Sciencast Management LP Makes New Investment in Illinois Tool Works Inc. (NYSE:ITW)

Sciencast Management LP acquired a new stake in Illinois Tool Works Inc. (NYSE:ITW) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 9,475 shares of the industrial products company’s stock, valued at approximately $2,402,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sugar Maple Asset Management LLC acquired a new position in shares of Illinois Tool Works in the 4th quarter valued at about $28,000. True Wealth Design LLC lifted its position 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 acquiring an additional 106 shares in the last quarter. Millstone Evans Group LLC acquired a new position in Illinois Tool Works during the 4th quarter worth approximately $31,000. Atlantic Private Wealth LLC acquired a new position in Illinois Tool Works during the 4th quarter worth approximately $32,000. Finally, Ulland Investment Advisors LLC acquired a new position in Illinois Tool Works during the 4th quarter worth approximately $33,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Trading Down 0.9 %

NYSE:ITW opened at $251.05 on Friday. Illinois Tool Works Inc. has a 1 year low of $232.77 and a 1 year high of $279.13. The stock has a market cap of $73.68 billion, a price-to-earnings ratio of 21.42, a PEG ratio of 4.56 and a beta of 1.13. The business has a fifty day moving average of $258.48 and a 200-day moving average of $260.38. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36.

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

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be paid a dividend of $1.50 per share. The ex-dividend date is Monday, March 31st. This represents a $6.00 annualized dividend and a yield of 2.39%. Illinois Tool Works’s dividend payout ratio is currently 51.19%.

Insider Activity at Illinois Tool Works

In related news, CEO Christopher A. O’herlihy sold 48,453 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $274.36, for a total value of $13,293,565.08. Following the completion of the transaction, the chief executive officer now owns 55,113 shares in the company, valued at $15,120,802.68. This trade represents a 46.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ernest Scott Santi sold 70,000 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total value of $18,431,000.00. Following the completion of the transaction, the director now owns 260,224 shares of the company’s stock, valued at $68,516,979.20. This trade represents a 21.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 159,925 shares of company stock valued at $42,973,845 over the last 90 days. 0.88% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ITW shares. Truist Financial lifted their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Wells Fargo & Company dropped their price target on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research report on Thursday, February 6th. Evercore ISI dropped their price target on Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating on the stock in a research report on Wednesday, February 19th. Finally, Jefferies Financial Group upped their price target 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. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and an average price target of $269.10.

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.