Arbor Trust Wealth Advisors LLC Acquires Shares of 790 Illinois Tool Works Inc. (NYSE:ITW)

Arbor Trust Wealth Advisors LLC acquired a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 790 shares of the industrial products company’s stock, valued at approximately $208,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Illinois Tool Works by 6.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,226 shares of the industrial products company’s stock valued at $25,991,000 after purchasing an additional 5,847 shares in the last quarter. Marino Stram & Associates LLC lifted its holdings in Illinois Tool Works by 1.5% during the fourth quarter. Marino Stram & Associates LLC now owns 3,156 shares of the industrial products company’s stock valued at $827,000 after purchasing an additional 47 shares in the last quarter. United Asset Strategies Inc. lifted its stake in shares of Illinois Tool Works by 8.4% in the fourth quarter. United Asset Strategies Inc. now owns 8,162 shares of the industrial products company’s stock worth $2,138,000 after buying an additional 630 shares in the last quarter. SVB Wealth LLC lifted its stake in shares of Illinois Tool Works by 10.6% in the fourth quarter. SVB Wealth LLC now owns 7,992 shares of the industrial products company’s stock worth $2,093,000 after buying an additional 764 shares in the last quarter. Finally, Grant GrossMendelsohn LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter worth about $203,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ITW shares. Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $238.00 to $239.00 and gave the stock a “hold” rating in a research report on Tuesday, January 23rd. Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $260.00 to $235.00 in a research report on Wednesday, January 10th. Truist Financial started 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 for the company. Wells Fargo & Company cut shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $277.00 to $240.00 in a research report on Tuesday, February 6th. Finally, Barclays raised 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. Four research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus price target of $254.78.

Illinois Tool Works Stock Down 1.0 %

Shares of ITW stock traded down $2.66 during trading on Tuesday, reaching $251.17. The company’s stock had a trading volume of 1,032,092 shares, compared to its average volume of 1,254,056. 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 company has a market capitalization of $75.03 billion, a price-to-earnings ratio of 26.07, a P/E/G ratio of 3.73 and a beta of 1.13. The stock’s 50-day moving average price is $260.93 and its 200 day moving average price is $250.52. 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 announced its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.01. The firm had revenue of $3.98 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.34 earnings per share. On average, research analysts anticipate that Illinois Tool Works Inc. will post 10.12 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors 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 dividend on an annualized basis and a yield of 2.23%. Illinois Tool Works’s dividend payout ratio is currently 57.49%.

Insider Buying and Selling

In related news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $254.83, for a total value of $12,741,500.00. Following the completion of the transaction, the chairman now owns 221,015 shares in the company, valued at $56,321,252.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chairman now 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 can be accessed through this link. Also, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the sale, the chief financial officer now owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Insiders sold 189,471 shares of company stock worth $48,712,316 over the last 90 days. 1.26% of the stock is owned by insiders.

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.