Cullinan Associates Inc. Lowers Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Cullinan Associates Inc. reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 22.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,927 shares of the industrial products company’s stock after selling 7,696 shares during the quarter. Cullinan Associates Inc.’s holdings in Illinois Tool Works were worth $6,828,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Sugar Maple Asset Management LLC acquired a new position in shares of Illinois Tool Works during the fourth quarter worth $28,000. True Wealth Design LLC grew its stake in Illinois Tool Works by 1,060.0% during the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after buying an additional 106 shares during the last quarter. Catalyst Capital Advisors LLC acquired a new position in Illinois Tool Works during the 3rd quarter valued at about $32,000. Ulland Investment Advisors LLC purchased a new stake in Illinois Tool Works in the fourth quarter valued at about $33,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Illinois Tool Works in the third quarter worth about $35,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $255.58 on Tuesday. The firm has a market capitalization of $75.47 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 3.61 and a beta of 1.11. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. The business’s fifty day moving average price is $262.05 and its 200 day moving average price is $257.01. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $279.13.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Stifel Nicolaus lowered their target price on shares of Illinois Tool Works from $268.00 to $266.00 and set a “hold” rating for the company in a research note on Friday, January 24th. Jefferies Financial Group upped their target price on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Citigroup dropped their price target on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research note on Monday, January 13th. Barclays decreased their price objective on shares of Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 8th. Finally, Truist Financial boosted their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $272.67.

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.