Parallel Advisors LLC Has $7.27 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Parallel Advisors LLC reduced its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 29,295 shares of the industrial products company’s stock after selling 257 shares during the period. Parallel Advisors LLC’s holdings in Illinois Tool Works were worth $7,265,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Norges Bank bought a new position in shares of Illinois Tool Works during the fourth quarter worth approximately $806,291,000. GAMMA Investing LLC lifted its holdings in shares of Illinois Tool Works by 26,372.8% during the first quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company’s stock worth $5,123,080,000 after purchasing an additional 2,057,872 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Illinois Tool Works during the fourth quarter worth $203,949,000. Cerity Partners LLC lifted its holdings in shares of Illinois Tool Works by 263.9% during the fourth quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company’s stock worth $229,269,000 after purchasing an additional 655,341 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Illinois Tool Works by 3.9% during the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company’s stock worth $3,465,570,000 after purchasing an additional 508,188 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Stock Up 0.6%

NYSE:ITW opened at $245.34 on Friday. The firm has a market cap of $71.88 billion, a P/E ratio of 20.93, a P/E/G ratio of 4.56 and a beta of 1.12. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The firm has a 50-day simple moving average of $240.30 and a two-hundred day simple moving average of $254.24.

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

Illinois Tool Works Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Truist Financial dropped their target price on shares of Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Stifel Nicolaus boosted their target price on shares of Illinois Tool Works from $227.00 to $233.00 and gave the stock a “hold” rating in a research report on Thursday, May 1st. UBS Group reduced their price objective on shares of Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Evercore ISI dropped their target price on shares of Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating on the stock in a research note on Monday, May 19th. Finally, Barclays dropped their price target on shares of Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $253.42.

Insider Buying and Selling at Illinois Tool Works

In other news, CFO Michael M. Larsen sold 41,472 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now owns 50,502 shares of the company’s stock, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Christopher A. O’herlihy sold 48,453 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the completion of the sale, the chief executive officer now owns 55,113 shares in the company, valued at $15,120,802.68. This represents a 46.78% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.88% of the company’s stock.

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.