Los Angeles Capital Management LLC Cuts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Los Angeles Capital Management LLC decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 64.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,444 shares of the industrial products company’s stock after selling 78,533 shares during the period. Los Angeles Capital Management LLC’s holdings in Illinois Tool Works were worth $11,118,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Cornerstone Wealth Management LLC increased its stake in Illinois Tool Works by 2.8% in the 4th 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. Summit Financial LLC boosted its holdings in shares of Illinois Tool Works by 1.6% in the 4th quarter. Summit Financial LLC now owns 2,601 shares of the industrial products company’s stock valued at $685,000 after purchasing an additional 41 shares during the last quarter. Nicolet Advisory Services LLC grew its stake in shares of Illinois Tool Works by 4.5% during the 3rd quarter. Nicolet Advisory Services LLC now owns 1,066 shares of the industrial products company’s stock valued at $247,000 after buying an additional 46 shares during the period. PFG Advisors increased its position in Illinois Tool Works by 0.7% during the 4th quarter. PFG Advisors now owns 6,655 shares of the industrial products company’s stock worth $1,743,000 after purchasing an additional 46 shares in the last quarter. Finally, Crestwood Advisors Group LLC increased its holdings in Illinois Tool Works by 1.3% in the 4th 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. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on ITW shares. Truist Financial lifted their target price on Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research report on Wednesday. Citigroup boosted their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Stifel Nicolaus boosted their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $260.00 to $235.00 in a research note on Wednesday, January 10th. Finally, StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Wednesday. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $257.78.

Insider Activity

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 5,827 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.29, for a total transaction of $1,493,401.83. Following the completion of the transaction, the chief accounting officer now owns 8,870 shares of the company’s stock, valued at approximately $2,273,292.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CAO Randall J. Scheuneman sold 5,827 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.29, for a total transaction of $1,493,401.83. Following the completion of the transaction, the chief accounting officer now directly owns 8,870 shares in the company, valued at approximately $2,273,292.30. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the sale, the chief financial officer now owns 46,404 shares in the company, valued at $12,299,844.24. The disclosure for this sale can be found here. In the last quarter, insiders have sold 139,471 shares of company stock valued at $35,970,816. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock opened at $243.92 on Friday. Illinois Tool Works Inc. has a 12 month low of $217.06 and a 12 month high of $271.15. The stock has a market cap of $72.87 billion, a PE ratio of 24.06, a price-to-earnings-growth ratio of 3.57 and a beta of 1.14. The company has a quick ratio of 0.97, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The business has a fifty day simple moving average of $258.75 and a 200-day simple moving average of $251.73.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data 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 analysts’ expectations of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.33 earnings per share. On average, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.29 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were paid a dividend of $1.40 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.60 annualized dividend and a dividend yield of 2.30%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

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.