Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership lessened its position in Illinois Tool Works Inc. (NYSE:ITW) by 1.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,235,999 shares of the industrial products company’s stock after selling 20,493 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Illinois Tool Works were worth $313,400,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allianz SE purchased a new stake in Illinois Tool Works in the 4th quarter valued at approximately $181,000. Biondo Investment Advisors LLC grew its holdings in Illinois Tool Works by 2.1% during the fourth quarter. Biondo Investment Advisors LLC now owns 39,244 shares of the industrial products company’s stock worth $9,951,000 after acquiring an additional 790 shares during the period. Allstate Corp purchased a new position in Illinois Tool Works in the fourth quarter worth $2,333,000. DnB Asset Management AS lifted its holdings in Illinois Tool Works by 0.9% in the fourth quarter. DnB Asset Management AS now owns 154,426 shares of the industrial products company’s stock valued at $39,156,000 after acquiring an additional 1,364 shares during the period. Finally, Level Four Advisory Services LLC boosted its position in shares of Illinois Tool Works by 2.4% during the 4th quarter. Level Four Advisory Services LLC now owns 9,561 shares of the industrial products company’s stock worth $2,424,000 after purchasing an additional 226 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Illinois Tool Works

In related news, CFO Michael M. Larsen sold 41,472 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $271.25, for a total value of $11,249,280.00. Following the completion of the sale, the chief financial officer now directly owns 50,502 shares of the company’s stock, valued at $13,698,667.50. The trade was a 45.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ernest Scott Santi sold 70,000 shares of the business’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 value of $18,431,000.00. Following the completion of the sale, the director now owns 260,224 shares of the company’s stock, valued at $68,516,979.20. This trade represents a 21.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 159,925 shares of company stock valued at $42,973,845 over the last ninety days. Corporate insiders own 1.26% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW opened at $246.34 on Friday. The firm has a market capitalization of $72.30 billion, a PE ratio of 21.02, a P/E/G ratio of 4.56 and a beta of 1.13. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $279.13. The business has a 50-day moving average of $258.40 and a two-hundred day moving average of $260.73.

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

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.44%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.19%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ITW shares. Truist Financial increased their price target on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Citigroup lowered their price target on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a report on Monday, January 13th. 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 report on Wednesday, February 19th. Finally, Barclays dropped their price target on Illinois Tool Works from $260.00 to $252.00 and set an “equal weight” rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Illinois Tool Works has an average rating of “Hold” and an average price target of $268.30.

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.