Resona Asset Management Co. Ltd. Takes Position in Illinois Tool Works Inc. (NYSE:ITW)

Resona Asset Management Co. Ltd. acquired a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 106,411 shares of the industrial products company’s stock, valued at approximately $27,038,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Kovitz Investment Group Partners LLC raised its holdings in Illinois Tool Works by 289.6% in the third quarter. Kovitz Investment Group Partners LLC now owns 30,201 shares of the industrial products company’s stock worth $7,915,000 after purchasing an additional 22,449 shares during the period. National Bank of Canada FI lifted its holdings in Illinois Tool Works by 318.9% during the third quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company’s stock worth $106,352,000 after acquiring an additional 308,935 shares in the last quarter. Dean Investment Associates LLC acquired a new position in Illinois Tool Works in the third quarter valued at about $2,793,000. MML Investors Services LLC increased its holdings in shares of Illinois Tool Works by 3.3% in the third quarter. MML Investors Services LLC now owns 60,229 shares of the industrial products company’s stock worth $15,784,000 after acquiring an additional 1,905 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd raised its position in shares of Illinois Tool Works by 35.7% during the third quarter. Y Intercept Hong Kong Ltd now owns 8,786 shares of the industrial products company’s stock worth $2,303,000 after purchasing an additional 2,312 shares during the period. Institutional investors own 79.77% of the company’s stock.

Insider Buying and Selling

In other news, Director Ernest Scott Santi sold 70,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the transaction, the director now owns 260,224 shares in the company, valued at approximately $68,516,979.20. This trade represents a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Christopher A. O’herlihy sold 48,453 shares of Illinois Tool Works stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $274.36, for a total value of $13,293,565.08. Following the sale, the chief executive officer now directly owns 55,113 shares of the company’s stock, valued at approximately $15,120,802.68. The trade was a 46.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 159,925 shares of company stock valued at $42,973,845. 0.88% of the stock is owned by insiders.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $225.25 on Friday. Illinois Tool Works Inc. has a fifty-two week low of $224.94 and a fifty-two week high of $279.13. The stock has a market capitalization of $66.08 billion, a price-to-earnings ratio of 19.22, a PEG ratio of 4.56 and a beta of 1.12. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. The business has a 50-day moving average of $256.77 and a 200-day moving average of $260.44.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, topping 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, sell-side analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

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. The ex-dividend date is Monday, March 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.66%. Illinois Tool Works’s dividend payout ratio is currently 51.19%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ITW shares. Deutsche Bank Aktiengesellschaft upgraded Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price objective for the company in a research report on Wednesday, February 19th. Truist Financial increased their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Wells Fargo & Company cut 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. Stifel Nicolaus lowered their target price on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating for the company in a report on Thursday, February 6th. Finally, JPMorgan Chase & Co. dropped their price target on 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 given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $268.30.

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.