New York State Common Retirement Fund Decreases Stake in Illinois Tool Works Inc. (NYSE:ITW)

New York State Common Retirement Fund lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 465,565 shares of the industrial products company’s stock after selling 37,619 shares during the period. New York State Common Retirement Fund owned approximately 0.15% of Illinois Tool Works worth $121,950,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Briaud Financial Planning Inc purchased a new position in shares of Illinois Tool Works during the 3rd quarter valued at approximately $25,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter valued at approximately $26,000. Financial Connections Group Inc. purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth approximately $28,000. Bruce G. Allen Investments LLC acquired a new position in Illinois Tool Works in the 4th quarter valued at $29,000. Finally, Rakuten Securities Inc. purchased a new position in Illinois Tool Works in the 4th quarter valued at $29,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Illinois Tool Works

In other news, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s 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 in the company, valued at $56,321,252.45. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction that occurred on 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 sale, the chairman now directly owns 221,015 shares in the company, valued at approximately $56,321,252.45. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the transaction, the chief financial officer now owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Insiders have sold a total of 189,471 shares of company stock valued at $48,712,316 over the last quarter. 1.26% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company lowered shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $277.00 to $240.00 in a report on Tuesday, February 6th. Bank of America downgraded 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 report on Wednesday, January 10th. Stifel Nicolaus boosted their target price on Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a report on Wednesday, April 17th. Truist Financial assumed coverage on Illinois Tool Works in a report on Thursday, March 14th. They issued a “buy” rating and a $301.00 price target for the company. Finally, Citigroup upped their target price on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Four analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works has an average rating of “Hold” and a consensus target price of $257.00.

Illinois Tool Works Trading Up 0.5 %

Shares of Illinois Tool Works stock traded up $1.16 during trading hours on Tuesday, hitting $251.12. The company’s stock had a trading volume of 217,254 shares, compared to its average volume of 1,237,781. The stock has a market cap of $75.02 billion, a price-to-earnings ratio of 25.67, a P/E/G ratio of 3.68 and a beta of 1.13. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.97 and a current ratio of 1.33. Illinois Tool Works Inc. has a twelve month low of $217.06 and a twelve month high of $271.15. The firm has a fifty day moving average of $260.40 and a 200-day moving average of $251.19.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $0.01. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The company had revenue of $3.98 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same quarter in the prior year, the company posted $2.34 earnings per share. Illinois Tool Works’s revenue for the quarter was up .3% compared to the same quarter last year. Research analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were issued a $1.40 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $5.60 annualized dividend and a yield of 2.23%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 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.