Maryland State Retirement & Pension System Raises Stake in Illinois Tool Works Inc. (NYSE:ITW)

Maryland State Retirement & Pension System raised its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,503 shares of the industrial products company’s stock after purchasing an additional 336 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Illinois Tool Works were worth $5,856,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Illinois Tool Works in the fourth quarter worth $818,408,000. Vanguard Group Inc. lifted its holdings 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 worth $6,035,292,000 after buying an additional 1,238,239 shares in the last quarter. Alecta Tjanstepension Omsesidigt lifted its holdings in shares of Illinois Tool Works by 150.0% in 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 lifted its holdings in shares of Illinois Tool Works by 122.7% in 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 in the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in shares of 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 worth $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.

Wall Street Analysts Forecast Growth

ITW has been the topic of several research analyst reports. Stifel Nicolaus boosted their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a report on Wednesday, April 17th. Truist Financial lowered their target price on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a report on Tuesday. 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 report on Wednesday, May 1st. Barclays reduced their price target on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 4th. Finally, StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Monday. Four analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $254.00.

Insider Buying and Selling

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 775 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was bought at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the purchase, the director now directly owns 121,506 shares in the company, valued at $29,018,062.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.26% of the stock is owned by insiders.

Illinois Tool Works Trading Down 1.0 %

ITW stock traded down $2.33 during mid-day trading on Friday, reaching $233.66. 83,851 shares of the stock traded hands, compared to its average volume of 1,174,903. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32. Illinois Tool Works Inc. has a one year low of $217.50 and a one year high of $271.15. The stock has a market capitalization of $69.72 billion, a PE ratio of 23.27, a PEG ratio of 3.47 and a beta of 1.10. The business has a 50-day moving average price of $242.32 and a two-hundred day moving average price of $253.26.

Illinois Tool Works (NYSE:ITW) last issued 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 analyst estimates of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The business’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.33 earnings per share. Equities research analysts expect that Illinois Tool Works Inc. will post 10.22 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors 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 2.40%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

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.