Holderness Investments Co. Sells 550 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Holderness Investments Co. trimmed its stake in Illinois Tool Works Inc. (NYSE:ITW) by 9.5% during the fourth quarter, Holdings Channel reports. The fund owned 5,211 shares of the industrial products company’s stock after selling 550 shares during the quarter. Holderness Investments Co.’s holdings in Illinois Tool Works were worth $1,321,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sugar Maple Asset Management LLC acquired a new stake in Illinois Tool Works in the 4th quarter valued at approximately $28,000. True Wealth Design LLC grew its holdings in Illinois Tool Works by 1,060.0% in the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after buying an additional 106 shares during the last quarter. Atlantic Private Wealth LLC acquired a new stake in Illinois Tool Works in the 4th quarter valued at approximately $32,000. Ulland Investment Advisors LLC acquired a new stake in Illinois Tool Works in the 4th quarter valued at approximately $33,000. Finally, Hager Investment Management Services LLC acquired a new stake in Illinois Tool Works in the 4th quarter valued at approximately $37,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Stifel Nicolaus decreased their price objective on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating on the stock in a report on Thursday, February 6th. Truist Financial lifted their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Citigroup decreased their price objective on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a report on Monday, January 13th. Evercore ISI decreased their price objective on Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating on the stock in a report on Wednesday, February 19th. Finally, Barclays set a $260.00 price objective on Illinois Tool Works and gave the stock an “equal weight” rating in a report on Monday, March 10th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus target price of $269.10.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, CEO Christopher A. O’herlihy sold 48,453 shares of Illinois Tool Works stock in a transaction 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 completion of the transaction, the chief executive officer now owns 55,113 shares in the company, valued at approximately $15,120,802.68. The trade was a 46.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ernest Scott Santi sold 70,000 shares of Illinois Tool Works stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total value of $18,431,000.00. Following the completion of the transaction, the director now owns 260,224 shares of the company’s stock, valued at approximately $68,516,979.20. The trade was a 21.20 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 159,925 shares of company stock worth $42,973,845. 0.88% of the stock is currently owned by insiders.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $253.19 on Friday. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. The company has a market capitalization of $74.31 billion, a PE ratio of 21.60, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. Illinois Tool Works Inc. has a one year low of $232.77 and a one year high of $279.13. The business has a 50 day simple moving average of $258.35 and a 200 day simple moving average of $260.40.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate 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 forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be given a $1.50 dividend. The ex-dividend date is Monday, March 31st. This represents a $6.00 annualized dividend and a yield of 2.37%. 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.