns 597,186 shares of the industrial products company’s stock worth $137,538,000 after acquiring an additional 260,679 shares during the period. Finally, Barclays PLC lifted its holdings in Illinois Tool Works by 57.1% in the third quarter. Barclays PLC now owns 699,639 shares of the industrial products company’s stock valued at $161,131,000 after acquiring an additional 254,321 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Illinois Tool Works

In other news, EVP Sharon Szafranski sold 801 shares of Illinois Tool Works stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.42, for a total transaction of $205,392.42. Following the completion of the sale, the executive vice president now directly owns 5,870 shares in the company, valued at $1,505,185.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Illinois Tool Works news, EVP Sharon Szafranski sold 801 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now owns 5,870 shares in the company, valued at approximately $1,505,185.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now directly owns 46,404 shares in the company, valued at $12,299,844.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 189,471 shares of company stock worth $48,712,316. 1.26% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ITW. Bank of America lowered shares of 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. Stifel Nicolaus raised their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Truist Financial started coverage on Illinois Tool Works in a research note on Thursday, March 14th. They set a “buy” rating and a $301.00 price target for the company. Citigroup upped their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, Wells Fargo & Company cut shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $277.00 to $240.00 in a research report on Tuesday, February 6th. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $257.00.

Illinois Tool Works Stock Up 0.4 %

ITW traded up $1.12 on Wednesday, hitting $251.76. The company had a trading volume of 1,252,463 shares, compared to its average volume of 1,246,599. The stock has a market capitalization of $75.21 billion, a price-to-earnings ratio of 25.73, a P/E/G ratio of 3.67 and a beta of 1.13. The stock has a fifty day moving average price of $260.38 and a 200-day moving average price of $251.30. Illinois Tool Works Inc. has a 12-month low of $217.06 and a 12-month 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) last posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, topping the consensus estimate of $2.41 by $0.01. The firm had revenue of $3.98 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.34 EPS. Analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend was Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio is currently 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.