HM Payson & Co. Sells 89 Shares of Illinois Tool Works Inc. (NYSE:ITW)

HM Payson & Co. lowered its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 0.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,139 shares of the industrial products company’s stock after selling 89 shares during the quarter. HM Payson & Co.’s holdings in Illinois Tool Works were worth $6,121,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Baron Wealth Management LLC boosted its holdings in shares of Illinois Tool Works by 4.5% in the 4th 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 in the last quarter. Mitchell Mcleod Pugh & Williams Inc. lifted its position in Illinois Tool Works by 2.5% during 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 stake in Illinois Tool Works by 0.9% in the third quarter. Sigma Planning Corp now owns 4,639 shares of the industrial products company’s stock valued at $1,216,000 after acquiring an additional 41 shares during the last quarter. Harbour Investments Inc. grew its stake in shares of 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 period. Finally, TrinityPoint Wealth LLC raised its position in shares of Illinois Tool Works by 1.0% in the 3rd quarter. TrinityPoint Wealth LLC now owns 4,208 shares of the industrial products company’s stock valued at $1,103,000 after acquiring an additional 43 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on ITW shares. Barclays decreased their target price on Illinois Tool Works from $265.00 to $262.00 and set an “equal weight” rating for the company in a research note on Friday, February 7th. Evercore ISI cut their price target on shares of Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating on the stock in a research report on Wednesday, February 19th. Truist Financial raised their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. JPMorgan Chase & Co. reduced their price target on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Finally, Citigroup dropped their price objective on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research report on Monday, January 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and an average price target of $269.30.

Insiders Place Their Bets

In other news, Director Ernest Scott Santi sold 70,000 shares of the business’s stock in a transaction dated 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 directly owns 260,224 shares of the company’s stock, valued at $68,516,979.20. The trade was a 21.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $274.89 on Friday. The stock has a market capitalization of $80.68 billion, a P/E ratio of 23.45, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13. The stock has a fifty day moving average of $257.54 and a 200-day moving average of $259.94.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results 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 return on equity of 95.39% and a net margin of 21.94%. On average, sell-side analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.18%. Illinois Tool Works’s payout ratio is 51.19%.

Illinois Tool Works 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.