CIBC Private Wealth Group LLC Has $37.53 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

CIBC Private Wealth Group LLC trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.0% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 151,566 shares of the industrial products company’s stock after selling 11,358 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Illinois Tool Works were worth $37,529,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Sugar Maple Asset Management LLC bought a new stake in Illinois Tool Works during the 4th quarter worth approximately $28,000. True Wealth Design LLC boosted its stake in Illinois Tool Works by 1,060.0% in 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 in the last quarter. Millstone Evans Group LLC bought a new stake in shares of Illinois Tool Works during the fourth quarter worth $31,000. Atlantic Private Wealth LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at $32,000. Finally, Ulland Investment Advisors LLC bought a new position in shares of Illinois Tool Works in the fourth quarter valued at about $33,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Trading Down 2.2 %

NYSE ITW opened at $246.34 on Monday. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $279.13. The stock has a 50-day simple moving average of $258.40 and a 200 day simple moving average of $260.83. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90. The company has a market capitalization of $72.27 billion, a PE ratio of 21.02, a P/E/G ratio of 4.56 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS 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%. Research analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works’s dividend payout ratio (DPR) is 51.19%.

Wall Street Analyst Weigh In

ITW has been the subject of several research reports. Evercore ISI lowered their price objective on shares of Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating for the company in a research report on Wednesday, February 19th. Jefferies Financial Group raised their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a report on Friday, December 6th. Citigroup reduced their price objective on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a report on Monday, January 13th. Barclays lowered their target price on Illinois Tool Works from $260.00 to $252.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 26th. Finally, Truist Financial upped their price target on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $268.30.

Insider Activity at Illinois Tool Works

In related news, CFO Michael M. Larsen sold 41,472 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 50,502 shares in the company, valued at approximately $13,698,667.50. The trade was a 45.09 % decrease in their position. The sale 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 Illinois Tool Works stock in a transaction dated 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 directly owns 260,224 shares in the company, valued at $68,516,979.20. This 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 in the last quarter. Corporate insiders own 0.88% of the company’s stock.

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.