Jacobi Capital Management LLC Cuts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Jacobi Capital Management LLC reduced its position in Illinois Tool Works Inc. (NYSE:ITW) by 3.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,411 shares of the industrial products company’s stock after selling 336 shares during the quarter. Jacobi Capital Management LLC’s holdings in Illinois Tool Works were worth $2,203,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Illinois Tool Works by 1.4% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock worth $1,590,000 after purchasing an additional 84 shares in the last quarter. Rockline Wealth Management LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at about $4,180,000. Nomura Asset Management Co. Ltd. lifted its stake in shares of Illinois Tool Works by 6.0% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock valued at $55,821,000 after acquiring an additional 12,065 shares during the last quarter. Wesbanco Bank Inc. lifted its stake in shares of Illinois Tool Works by 23.4% in the 3rd quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock valued at $1,401,000 after acquiring an additional 1,152 shares during the last quarter. Finally, Ziegler Capital Management LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at about $224,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company lowered their target price on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a research note on Wednesday, May 1st. Barclays lowered their price target on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a research report on Tuesday, June 4th. Truist Financial upped their price target on Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Stifel Nicolaus upped their price target on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Finally, StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Wednesday, June 5th. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $256.44.

Insider Buying and Selling at Illinois Tool Works

In other news, CFO Michael M. Larsen sold 37,167 shares of the firm’s stock in a transaction dated 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 completion of the transaction, 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 available at the SEC website. Insiders own 1.26% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of ITW stock traded down $2.02 on Tuesday, reaching $237.35. The stock had a trading volume of 238,486 shares, compared to its average volume of 1,180,369. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15. The company has a 50 day simple moving average of $248.52 and a 200 day simple moving average of $254.50. The stock has a market cap of $70.83 billion, a P/E ratio of 23.61, a price-to-earnings-growth ratio of 3.57 and a beta of 1.11. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period last year, the firm earned $2.33 EPS. Illinois Tool Works’s revenue for the quarter was down 1.1% compared to the same quarter last year. Equities research analysts expect that Illinois Tool Works Inc. will post 10.22 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a yield of 2.36%. Illinois Tool Works’s dividend payout ratio is presently 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.