Bryn Mawr Capital Management LLC Cuts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Bryn Mawr Capital Management LLC lessened its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 79.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,196 shares of the industrial products company’s stock after selling 4,763 shares during the quarter. Bryn Mawr Capital Management LLC’s holdings in Illinois Tool Works were worth $303,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Sugar Maple Asset Management LLC purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at $28,000. True Wealth Design LLC raised its stake in shares of Illinois Tool Works by 1,060.0% in the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 106 shares during the period. Catalyst Capital Advisors LLC purchased a new position in shares of Illinois Tool Works in the 3rd quarter valued at $32,000. Ulland Investment Advisors LLC purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at $33,000. Finally, Hager Investment Management Services LLC purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at $37,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock opened at $264.30 on Friday. The firm has a market cap of $77.57 billion, a PE ratio of 22.55, a price-to-earnings-growth ratio of 4.52 and a beta of 1.11. The firm’s 50-day simple moving average is $257.08 and its 200-day simple moving average is $258.29. 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 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 earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. Equities analysts forecast that Illinois Tool Works Inc. will post 10.41 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed 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. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s dividend payout ratio is presently 51.19%.

Insider Activity at Illinois Tool Works

In related news, Director Ernest Scott Santi sold 70,000 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total transaction 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 $68,516,979.20. This represents a 21.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Jefferies Financial Group lifted their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Citigroup dropped 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 research note on Monday, January 13th. Deutsche Bank Aktiengesellschaft raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target on the stock in a research note on Wednesday. Truist Financial lifted their price target on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, Wells Fargo & Company dropped their price target on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research note on Thursday, February 6th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $269.30.

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.