State of Michigan Retirement System Lowers Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

State of Michigan Retirement System reduced its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.6% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 81,336 shares of the industrial products company’s stock after selling 500 shares during the quarter. State of Michigan Retirement System’s holdings in Illinois Tool Works were worth $21,825,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in Illinois Tool Works in the fourth quarter valued at $818,408,000. Vanguard Group Inc. lifted its stake in shares of Illinois Tool Works by 5.0% in the third quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock valued at $6,035,292,000 after purchasing an additional 1,238,239 shares during the period. Alecta Tjanstepension Omsesidigt boosted its holdings in Illinois Tool Works by 150.0% during the fourth 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. Corient Private Wealth LLC grew its position in Illinois Tool Works by 122.7% during the fourth 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 period. Finally, International Assets Investment Management LLC increased its holdings in Illinois Tool Works by 23,183.6% in 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 in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 0.9 %

ITW opened at $235.52 on Wednesday. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The business has a 50-day moving average of $243.18 and a two-hundred day moving average of $253.66. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. The stock has a market capitalization of $70.28 billion, a price-to-earnings ratio of 23.23, a price-to-earnings-growth ratio of 3.48 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its earnings results 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. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. Illinois Tool Works’s revenue was down 1.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.33 earnings per share. On average, research analysts expect that Illinois Tool Works Inc. will post 10.26 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s payout ratio is currently 55.23%.

Insider Buying and Selling 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 shares were acquired at an average cost of $238.82 per share, with a total value of $185,085.50. Following the purchase, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.26% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on ITW. Citigroup boosted their price target on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Barclays dropped their target price on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a report on Tuesday, June 4th. Stifel Nicolaus upped their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Truist Financial dropped their price objective on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Wells Fargo & Company reduced their target price on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. Four research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and an average price target of $254.00.

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.