Zurcher Kantonalbank Zurich Cantonalbank Sells 961 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Zurcher Kantonalbank Zurich Cantonalbank lowered its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 137,639 shares of the industrial products company’s stock after selling 961 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Illinois Tool Works were worth $34,900,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Sugar Maple Asset Management LLC bought a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $28,000. True Wealth Design LLC lifted its position in shares of Illinois Tool Works by 1,060.0% during the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after buying an additional 106 shares during the period. Ulland Investment Advisors LLC bought a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $33,000. Hager Investment Management Services LLC bought a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $37,000. Finally, Asset Planning Inc bought a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $40,000. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 2.6 %

NYSE ITW opened at $267.47 on Tuesday. The stock has a fifty day moving average of $257.80 and a 200-day moving average of $260.30. The stock has a market capitalization of $78.50 billion, a P/E ratio of 22.82, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13. 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 (NYSE:ITW) last released its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. On average, equities research analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be paid a $1.50 dividend. The ex-dividend date is Monday, March 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.24%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.19%.

Insider Activity

In related news, Director Ernest Scott Santi sold 70,000 shares of Illinois Tool Works stock in a transaction on Wednesday, February 19th. The stock was 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 directly owns 260,224 shares of the company’s stock, valued at $68,516,979.20. The trade was a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

ITW has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft upgraded Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price for the company in a research report on Wednesday, February 19th. Jefferies Financial Group raised their target price on Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Evercore ISI cut their target price on 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. Stifel Nicolaus dropped their price target on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating for the company in a report on Thursday, February 6th. Finally, Truist Financial raised their price target on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $269.10.

Illinois Tool Works Company 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.