TIAA Trust National Association Lowers Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

TIAA Trust National Association cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITWFree Report) by 3.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 21,647 shares of the industrial products company’s stock after selling 664 shares during the period. TIAA Trust National Association’s holdings in Illinois Tool Works were worth $5,670,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Moneta Group Investment Advisors LLC lifted its holdings in shares of Illinois Tool Works by 106,553.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 7,185,211 shares of the industrial products company’s stock valued at $1,582,902,000 after acquiring an additional 7,178,474 shares in the last quarter. Norges Bank acquired a new position in Illinois Tool Works in the 4th quarter worth $708,259,000. Morgan Stanley lifted its holdings in Illinois Tool Works by 59.2% in the 4th quarter. Morgan Stanley now owns 4,591,278 shares of the industrial products company’s stock worth $1,011,459,000 after buying an additional 1,707,780 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Illinois Tool Works by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock worth $6,035,292,000 after buying an additional 1,238,239 shares in the last quarter. Finally, Alecta Tjanstepension Omsesidigt lifted its holdings in Illinois Tool Works by 150.0% in the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock worth $294,671,000 after buying an additional 675,000 shares in the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Wells Fargo & Company lowered shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $277.00 to $240.00 in a report on Tuesday, February 6th. 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 on the stock. Stifel Nicolaus upped their price target on Illinois Tool Works from $238.00 to $239.00 and gave the company a “hold” rating in a report on Tuesday, January 23rd. Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Finally, Citigroup upped their price target on Illinois Tool Works from $244.00 to $256.00 and gave the company a “neutral” rating in a report on Monday, December 11th. Five analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and a consensus target price of $246.10.

Read Our Latest Analysis on Illinois Tool Works

Insider Activity

In other news, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the transaction, the chief financial officer now directly owns 46,404 shares in the company, valued at approximately $12,299,844.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the transaction, the chief financial officer now directly owns 46,404 shares in the company, valued at approximately $12,299,844.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction 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 transaction, the chairman now owns 221,015 shares in the company, valued at $56,321,252.45. The disclosure for this sale can be found here. Insiders have sold a total of 189,471 shares of company stock worth $48,712,316 in the last ninety days. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $263.93 on Wednesday. The company’s fifty day moving average is $260.91 and its two-hundred day moving average is $248.71. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10. Illinois Tool Works Inc. has a 12-month low of $217.06 and a 12-month high of $271.15. The company has a market cap of $78.85 billion, a P/E ratio of 27.10, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13.

Illinois Tool Works (NYSE:ITWGet Free Report) last announced its earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $4.01 billion. During the same period in the previous year, the business earned $2.34 EPS. The company’s revenue was up .3% on a year-over-year basis. Equities analysts expect that Illinois Tool Works Inc. will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 11th. Stockholders of record on Friday, March 29th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio is currently 57.49%.

About Illinois Tool Works

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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