Ocean Capital Management LLC Reduces Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Ocean Capital Management LLC lowered its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 11.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,980 shares of the industrial products company’s stock after selling 390 shares during the period. Illinois Tool Works makes up approximately 0.3% of Ocean Capital Management LLC’s portfolio, making the stock its 25th largest position. Ocean Capital Management LLC’s holdings in Illinois Tool Works were worth $781,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Moneta Group Investment Advisors LLC increased its holdings in Illinois Tool Works by 106,553.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 7,185,211 shares of the industrial products company’s stock valued at $1,582,902,000 after purchasing an additional 7,178,474 shares during the last quarter. Norges Bank purchased a new stake in shares of Illinois Tool Works in the 4th quarter valued at $708,259,000. Morgan Stanley boosted its holdings in Illinois Tool Works by 59.2% during the 4th quarter. Morgan Stanley now owns 4,591,278 shares of the industrial products company’s stock valued at $1,011,459,000 after acquiring an additional 1,707,780 shares during the period. Vanguard Group Inc. increased its stake in Illinois Tool Works by 5.0% during the third quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock worth $6,035,292,000 after purchasing an additional 1,238,239 shares during the period. Finally, Alecta Tjanstepension Omsesidigt boosted its stake in shares of Illinois Tool Works by 150.0% in the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock valued at $294,671,000 after purchasing an additional 675,000 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of ITW opened at $268.33 on Friday. The company has a market capitalization of $80.16 billion, a price-to-earnings ratio of 27.55, a price-to-earnings-growth ratio of 4.61 and a beta of 1.13. Illinois Tool Works Inc. has a 52-week low of $217.06 and a 52-week high of $271.15. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10. The stock has a 50 day moving average price of $260.19 and a 200 day moving average price of $248.03.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.01. The business had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.34 EPS. Research analysts predict that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Shareholders of record on Friday, March 29th will be given a dividend of $1.40 per share. The ex-dividend date is Wednesday, March 27th. This represents a $5.60 annualized dividend and a yield of 2.09%. Illinois Tool Works’s payout ratio is currently 57.49%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Wells Fargo & Company lowered shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $277.00 to $240.00 in a report on Tuesday, February 6th. Stifel Nicolaus lifted their target price on Illinois Tool Works from $238.00 to $239.00 and gave the company a “hold” rating in a report on Tuesday, January 23rd. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. Barclays lifted their price objective on Illinois Tool Works from $215.00 to $224.00 and gave the company an “underweight” rating in a research note on Monday, February 5th. Finally, Truist Financial started coverage on shares of Illinois Tool Works in a research note on Thursday, March 14th. They set a “buy” rating and a $301.00 target price on the stock. Five analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and a consensus target price of $245.50.

Insider Buying and Selling

In related news, EVP Sharon Szafranski sold 801 shares of Illinois Tool Works stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $256.42, for a total transaction 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 approximately $1,505,185.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the completion of the sale, the chairman now directly owns 221,015 shares in the company, valued at $56,235,056.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Sharon Szafranski sold 801 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.42, for a total transaction of $205,392.42. Following the sale, the executive vice president now directly owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The disclosure for this sale can be found here. Insiders have sold a total of 189,471 shares of company stock worth $48,712,316 in the last quarter. Company insiders own 0.88% of the company’s stock.

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.