Mitsubishi UFJ Asset Management Co. Ltd. Boosts Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 8.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 473,592 shares of the industrial products company’s stock after buying an additional 36,765 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Illinois Tool Works were worth $119,483,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of ITW. Sugar Maple Asset Management LLC bought a new position in shares of Illinois Tool Works in the 4th quarter worth approximately $28,000. True Wealth Design LLC raised its holdings in Illinois Tool Works by 1,060.0% in the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 106 shares in the last quarter. Millstone Evans Group LLC bought a new position in Illinois Tool Works in the fourth quarter worth $31,000. Atlantic Private Wealth LLC bought a new stake in shares of Illinois Tool Works during the 4th quarter valued at $32,000. Finally, Ulland Investment Advisors LLC purchased a new stake in shares of Illinois Tool Works in the 4th quarter worth about $33,000. 79.77% of the stock is owned by institutional investors.

Insider Activity at Illinois Tool Works

In related news, CEO Christopher A. O’herlihy sold 48,453 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the completion of the sale, the chief executive officer now directly owns 55,113 shares in the company, valued at approximately $15,120,802.68. The trade was a 46.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ernest Scott Santi sold 70,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the sale, the director now directly owns 260,224 shares of the company’s stock, valued at approximately $68,516,979.20. This represents a 21.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 159,925 shares of company stock worth $42,973,845. 1.26% of the stock is owned by insiders.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $251.86 on Friday. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. The firm has a market cap of $73.92 billion, a price-to-earnings ratio of 21.49, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. The business has a 50-day simple moving average of $258.61 and a two-hundred day simple moving average of $260.64. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $279.13.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, beating the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. On average, analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s payout ratio is currently 51.19%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Truist Financial lifted their price target on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Jefferies Financial Group boosted their price target on Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Deutsche Bank Aktiengesellschaft raised Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price objective for the company in a research report on Wednesday, February 19th. Evercore ISI dropped their target price on Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating on the stock in a report on Wednesday, February 19th. Finally, Barclays reduced their price target on Illinois Tool Works from $260.00 to $252.00 and set an “equal weight” rating for the company in a report on Wednesday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $268.30.

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.