Gallacher Capital Management LLC Boosts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Gallacher Capital Management LLC grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 17.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,002 shares of the industrial products company’s stock after buying an additional 149 shares during the period. Gallacher Capital Management LLC’s holdings in Illinois Tool Works were worth $254,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sugar Maple Asset Management LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter worth $28,000. True Wealth Design LLC increased its stake in shares of Illinois Tool Works by 1,060.0% in the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 106 shares during the period. Ulland Investment Advisors LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter worth $33,000. Hager Investment Management Services LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter worth $37,000. Finally, Asset Planning Inc acquired a new stake in shares of Illinois Tool Works in the fourth quarter worth $40,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 1.7 %

Shares of NYSE ITW opened at $254.72 on Monday. The company’s 50-day simple moving average is $257.83 and its 200-day simple moving average is $260.43. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $279.13. The firm has a market cap of $74.76 billion, a price-to-earnings ratio of 21.73, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90.

Illinois Tool Works (NYSE:ITW) last announced its 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 analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be given a $1.50 dividend. The ex-dividend date is Monday, March 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.36%. Illinois Tool Works’s dividend payout ratio (DPR) is 51.19%.

Insider Transactions at Illinois Tool Works

In other news, CEO Christopher A. O’herlihy sold 48,453 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 55,113 shares of the company’s stock, valued at approximately $15,120,802.68. This trade represents a 46.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Michael M. Larsen sold 41,472 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the completion of the transaction, the chief financial officer now directly owns 50,502 shares in the company, valued at approximately $13,698,667.50. This represents a 45.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 159,925 shares of company stock valued at $42,973,845. Corporate insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on ITW shares. Truist Financial increased their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. JPMorgan Chase & Co. cut their price objective on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Barclays set a $260.00 price objective on shares of Illinois Tool Works and gave the stock an “equal weight” rating in a research note on Monday, March 10th. Jefferies Financial Group raised their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Finally, Citigroup dropped their price target on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research report on Monday, January 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $269.10.

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.