Hemenway Trust Co LLC Has $472,000 Position in Illinois Tool Works Inc. (NYSE:ITW)

Hemenway Trust Co LLC cut its position in Illinois Tool Works Inc. (NYSE:ITW) by 11.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,861 shares of the industrial products company’s stock after selling 250 shares during the period. Hemenway Trust Co LLC’s holdings in Illinois Tool Works were worth $472,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ITW. Prudent Man Investment Management Inc. bought a new position in Illinois Tool Works during the fourth quarter worth about $25,000. Sugar Maple Asset Management LLC bought a new position in shares of Illinois Tool Works during the 4th quarter valued at about $28,000. Millstone Evans Group LLC acquired a new position in shares of Illinois Tool Works in the 4th quarter valued at approximately $31,000. Atlantic Private Wealth LLC acquired a new position in shares of Illinois Tool Works in the 4th quarter valued at approximately $32,000. Finally, Ulland Investment Advisors LLC acquired a new stake in Illinois Tool Works during the 4th quarter worth approximately $33,000. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Price Performance

NYSE:ITW opened at $225.25 on Friday. The stock has a market capitalization of $66.08 billion, a PE ratio of 19.22, a P/E/G ratio of 4.56 and a beta of 1.12. Illinois Tool Works Inc. has a 1-year low of $224.94 and a 1-year high of $279.13. The firm has a fifty day simple moving average of $256.77 and a 200 day simple moving average of $260.40. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. On average, research analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.66%. Illinois Tool Works’s dividend payout ratio is currently 51.19%.

Analyst Upgrades and Downgrades

ITW has been the subject of several research reports. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Truist Financial increased their target price on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Jefferies Financial Group boosted their price target on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a report on Friday, December 6th. Citigroup decreased their price objective on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a report on Monday, January 13th. Finally, Wells Fargo & Company cut their target price on 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 analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $268.30.

Insider Buying and Selling

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