Clearbridge Investments LLC Raises Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Clearbridge Investments LLC lifted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 305,762 shares of the industrial products company’s stock after acquiring an additional 3,911 shares during the quarter. Clearbridge Investments LLC owned 0.10% of Illinois Tool Works worth $77,529,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. RWA Wealth Partners LLC boosted its position in Illinois Tool Works by 1.3% during the fourth quarter. RWA Wealth Partners LLC now owns 11,257 shares of the industrial products company’s stock worth $2,854,000 after purchasing an additional 144 shares in the last quarter. Schroder Investment Management Group boosted its position in shares of Illinois Tool Works by 13.5% in the 4th quarter. Schroder Investment Management Group now owns 1,721,920 shares of the industrial products company’s stock worth $436,214,000 after buying an additional 205,327 shares in the last quarter. Allianz SE acquired a new stake in Illinois Tool Works in the 4th quarter valued at about $181,000. Biondo Investment Advisors LLC increased its holdings in Illinois Tool Works by 2.1% during the 4th quarter. Biondo Investment Advisors LLC now owns 39,244 shares of the industrial products company’s stock valued at $9,951,000 after acquiring an additional 790 shares in the last quarter. Finally, Allstate Corp acquired a new position in Illinois Tool Works during the fourth quarter worth about $2,333,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Activity

In other Illinois Tool Works news, Director Ernest Scott Santi sold 70,000 shares of Illinois Tool Works 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 transaction, the director now directly owns 260,224 shares of the company’s stock, valued at $68,516,979.20. The trade was a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Michael M. Larsen sold 41,472 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $271.25, for a total transaction 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 position. The disclosure for this sale can be found here. Insiders have sold 159,925 shares of company stock valued at $42,973,845 in the last three months. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $248.31 on Tuesday. Illinois Tool Works Inc. has a 1 year low of $232.77 and a 1 year high of $279.13. 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 50 day moving average price of $258.24 and a 200 day moving average price of $260.83. The company has a market cap of $72.84 billion, a price-to-earnings ratio of 21.19, a PEG ratio of 4.56 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) 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%. Sell-side analysts predict 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. Stockholders of record on Monday, March 31st will be issued a $1.50 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.42%. Illinois Tool Works’s dividend payout ratio (DPR) is 51.19%.

Analyst Upgrades and Downgrades

ITW has been the subject of a number of recent research reports. Barclays dropped their price objective on shares of Illinois Tool Works from $260.00 to $252.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 26th. Wells Fargo & Company dropped their price target on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a research report on Thursday, February 6th. Truist Financial increased their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, JPMorgan Chase & Co. decreased their price target 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. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $268.30.

Illinois Tool Works Company 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.