Retirement Systems of Alabama Has $50.07 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Retirement Systems of Alabama reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 191,165 shares of the industrial products company’s stock after selling 1,876 shares during the period. Retirement Systems of Alabama owned approximately 0.06% of Illinois Tool Works worth $50,074,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Cornerstone Wealth Management LLC raised its stake in Illinois Tool Works by 2.8% in the fourth quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company’s stock valued at $395,000 after purchasing an additional 41 shares in the last quarter. Nicolet Advisory Services LLC raised its stake in Illinois Tool Works by 4.5% in the third quarter. Nicolet Advisory Services LLC now owns 1,066 shares of the industrial products company’s stock valued at $247,000 after purchasing an additional 46 shares in the last quarter. PFG Advisors raised its stake in Illinois Tool Works by 0.7% in the fourth quarter. PFG Advisors now owns 6,655 shares of the industrial products company’s stock valued at $1,743,000 after purchasing an additional 46 shares in the last quarter. Crestwood Advisors Group LLC raised its stake in Illinois Tool Works by 1.3% in the fourth quarter. Crestwood Advisors Group LLC now owns 3,635 shares of the industrial products company’s stock valued at $952,000 after purchasing an additional 46 shares in the last quarter. Finally, Mcdonald Partners LLC raised its stake in Illinois Tool Works by 1.0% in the third quarter. Mcdonald Partners LLC now owns 4,796 shares of the industrial products company’s stock valued at $1,104,000 after purchasing an additional 47 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $248.28 on Monday. The business’s 50 day simple moving average is $260.04 and its 200 day simple moving average is $251.59. Illinois Tool Works Inc. has a one year low of $217.06 and a one year high of $271.15. The stock has a market capitalization of $74.17 billion, a PE ratio of 25.49, a PEG ratio of 3.65 and a beta of 1.13. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, beating the consensus estimate of $2.41 by $0.01. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The business had revenue of $3.98 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same period in the prior year, the business posted $2.34 earnings per share. The firm’s revenue was up .3% on a year-over-year basis. As a group, research analysts forecast that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were paid a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.26%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 57.49%.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $254.83, for a total value of $12,741,500.00. Following the transaction, the chairman now directly owns 221,015 shares of the company’s stock, valued at $56,321,252.45. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Illinois Tool Works news, EVP Sharon Szafranski sold 801 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $256.42, for a total value of $205,392.42. Following the transaction, the executive vice president now directly owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Ernest Scott Santi sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $254.83, for a total value of $12,741,500.00. Following the transaction, the chairman now directly owns 221,015 shares in the company, valued at $56,321,252.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 189,471 shares of company stock valued at $48,712,316. 1.26% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Stifel Nicolaus boosted their target price on Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Barclays boosted their target price on Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 2nd. Truist Financial assumed coverage on Illinois Tool Works in a research note on Thursday, March 14th. They set a “buy” rating and a $301.00 target price for the company. Wells Fargo & Company downgraded Illinois Tool Works from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $277.00 to $240.00 in a research note on Tuesday, February 6th. Finally, Citigroup boosted their target price 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. Four analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and an average price target of $257.00.

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.