Zullo Investment Group Inc. Decreases Position in Illinois Tool Works Inc. (NYSE:ITW)

Zullo Investment Group Inc. reduced its position in Illinois Tool Works Inc. (NYSE:ITW) by 2.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,008 shares of the industrial products company’s stock after selling 73 shares during the period. Zullo Investment Group Inc.’s holdings in Illinois Tool Works were worth $763,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Nikulski Financial Inc. grew its position in shares of Illinois Tool Works by 3.6% during the 3rd quarter. Nikulski Financial Inc. now owns 1,108 shares of the industrial products company’s stock worth $290,000 after buying an additional 39 shares during the period. Baron Wealth Management LLC raised its holdings in shares of Illinois Tool Works by 4.5% during the fourth quarter. Baron Wealth Management LLC now owns 910 shares of the industrial products company’s stock worth $231,000 after acquiring an additional 39 shares during the period. Mitchell Mcleod Pugh & Williams Inc. raised its stake in shares of Illinois Tool Works by 2.5% in the 3rd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 1,614 shares of the industrial products company’s stock valued at $423,000 after purchasing an additional 40 shares during the period. Sigma Planning Corp boosted its position in Illinois Tool Works by 0.9% during the 3rd quarter. Sigma Planning Corp now owns 4,639 shares of the industrial products company’s stock worth $1,216,000 after acquiring an additional 41 shares during the last quarter. Finally, Harbour Investments Inc. boosted its holdings in Illinois Tool Works by 1.1% during the third quarter. Harbour Investments Inc. now owns 3,652 shares of the industrial products company’s stock worth $957,000 after purchasing an additional 41 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

NYSE ITW opened at $264.04 on Thursday. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13. The company has a market cap of $77.97 billion, a PE ratio of 22.53, a price-to-earnings-growth ratio of 4.42 and a beta of 1.11. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The firm’s 50-day simple moving average is $257.39 and its two-hundred day simple moving average is $258.07.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, topping the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. Research analysts predict that Illinois Tool Works Inc. will post 10.41 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.19%.

Analysts Set New Price Targets

ITW has been the subject of several recent analyst reports. Barclays cut their price objective on Illinois Tool Works from $265.00 to $262.00 and set an “equal weight” rating for the company in a report on Friday, February 7th. Truist Financial upped their target price on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Jefferies Financial Group boosted their price objective on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a report on Friday, December 6th. Stifel Nicolaus reduced their target price on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating on the stock in a report on Thursday, February 6th. Finally, Wells Fargo & Company decreased their price objective on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research note on Thursday, February 6th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $269.30.

About Illinois Tool Works

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.