New York State Common Retirement Fund Has $121.95 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

New York State Common Retirement Fund lessened its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 465,565 shares of the industrial products company’s stock after selling 37,619 shares during the quarter. New York State Common Retirement Fund’s holdings in Illinois Tool Works were worth $121,950,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of ITW. Rockline Wealth Management LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter worth about $4,180,000. Wesbanco Bank Inc. increased its holdings in shares of Illinois Tool Works by 23.4% during the third quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock worth $1,401,000 after buying an additional 1,152 shares in the last quarter. Ziegler Capital Management LLC bought a new position in shares of Illinois Tool Works in the fourth quarter valued at approximately $224,000. DNB Asset Management AS grew its position in Illinois Tool Works by 8.0% during the 4th quarter. DNB Asset Management AS now owns 135,552 shares of the industrial products company’s stock worth $35,506,000 after acquiring an additional 10,062 shares during the last quarter. Finally, Tyche Wealth Partners LLC acquired a new stake in Illinois Tool Works during the 4th quarter valued at $2,972,000. 79.77% of the stock is currently owned by institutional investors.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, EVP Sharon Szafranski sold 801 shares of Illinois Tool Works stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the sale, the executive vice president now directly owns 5,870 shares in the company, valued at approximately $1,505,185.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Sharon Szafranski sold 801 shares of Illinois Tool Works stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $256.42, for a total value of $205,392.42. Following the sale, the executive vice president now owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Michael M. Larsen sold 37,167 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total value of $9,851,485.02. Following the transaction, the chief financial officer now directly owns 46,404 shares of the company’s stock, valued at $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 90 days. 1.26% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Barclays upped their price target on shares of Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 2nd. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $260.00 to $235.00 in a research report on Wednesday, January 10th. Citigroup lifted their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Wells Fargo & Company downgraded shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $277.00 to $240.00 in a research report on Tuesday, February 6th. Finally, Truist Financial started coverage on shares of Illinois Tool Works in a research report on Thursday, March 14th. They set a “buy” rating and a $301.00 price target for the company. Four equities research 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. Based on data from MarketBeat.com, Illinois Tool Works has an average rating of “Hold” and an average target price of $257.00.

Illinois Tool Works Trading Up 0.5 %

Shares of NYSE:ITW traded up $1.16 during mid-day trading on Tuesday, reaching $251.12. The stock had a trading volume of 217,254 shares, compared to its average volume of 1,237,781. The firm has a market cap of $75.02 billion, a PE ratio of 25.67, a price-to-earnings-growth ratio of 3.68 and a beta of 1.13. The firm has a 50 day simple moving average of $260.40 and a two-hundred day simple moving average of $251.19. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10. Illinois Tool Works Inc. has a twelve month low of $217.06 and a twelve month high of $271.15.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, topping 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 period last year, the firm posted $2.34 earnings per share. The business’s quarterly revenue was up .3% compared to the same quarter last year. On average, research analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were issued a $1.40 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.60 annualized dividend and a dividend yield of 2.23%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 57.49%.

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.