TCM Advisors LLC Has $710,000 Stake in Illinois Tool Works Inc. (NYSE:ITW)

TCM Advisors LLC trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 28.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,800 shares of the industrial products company's stock after selling 1,100 shares during the period. TCM Advisors LLC's holdings in Illinois Tool Works were worth $710,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ITW. Norges Bank purchased a new stake in Illinois Tool Works in the 4th quarter worth approximately $806,291,000. Raymond James Financial Inc. purchased a new position in Illinois Tool Works in the fourth quarter valued at about $203,949,000. Cerity Partners LLC increased its position in Illinois Tool Works by 263.9% in the 4th quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company's stock worth $229,269,000 after purchasing an additional 655,341 shares during the last quarter. Proficio Capital Partners LLC lifted its holdings in shares of Illinois Tool Works by 36,632.9% during the 4th quarter. Proficio Capital Partners LLC now owns 438,591 shares of the industrial products company's stock valued at $111,209,000 after buying an additional 437,397 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in Illinois Tool Works by 41.0% in the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company's stock worth $358,321,000 after buying an additional 398,676 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.

Illinois Tool Works Price Performance

ITW stock traded up $0.88 during trading on Friday, hitting $230.68. The company had a trading volume of 889,342 shares, compared to its average volume of 1,003,209. The company has a market cap of $67.67 billion, a P/E ratio of 19.68, a P/E/G ratio of 4.56 and a beta of 1.12. The company has a fifty day moving average price of $250.36 and a two-hundred day moving average price of $258.12. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. Equities research analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Monday, March 31st were given a $1.50 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $6.00 annualized dividend and a yield of 2.60%. Illinois Tool Works's payout ratio is 51.19%.

Insiders Place Their Bets

In related news, CEO Christopher A. O'herlihy sold 48,453 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $274.36, for a total value of $13,293,565.08. Following the completion of the sale, the chief executive officer now owns 55,113 shares of the company's stock, valued at $15,120,802.68. This trade represents a 46.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ernest Scott Santi sold 70,000 shares of the company's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total value of $18,431,000.00. Following the transaction, the director now directly owns 260,224 shares in the company, valued at approximately $68,516,979.20. This represents a 21.20 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 159,925 shares of company stock valued at $42,973,845. 0.88% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Wells Fargo & Company reduced their price target on Illinois Tool Works from $250.00 to $245.00 and set an "underweight" rating for the company in a research report on Thursday, February 6th. Evercore ISI dropped their price objective on Illinois Tool Works from $255.00 to $252.00 and set an "underperform" rating on the stock in a research note on Wednesday, February 19th. Truist Financial increased their target price on Illinois Tool Works from $312.00 to $318.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Citigroup cut their price target on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating for the company in a report on Monday. Finally, Stifel Nicolaus lowered their price objective on shares of Illinois Tool Works from $259.00 to $227.00 and set a "hold" rating on the stock in a research note on Monday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Illinois Tool Works currently has a consensus rating of "Hold" and an average price target of $260.09.

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.