Penobscot Investment Management Company Inc. Sells 455 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Penobscot Investment Management Company Inc. cut its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 1.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,238 shares of the industrial products company’s stock after selling 455 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Illinois Tool Works were worth $7,160,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ITW. Sugar Maple Asset Management LLC acquired a new position in shares of Illinois Tool Works during the 4th quarter valued at about $28,000. True Wealth Design LLC boosted its position 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 purchasing an additional 106 shares during the period. Millstone Evans Group LLC acquired a new position in Illinois Tool Works during the fourth quarter valued at approximately $31,000. Atlantic Private Wealth LLC bought a new position in shares of Illinois Tool Works in the fourth quarter valued at approximately $32,000. Finally, Ulland Investment Advisors LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter worth $33,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Illinois Tool Works news, CEO Christopher A. O’herlihy sold 48,453 shares of the business’s 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 transaction, the chief executive officer now owns 55,113 shares of the company’s stock, valued at approximately $15,120,802.68. The trade was a 46.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ernest Scott Santi sold 70,000 shares of the firm’s 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 sale, the director now owns 260,224 shares of the company’s stock, valued at approximately $68,516,979.20. This trade represents a 21.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 159,925 shares of company stock worth $42,973,845. Corporate insiders own 1.26% of the company’s stock.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock opened at $254.93 on Wednesday. The firm has a market cap of $74.82 billion, a P/E ratio of 21.75, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. The firm’s 50-day simple moving average is $258.65 and its 200-day simple moving average is $260.74. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $279.13. 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 released its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates 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, research analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be issued a dividend of $1.50 per share. The ex-dividend date is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.35%. Illinois Tool Works’s payout ratio is presently 51.19%.

Analyst Ratings Changes

Several research analysts recently commented on ITW shares. JPMorgan Chase & Co. dropped their target price on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Jefferies Financial Group raised their target price on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a report on Friday, December 6th. Barclays set a $260.00 price target on Illinois Tool Works and gave the stock an “equal weight” rating in a report on Monday, March 10th. Finally, Stifel Nicolaus lowered their price objective on shares of Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating on the stock in a research note on Thursday, February 6th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock 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.