New York Life Investment Management LLC Sells 222 Shares of Illinois Tool Works Inc. (NYSE:ITW)

New York Life Investment Management LLC decreased its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 40,397 shares of the industrial products company’s stock after selling 222 shares during the quarter. New York Life Investment Management LLC’s holdings in Illinois Tool Works were worth $10,243,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of ITW. Pensionfund Sabic boosted its holdings in shares of Illinois Tool Works by 37.0% in the fourth quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company’s stock worth $1,876,000 after buying an additional 2,000 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Illinois Tool Works by 41.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock worth $358,321,000 after acquiring an additional 398,676 shares during the last quarter. Clark & Stuart Inc bought a new stake in shares of Illinois Tool Works during the 4th quarter valued at $1,729,000. Czech National Bank increased its stake in shares of Illinois Tool Works by 5.9% in the 4th quarter. Czech National Bank now owns 58,265 shares of the industrial products company’s stock worth $14,774,000 after purchasing an additional 3,227 shares in the last quarter. Finally, Wolverine Asset Management LLC bought a new position in Illinois Tool Works in the 3rd quarter worth $1,179,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $261.18 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 $76.65 billion, a price-to-earnings ratio of 22.28, a P/E/G ratio of 4.56 and a beta of 1.11. The firm has a fifty day moving average price of $256.90 and a 200 day moving average price of $258.94. 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 issued its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates 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, sell-side analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be given a dividend of $1.50 per share. The ex-dividend date is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.30%. Illinois Tool Works’s dividend payout ratio is currently 51.19%.

Insider Activity at Illinois Tool Works

In other news, Director Ernest Scott Santi sold 70,000 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $68,516,979.20. This represents a 21.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.26% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ITW shares. Barclays reduced their price target on Illinois Tool Works from $265.00 to $262.00 and set an “equal weight” rating for the company in a research report on Friday, February 7th. JPMorgan Chase & Co. decreased their target price on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Citigroup dropped their price target on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research report on Monday, January 13th. Wells Fargo & Company decreased their price objective on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research report on Thursday, February 6th. Finally, Truist Financial upped their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Two 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 issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $269.30.

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.