Eagle Ridge Investment Management Has $1.46 Million Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Eagle Ridge Investment Management grew its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 4.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,587 shares of the industrial products company’s stock after purchasing an additional 263 shares during the period. Eagle Ridge Investment Management’s holdings in Illinois Tool Works were worth $1,463,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Turtle Creek Wealth Advisors LLC acquired a new position in Illinois Tool Works during the fourth quarter worth $26,000. Financial Connections Group Inc. bought a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $28,000. Briaud Financial Planning Inc bought a new stake in shares of Illinois Tool Works in the third quarter valued at about $25,000. Bruce G. Allen Investments LLC bought a new stake in Illinois Tool Works during the fourth quarter worth about $29,000. Finally, Rakuten Securities Inc. bought a new stake in Illinois Tool Works during the fourth quarter worth about $29,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Barclays upped their price objective on shares of Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 2nd. Wells Fargo & Company downgraded Illinois Tool Works from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $277.00 to $240.00 in a research note on Tuesday, February 6th. Truist Financial started coverage on Illinois Tool Works in a research note on Thursday, March 14th. They set a “buy” rating and a $301.00 target price for the company. Citigroup upped their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Finally, Stifel Nicolaus upped their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $257.00.

Insiders Place Their Bets

In other news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction dated Tuesday, February 6th. The stock was 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 owns 221,015 shares in the company, valued at approximately $56,235,056.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction dated Tuesday, February 6th. The stock was 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 owns 221,015 shares in the company, valued at approximately $56,235,056.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Randall J. Scheuneman sold 5,827 shares of Illinois Tool Works stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.29, for a total value of $1,493,401.83. Following the sale, the chief accounting officer now owns 8,870 shares of the company’s stock, valued at approximately $2,273,292.30. The disclosure for this sale can be found here. Insiders sold a total of 189,471 shares of company stock worth $48,712,316 in the last quarter. 1.26% of the stock is owned by company insiders.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock traded up $1.22 during trading hours on Monday, hitting $249.50. 934,791 shares of the company’s stock traded hands, compared to its average volume of 1,237,484. Illinois Tool Works Inc. has a 12-month low of $217.06 and a 12-month high of $271.15. The stock has a market capitalization of $74.54 billion, a price-to-earnings ratio of 25.49, a PEG ratio of 3.65 and a beta of 1.13. The company has a fifty day simple moving average of $260.04 and a 200-day simple moving average of $251.59. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.01. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The company had revenue of $3.98 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter last year, the firm posted $2.34 EPS. The firm’s revenue for the quarter was up .3% on a year-over-year basis. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were paid a $1.40 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.60 annualized dividend and a yield of 2.24%. Illinois Tool Works’s dividend payout ratio is currently 57.49%.

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.