Bank of Marin Has $386,000 Position in Illinois Tool Works Inc. (NYSE:ITW)

Bank of Marin increased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 10.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,523 shares of the industrial products company’s stock after purchasing an additional 150 shares during the quarter. Bank of Marin’s holdings in Illinois Tool Works were worth $386,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in ITW. Sugar Maple Asset Management LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at $28,000. True Wealth Design LLC boosted its stake in Illinois Tool Works by 1,060.0% during 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 in the last quarter. Ulland Investment Advisors LLC acquired a new position in Illinois Tool Works during the fourth quarter worth $33,000. Hager Investment Management Services LLC acquired a new position in Illinois Tool Works during the fourth quarter worth $37,000. Finally, Asset Planning Inc acquired a new position in Illinois Tool Works during the fourth quarter worth $40,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Illinois Tool Works news, 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 value of $11,249,280.00. Following the completion of the sale, the chief financial officer now owns 50,502 shares of the company’s stock, valued at approximately $13,698,667.50. This trade represents a 45.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher A. O’herlihy sold 48,453 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 55,113 shares of the company’s stock, valued at approximately $15,120,802.68. This represents a 46.78 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 159,925 shares of company stock worth $42,973,845. 0.88% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ITW. Evercore ISI lowered their target price on shares of Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating for the company in a report on Wednesday, February 19th. Citigroup reduced their price target on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research report on Monday, January 13th. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price for the company in a research report on Wednesday, February 19th. Truist Financial increased their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Finally, Jefferies Financial Group raised their price objective 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. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $269.10.

Illinois Tool Works Trading Down 0.6 %

Shares of NYSE:ITW opened at $254.58 on Wednesday. The stock has a 50 day moving average of $258.07 and a 200 day moving average of $260.48. The company has a market cap of $74.72 billion, a PE ratio of 21.72, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. 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 Inc. has a 12-month low of $232.77 and a 12-month high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, topping 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%. As a group, equities research analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

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

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.