Los Angeles Capital Management LLC Lowers Position in Illinois Tool Works Inc. (NYSE:ITW)

Los Angeles Capital Management LLC decreased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 28.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 30,318 shares of the industrial products company’s stock after selling 12,126 shares during the period. Los Angeles Capital Management LLC’s holdings in Illinois Tool Works were worth $8,135,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $818,408,000. Vanguard Group Inc. raised its stake in shares of Illinois Tool Works by 5.0% during 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 purchasing an additional 1,238,239 shares during the period. Alecta Tjanstepension Omsesidigt boosted its holdings in shares of 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 during the last quarter. Corient Private Wealth LLC boosted its holdings in shares of Illinois Tool Works by 122.7% in the 4th quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock worth $164,927,000 after buying an additional 346,919 shares during the last quarter. Finally, International Assets Investment Management LLC grew its position in Illinois Tool Works by 23,183.6% during the fourth quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock valued at $82,579,000 after buying an additional 313,906 shares during the period. Institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on ITW. Stifel Nicolaus boosted their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Citigroup increased their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Wells Fargo & Company dropped their price target on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, June 13th. Finally, Truist Financial upped their price target on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Four equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and an average target price of $256.44.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 775 shares of Illinois Tool Works stock in a transaction dated Thursday, June 13th. The stock was purchased at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the purchase, the director now directly owns 121,506 shares in the company, valued at approximately $29,018,062.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Up 0.6 %

NYSE ITW opened at $240.49 on Thursday. The stock has a 50 day moving average price of $245.26 and a 200-day moving average price of $254.26. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32. The company has a market capitalization of $71.76 billion, a P/E ratio of 23.72, a P/E/G ratio of 3.57 and a beta of 1.11. Illinois Tool Works Inc. has a one year low of $217.50 and a one year high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The company had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the previous year, the business earned $2.33 EPS. Illinois Tool Works’s revenue was down 1.1% compared to the same quarter last year. As a group, equities analysts predict that Illinois Tool Works Inc. will post 10.22 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be given a $1.40 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.33%. Illinois Tool Works’s payout ratio is 55.23%.

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.