Biondo Investment Advisors LLC Has $9.95 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Biondo Investment Advisors LLC boosted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 39,244 shares of the industrial products company’s stock after purchasing an additional 790 shares during the period. Illinois Tool Works accounts for about 1.4% of Biondo Investment Advisors LLC’s investment portfolio, making the stock its 27th biggest holding. Biondo Investment Advisors LLC’s holdings in Illinois Tool Works were worth $9,951,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in the stock. Sugar Maple Asset Management LLC acquired a new position in Illinois Tool Works during the fourth quarter worth $28,000. True Wealth Design LLC increased its stake in shares of 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 purchasing an additional 106 shares during the last quarter. Millstone Evans Group LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at about $31,000. Atlantic Private Wealth LLC acquired a new stake in Illinois Tool Works in the 4th quarter valued at about $32,000. Finally, Ulland Investment Advisors LLC bought a new position in Illinois Tool Works during the fourth quarter worth about $33,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, CEO Christopher A. O’herlihy sold 48,453 shares of Illinois Tool Works 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 transaction, the chief executive officer now owns 55,113 shares in the company, valued at $15,120,802.68. The trade was a 46.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ernest Scott Santi sold 70,000 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the completion of the transaction, the director now directly 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 a total of 159,925 shares of company stock worth $42,973,845 over the last three months. Corporate insiders own 1.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Deutsche Bank Aktiengesellschaft raised Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target for the company in a report on Wednesday, February 19th. Truist Financial increased their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Evercore ISI reduced 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. Finally, Citigroup lowered 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 report on Monday, January 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $268.30.

Illinois Tool Works Trading Down 2.2 %

Shares of NYSE:ITW opened at $246.34 on Friday. The company has a market capitalization of $72.30 billion, a P/E ratio of 21.02, a P/E/G ratio of 4.56 and a beta of 1.13. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. The business’s 50 day simple moving average is $258.40 and its 200 day simple moving average is $260.64. Illinois Tool Works Inc. has a 1 year low of $232.77 and a 1 year high of $279.13.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, topping 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%. On average, research analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.44%. Illinois Tool Works’s dividend 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.