Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by SevenBridge Financial Group LLC

SevenBridge Financial Group LLC lowered its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 9.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,952 shares of the industrial products company’s stock after selling 200 shares during the quarter. SevenBridge Financial Group LLC’s holdings in Illinois Tool Works were worth $505,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in ITW. Vanguard Group Inc. lifted its position in Illinois Tool Works by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 26,326,996 shares of the industrial products company’s stock valued at $6,675,473,000 after purchasing an additional 94,601 shares during the period. State Street Corp lifted its holdings in shares of Illinois Tool Works by 1.2% in the 3rd quarter. State Street Corp now owns 12,434,001 shares of the industrial products company’s stock valued at $3,277,127,000 after buying an additional 149,272 shares during the period. Geode Capital Management LLC boosted its stake in shares of Illinois Tool Works by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 6,392,021 shares of the industrial products company’s stock valued at $1,620,491,000 after buying an additional 99,753 shares in the last quarter. Fisher Asset Management LLC grew its holdings in Illinois Tool Works by 2.9% during the fourth quarter. Fisher Asset Management LLC now owns 3,443,251 shares of the industrial products company’s stock worth $873,071,000 after acquiring an additional 95,925 shares during the period. Finally, Norges Bank purchased a new position in Illinois Tool Works in the fourth quarter worth $806,291,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 1.7 %

ITW opened at $252.93 on Thursday. The firm has a market cap of $74.20 billion, a P/E ratio of 21.58, a PEG ratio of 4.56 and a beta of 1.13. The business’s fifty day simple moving average is $257.87 and its 200 day simple moving average is $260.75. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90.

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 (EPS) 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%. As a group, equities research analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be issued a $1.50 dividend. The ex-dividend date is Monday, March 31st. This represents a $6.00 annualized dividend and a yield of 2.37%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.19%.

Analyst Ratings Changes

ITW has been the topic of a number of recent analyst reports. Citigroup lowered their price target on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research note on Monday, January 13th. JPMorgan Chase & Co. lowered their target price on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Truist Financial lifted their price target on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Stifel Nicolaus lowered their price target 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, Barclays reduced their price objective on Illinois Tool Works from $260.00 to $252.00 and set an “equal weight” rating for the company in a report on Wednesday, March 26th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $268.30.

Insiders Place Their Bets

In related news, CEO Christopher A. O’herlihy sold 48,453 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the completion of the transaction, the chief executive officer now owns 55,113 shares of the company’s stock, valued at approximately $15,120,802.68. This represents a 46.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ernest Scott Santi sold 70,000 shares of Illinois Tool Works stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the completion of the transaction, the director now owns 260,224 shares in the company, valued at approximately $68,516,979.20. This trade represents a 21.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 159,925 shares of company stock valued at $42,973,845 in the last quarter. 0.88% of the stock is currently owned by company insiders.

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.