State of Alaska Department of Revenue Trims Holdings in Illinois Tool Works Inc. (NYSE:ITW)

State of Alaska Department of Revenue reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 8.3% in the 1st quarter, Holdings Channel reports. The institutional investor owned 39,827 shares of the industrial products company’s stock after selling 3,585 shares during the period. State of Alaska Department of Revenue’s holdings in Illinois Tool Works were worth $10,686,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Truist Financial Corp raised its stake in Illinois Tool Works by 29.8% during the third quarter. Truist Financial Corp now owns 100,270 shares of the industrial products company’s stock worth $23,093,000 after purchasing an additional 23,015 shares during the period. Legacy Advisors LLC raised its position in shares of Illinois Tool Works by 5.8% during the 3rd quarter. Legacy Advisors LLC now owns 945 shares of the industrial products company’s stock valued at $219,000 after buying an additional 52 shares during the period. Scotia Capital Inc. lifted its holdings in Illinois Tool Works by 155.8% in the third quarter. Scotia Capital Inc. now owns 8,491 shares of the industrial products company’s stock valued at $1,956,000 after acquiring an additional 5,171 shares during the last quarter. Rainsberger Wealth Advisors Inc. purchased a new position in Illinois Tool Works in the third quarter worth approximately $270,000. Finally, Royal London Asset Management Ltd. increased its stake in Illinois Tool Works by 2.4% during the third quarter. Royal London Asset Management Ltd. now owns 154,242 shares of the industrial products company’s stock worth $35,524,000 after acquiring an additional 3,553 shares during the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Stock Up 0.1 %

Illinois Tool Works stock opened at $235.86 on Thursday. The firm has a market capitalization of $70.38 billion, a P/E ratio of 23.26, a P/E/G ratio of 3.46 and a beta of 1.10. The stock’s fifty day simple moving average is $242.88 and its 200-day simple moving average is $253.50. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07.

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

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is presently 55.23%.

Analyst Upgrades and Downgrades

ITW has been the topic of several recent analyst reports. Truist Financial decreased their price target on Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a research note on Tuesday. Citigroup increased their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Wells Fargo & Company reduced their price target on shares of 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. Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Finally, 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. Four equities 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 company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $254.00.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 775 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were acquired at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the acquisition, the director now owns 121,506 shares in the company, valued at approximately $29,018,062.92. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 1.26% of the stock is owned by company insiders.

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.