Sawgrass Asset Management LLC Invests $203,000 in Illinois Tool Works Inc. (NYSE:ITW)

Sawgrass Asset Management LLC purchased a new stake in Illinois Tool Works Inc. (NYSE:ITW) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 775 shares of the industrial products company’s stock, valued at approximately $203,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Turtle Creek Wealth Advisors LLC bought a new position in shares of Illinois Tool Works during the 4th quarter valued at $26,000. Financial Connections Group Inc. bought a new stake in Illinois Tool Works in the fourth quarter valued at $28,000. Briaud Financial Planning Inc bought a new position in Illinois Tool Works during the 3rd quarter valued at about $25,000. Bruce G. Allen Investments LLC bought a new stake in Illinois Tool Works during the 4th quarter worth approximately $29,000. Finally, Rakuten Securities Inc. acquired a new stake in Illinois Tool Works in the 4th quarter valued at about $29,000. 79.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Barclays cut their price target on Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating on the stock in a report on Thursday, May 2nd. Citigroup boosted their target price 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. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Finally, Truist Financial upped their price objective on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Four investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $257.78.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total value of $9,851,485.02. Following the completion of the sale, the chief financial officer now owns 46,404 shares in the company, valued at $12,299,844.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CFO Michael M. Larsen sold 37,167 shares of the firm’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total value of $9,851,485.02. Following the completion of the transaction, the chief financial officer now directly owns 46,404 shares of the company’s stock, valued at $12,299,844.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, 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 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 approximately $1,505,185.40. The disclosure for this sale can be found here. Insiders have sold a total of 89,471 shares of company stock worth $23,248,816 in the last ninety days. Insiders own 1.26% of the company’s stock.

Illinois Tool Works Price Performance

Shares of ITW stock traded up $1.95 during trading hours on Tuesday, hitting $247.14. 706,974 shares of the company’s stock were exchanged, compared to its average volume of 1,246,367. The business’s 50 day simple moving average is $258.17 and its 200-day simple moving average is $252.34. Illinois Tool Works Inc. has a 12-month low of $217.06 and a 12-month high of $271.15. The company has a market capitalization of $73.75 billion, a PE ratio of 24.37, a PEG ratio of 3.59 and a beta of 1.14. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, beating analysts’ consensus estimates of $2.35 by $0.09. The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.33 EPS. On average, equities research analysts anticipate that Illinois Tool Works Inc. will post 10.29 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be given a dividend of $1.40 per share. The ex-dividend date is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a yield of 2.27%. Illinois Tool Works’s dividend payout ratio (DPR) is 55.23%.

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.