Illinois Tool Works Inc. (NYSE:ITW) Stock Position Cut by Lathrop Investment Management Corp

Lathrop Investment Management Corp lowered its stake in Illinois Tool Works Inc. (NYSE:ITW) by 1.5% during the 4th quarter, HoldingsChannel reports. The firm owned 65,246 shares of the industrial products company’s stock after selling 1,016 shares during the period. Illinois Tool Works comprises 3.5% of Lathrop Investment Management Corp’s holdings, making the stock its 9th largest position. Lathrop Investment Management Corp’s holdings in Illinois Tool Works were worth $17,091,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC boosted its stake in shares of Illinois Tool Works by 14.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,101 shares of the industrial products company’s stock worth $254,000 after acquiring an additional 141 shares during the last quarter. Handelsbanken Fonder AB boosted its stake in shares of Illinois Tool Works by 0.6% during the 3rd quarter. Handelsbanken Fonder AB now owns 108,628 shares of the industrial products company’s stock worth $25,018,000 after acquiring an additional 650 shares during the last quarter. Ballentine Partners LLC boosted its stake in shares of Illinois Tool Works by 2.8% during the 3rd quarter. Ballentine Partners LLC now owns 8,265 shares of the industrial products company’s stock worth $1,904,000 after acquiring an additional 226 shares during the last quarter. TFG Advisers LLC boosted its stake in shares of Illinois Tool Works by 0.9% during the 3rd quarter. TFG Advisers LLC now owns 9,122 shares of the industrial products company’s stock worth $2,101,000 after acquiring an additional 79 shares during the last quarter. Finally, Slow Capital Inc. boosted its stake in shares of Illinois Tool Works by 6.0% during the 3rd quarter. Slow Capital Inc. now owns 11,675 shares of the industrial products company’s stock worth $2,694,000 after acquiring an additional 660 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock traded up $0.12 during trading hours on Friday, reaching $248.28. The company’s stock had a trading volume of 947,179 shares, compared to its average volume of 1,023,968. The firm has a 50 day moving average price of $260.04 and a 200-day moving average price of $251.37. Illinois Tool Works Inc. has a one year low of $217.06 and a one year high of $271.15. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97. The stock has a market cap of $74.17 billion, a P/E ratio of 25.49, a P/E/G ratio of 3.65 and a beta of 1.13.

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

Illinois Tool Works Dividend Announcement

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

Analyst Ratings Changes

Several brokerages have recently weighed in on ITW. Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Citigroup raised their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Truist Financial assumed coverage on shares of Illinois Tool Works in a research report on Thursday, March 14th. They set a “buy” rating and a $301.00 price objective on the stock. Finally, Barclays lifted their price target on shares of Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a report on Tuesday, April 2nd. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Illinois Tool Works has an average rating of “Hold” and an average price target of $257.00.

Insider Activity at Illinois Tool Works

In related news, Chairman Ernest Scott Santi sold 50,000 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $254.83, for a total transaction of $12,741,500.00. Following the transaction, the chairman now directly owns 221,015 shares in the company, valued at approximately $56,321,252.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Chairman Ernest Scott Santi sold 50,000 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $254.83, for a total transaction of $12,741,500.00. Following the transaction, the chairman now directly owns 221,015 shares in the company, valued at approximately $56,321,252.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Randall J. Scheuneman sold 5,827 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.29, for a total transaction of $1,493,401.83. Following the transaction, the chief accounting officer now owns 8,870 shares in the company, valued at $2,273,292.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 189,471 shares of company stock worth $48,712,316. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Company 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.