TIAA Trust National Association Purchases 2,497 Shares of Illinois Tool Works Inc. (NYSE:ITW)

TIAA Trust National Association increased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 9.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,074 shares of the industrial products company’s stock after acquiring an additional 2,497 shares during the quarter. TIAA Trust National Association’s holdings in Illinois Tool Works were worth $6,963,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. GAMMA Investing LLC raised its position in shares of Illinois Tool Works by 26,372.8% in the 1st quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company’s stock valued at $5,123,080,000 after purchasing an additional 2,057,872 shares during the last quarter. Auto Owners Insurance Co raised its position in shares of Illinois Tool Works by 55,978.4% in the 1st quarter. Auto Owners Insurance Co now owns 1,430,000 shares of the industrial products company’s stock valued at $354,654,000 after purchasing an additional 1,427,450 shares during the last quarter. Cerity Partners LLC raised its position in shares of Illinois Tool Works by 263.9% in the 4th quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company’s stock valued at $229,269,000 after purchasing an additional 655,341 shares during the last quarter. Northern Trust Corp raised its position in shares of Illinois Tool Works by 3.9% in the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company’s stock valued at $3,465,570,000 after purchasing an additional 508,188 shares during the last quarter. Finally, Federated Hermes Inc. raised its position in shares of Illinois Tool Works by 1,899.3% in the 4th quarter. Federated Hermes Inc. now owns 224,921 shares of the industrial products company’s stock valued at $57,031,000 after purchasing an additional 213,671 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. bought 872 shares of the company’s stock in a transaction on Monday, June 2nd. The stock was bought at an average cost of $241.16 per share, with a total value of $210,291.52. Following the transaction, the director directly owned 122,884 shares in the company, valued at $29,634,705.44. The trade was a 0.71% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.88% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

ITW has been the subject of a number of recent research reports. UBS Group raised their price target on shares of Illinois Tool Works from $243.00 to $255.00 and gave the stock a “neutral” rating in a research report on Thursday. Truist Financial lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating and set a $283.00 price target for the company. in a research report on Thursday. Robert W. Baird raised their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a research note on Thursday, May 1st. Citigroup raised their price objective on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a “neutral” rating in a research note on Monday, July 14th. Finally, Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price objective on the stock. in a research note on Wednesday, May 7th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $259.08.

Illinois Tool Works Stock Down 1.6%

Shares of ITW opened at $251.91 on Friday. The firm has a market cap of $73.81 billion, a P/E ratio of 22.08, a price-to-earnings-growth ratio of 5.60 and a beta of 1.09. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The company’s 50-day moving average price is $251.13 and its 200 day moving average price is $250.12. The company has a current ratio of 1.59, a quick ratio of 1.16 and a debt-to-equity ratio of 2.40.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.02. The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. Illinois Tool Works’s revenue was up .6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.54 EPS. On average, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be given a $1.61 dividend. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.50. This represents a $6.44 annualized dividend and a yield of 2.6%. Illinois Tool Works’s payout ratio is currently 52.59%.

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.