Illinois Tool Works Inc. (NYSE:ITW) Position Decreased by J.Safra Asset Management Corp

J.Safra Asset Management Corp reduced its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 21.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 256 shares of the industrial products company’s stock after selling 70 shares during the quarter. J.Safra Asset Management Corp’s holdings in Illinois Tool Works were worth $67,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Cornerstone Wealth Management LLC raised its position in shares of Illinois Tool Works by 2.8% during the fourth quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company’s stock worth $395,000 after purchasing an additional 41 shares during the period. Nicolet Advisory Services LLC increased its holdings in shares of Illinois Tool Works by 4.5% in the 3rd quarter. Nicolet Advisory Services LLC now owns 1,066 shares of the industrial products company’s stock valued at $247,000 after purchasing an additional 46 shares during the period. PFG Advisors lifted its position in shares of Illinois Tool Works by 0.7% in the fourth quarter. PFG Advisors now owns 6,655 shares of the industrial products company’s stock worth $1,743,000 after purchasing an additional 46 shares in the last quarter. Crestwood Advisors Group LLC boosted its holdings in shares of Illinois Tool Works by 1.3% during the fourth quarter. Crestwood Advisors Group LLC now owns 3,635 shares of the industrial products company’s stock worth $952,000 after purchasing an additional 46 shares during the period. Finally, Mcdonald Partners LLC increased its stake in Illinois Tool Works by 1.0% in the 3rd quarter. Mcdonald Partners LLC now owns 4,796 shares of the industrial products company’s stock valued at $1,104,000 after buying an additional 47 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $254.83, for a total transaction of $12,741,500.00. Following the completion of the transaction, the chairman now owns 221,015 shares in the company, valued at $56,321,252.45. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $254.83, for a total transaction of $12,741,500.00. Following the completion of the transaction, the chairman now directly owns 221,015 shares of the company’s stock, valued at $56,321,252.45. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Sharon Szafranski sold 801 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $256.42, for a total transaction of $205,392.42. Following the completion of the sale, the executive vice president now directly owns 5,870 shares in the company, valued at approximately $1,505,185.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 189,471 shares of company stock worth $48,712,316. Corporate insiders own 0.88% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on ITW. Bank of America lowered shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $260.00 to $235.00 in a research report on Wednesday, January 10th. Barclays lifted their price objective on shares of Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a research note on Tuesday, April 2nd. Stifel Nicolaus increased their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Truist Financial assumed coverage on Illinois Tool Works in a report on Thursday, March 14th. They set a “buy” rating and a $301.00 price objective on the stock. Finally, Wells Fargo & Company lowered Illinois Tool Works from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $277.00 to $240.00 in a report on Tuesday, February 6th. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and an average target price of $257.00.

Illinois Tool Works Stock Performance

Shares of NYSE ITW traded down $3.80 during mid-day trading on Thursday, hitting $247.96. The company had a trading volume of 1,144,721 shares, compared to its average volume of 1,245,325. Illinois Tool Works Inc. has a 12 month low of $217.06 and a 12 month high of $271.15. The firm has a market cap of $74.08 billion, a P/E ratio of 25.46, a PEG ratio of 3.68 and a beta of 1.13. The business’s 50-day simple moving average is $260.16 and its 200-day simple moving average is $251.28. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.01. The company had revenue of $3.98 billion for the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. Illinois Tool Works’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.34 EPS. As a group, analysts predict that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s payout ratio is 57.49%.

Illinois Tool Works 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.