Abbrea Capital LLC Grows Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Abbrea Capital LLC grew its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 6.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,324 shares of the industrial products company’s stock after acquiring an additional 132 shares during the period. Abbrea Capital LLC’s holdings in Illinois Tool Works were worth $612,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Briaud Financial Planning Inc bought a new position in Illinois Tool Works in the 3rd quarter worth $25,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $26,000. Financial Connections Group Inc. purchased a new position in shares of Illinois Tool Works during the fourth quarter valued at about $28,000. Bruce G. Allen Investments LLC bought a new stake in shares of Illinois Tool Works in the fourth quarter worth about $29,000. Finally, Rakuten Securities Inc. bought a new stake in shares of Illinois Tool Works in the fourth quarter worth about $29,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Down 1.4 %

Shares of ITW traded down $3.60 during midday trading on Thursday, reaching $248.16. The company had a trading volume of 1,138,122 shares, compared to its average volume of 1,245,244. 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 market cap of $74.14 billion, a PE ratio of 25.84, a price-to-earnings-growth ratio of 3.68 and a beta of 1.13. The firm has a 50 day simple moving average of $260.33 and a 200-day simple moving average of $251.30. Illinois Tool Works Inc. has a 1-year low of $217.06 and a 1-year high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, beating the consensus estimate of $2.41 by $0.01. The firm had revenue of $3.98 billion for the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.34 EPS. Research analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were issued a $1.40 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $5.60 annualized dividend and a dividend yield of 2.26%. Illinois Tool Works’s dividend payout ratio is currently 57.49%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ITW. Bank of America lowered Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $260.00 to $235.00 in a research report on Wednesday, January 10th. Truist Financial began coverage on shares of Illinois Tool Works in a research note on Thursday, March 14th. They issued a “buy” rating and a $301.00 target price for the company. Stifel Nicolaus lifted their target price on Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a report on Wednesday, April 17th. Citigroup lifted their target price on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, Wells Fargo & Company downgraded Illinois Tool Works from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $277.00 to $240.00 in a report on Tuesday, February 6th. Four analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $257.00.

Insider Buying and Selling

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