Illinois Tool Works Inc. (NYSE:ITW) Position Lessened by D. E. Shaw & Co. Inc.

D. E. Shaw & Co. Inc. lowered its position in Illinois Tool Works Inc. (NYSE:ITW) by 70.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,384 shares of the industrial products company’s stock after selling 97,781 shares during the quarter. D. E. Shaw & Co. Inc.’s holdings in Illinois Tool Works were worth $10,240,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Deutsche Bank AG lifted its stake in shares of Illinois Tool Works by 8.7% in the 4th quarter. Deutsche Bank AG now owns 659,207 shares of the industrial products company’s stock valued at $167,149,000 after purchasing an additional 52,993 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in Illinois Tool Works by 40.2% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,908 shares of the industrial products company’s stock valued at $1,244,000 after buying an additional 1,407 shares in the last quarter. EP Wealth Advisors LLC lifted its position in shares of Illinois Tool Works by 42.2% in the fourth quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company’s stock worth $1,450,000 after buying an additional 1,698 shares during the last quarter. Colonial Trust Co SC boosted its stake in shares of Illinois Tool Works by 74.0% during the 4th quarter. Colonial Trust Co SC now owns 844 shares of the industrial products company’s stock worth $214,000 after acquiring an additional 359 shares in the last quarter. Finally, CoreCap Advisors LLC increased its holdings in shares of Illinois Tool Works by 14.0% during the 4th quarter. CoreCap Advisors LLC now owns 7,082 shares of the industrial products company’s stock valued at $1,796,000 after acquiring an additional 868 shares during the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $245.35 on Thursday. The firm has a market capitalization of $71.89 billion, a price-to-earnings ratio of 20.93, a PEG ratio of 4.56 and a beta of 1.12. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The business has a fifty day simple moving average of $242.22 and a 200 day simple moving average of $255.73. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. The company had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.83 billion. During the same quarter in the prior year, the company posted $2.44 EPS. The business’s revenue was down 3.4% on a year-over-year basis. Sell-side analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.45%. Illinois Tool Works’s dividend payout ratio is currently 52.77%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ITW. Evercore ISI decreased their target price on Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating for the company in a research report on Wednesday, February 19th. Citigroup decreased their price objective on shares of Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Truist Financial cut their target price on shares of Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Finally, Stifel Nicolaus raised their target price on Illinois Tool Works from $227.00 to $233.00 and gave the company a “hold” rating in a report on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and a consensus target price of $253.67.

Insider Transactions at Illinois Tool Works

In other news, CFO Michael M. Larsen sold 41,472 shares of Illinois Tool Works stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $271.25, for a total value of $11,249,280.00. Following the completion of the transaction, the chief financial officer now owns 50,502 shares in the company, valued at approximately $13,698,667.50. The trade was a 45.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 value of $18,431,000.00. Following the sale, 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 159,925 shares of company stock valued at $42,973,845. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works 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.