Patrick M Sweeney & Associates Inc. Takes $536,000 Position in Illinois Tool Works Inc. (NYSE:ITW)

Patrick M Sweeney & Associates Inc. purchased a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,046 shares of the industrial products company’s stock, valued at approximately $536,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Illinois Tool Works by 1.4% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock valued at $1,590,000 after buying an additional 84 shares during the period. Rockline Wealth Management LLC acquired a new position in Illinois Tool Works in the fourth quarter valued at approximately $4,180,000. Wesbanco Bank Inc. grew its holdings in shares of Illinois Tool Works by 23.4% during the third quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock valued at $1,401,000 after purchasing an additional 1,152 shares during the last quarter. Ziegler Capital Management LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $224,000. Finally, Tyche Wealth Partners LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $2,972,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Buying and Selling

In other news, CAO Randall J. Scheuneman sold 5,827 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.29, for a total transaction of $1,493,401.83. Following the completion of the sale, the chief accounting officer now owns 8,870 shares in the company, valued at approximately $2,273,292.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Illinois Tool Works news, EVP Sharon Szafranski sold 801 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the completion of the transaction, the executive vice president now directly owns 5,870 shares in the company, valued at $1,505,185.40. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Randall J. Scheuneman sold 5,827 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $256.29, for a total transaction of $1,493,401.83. Following the sale, the chief accounting officer now owns 8,870 shares in the company, valued at approximately $2,273,292.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 89,471 shares of company stock worth $23,248,816. Corporate insiders own 1.26% of the company’s stock.

Illinois Tool Works Price Performance

Shares of NYSE:ITW traded up $0.26 during trading on Wednesday, reaching $247.40. The company had a trading volume of 617,090 shares, compared to its average volume of 1,239,295. The firm’s fifty day moving average is $258.17 and its 200 day moving average is $252.34. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32. The firm has a market capitalization of $73.82 billion, a PE ratio of 24.37, a price-to-earnings-growth ratio of 3.59 and a beta of 1.14. Illinois Tool Works Inc. has a twelve month low of $217.06 and a twelve month high of $271.15.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The business had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter last year, the business posted $2.33 earnings per share. The company’s quarterly revenue was down 1.1% on a year-over-year basis. On average, equities analysts forecast that Illinois Tool Works Inc. will post 10.29 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is presently 55.23%.

Analysts Set New Price Targets

ITW has been the topic of several analyst reports. Truist Financial increased their target price on Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Citigroup raised their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Finally, Barclays reduced their price objective on Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating for the company in a research report on Thursday, May 2nd. Four research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus target price of $257.78.

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.