Sumitomo Mitsui Trust Holdings Inc. Has $195.38 Million Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Sumitomo Mitsui Trust Holdings Inc. reduced its position in Illinois Tool Works Inc. (NYSE:ITW) by 1.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 745,901 shares of the industrial products company’s stock after selling 11,971 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Illinois Tool Works were worth $195,381,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Cornerstone Wealth Management LLC raised its holdings in Illinois Tool Works by 2.8% during the fourth quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company’s stock worth $395,000 after acquiring an additional 41 shares in the last quarter. City Holding Co. increased its position in Illinois Tool Works by 0.5% during the third quarter. City Holding Co. now owns 8,057 shares of the industrial products company’s stock worth $1,856,000 after buying an additional 44 shares during the last quarter. Nicolet Advisory Services LLC increased its position in Illinois Tool Works by 4.5% during the third quarter. Nicolet Advisory Services LLC now owns 1,066 shares of the industrial products company’s stock worth $247,000 after buying an additional 46 shares during the last quarter. PFG Advisors increased its position in Illinois Tool Works by 0.7% during the fourth quarter. PFG Advisors now owns 6,655 shares of the industrial products company’s stock worth $1,743,000 after buying an additional 46 shares during the last quarter. Finally, Crestwood Advisors Group LLC increased its position in Illinois Tool Works by 1.3% during the fourth quarter. Crestwood Advisors Group LLC now owns 3,635 shares of the industrial products company’s stock worth $952,000 after buying an additional 46 shares during the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the sale, the chief financial officer now directly owns 46,404 shares in the company, valued at $12,299,844.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the sale, the chief financial officer now directly owns 46,404 shares in the company, valued at $12,299,844.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Randall J. Scheuneman sold 5,827 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.29, for a total value of $1,493,401.83. Following the sale, the chief accounting officer now owns 8,870 shares of the company’s stock, valued at $2,273,292.30. The disclosure for this sale can be found here. Insiders sold 189,471 shares of company stock worth $48,712,316 over the last three months. Insiders own 1.26% of the company’s stock.

Analysts Set New Price Targets

ITW has been the topic of a number of recent analyst reports. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $260.00 to $235.00 in a research report on Wednesday, January 10th. Wells Fargo & Company downgraded Illinois Tool Works from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $277.00 to $240.00 in a research report on Tuesday, February 6th. Stifel Nicolaus upped their target price on Illinois Tool Works from $238.00 to $239.00 and gave the company a “hold” rating in a research report on Tuesday, January 23rd. Citigroup upped their target price on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, Truist Financial initiated coverage on Illinois Tool Works in a research report on Thursday, March 14th. They issued a “buy” rating and a $301.00 target price on the stock. Four analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $254.78.

Illinois Tool Works Trading Down 1.6 %

Shares of NYSE:ITW opened at $253.51 on Monday. The company has a market capitalization of $75.73 billion, a P/E ratio of 26.03, a P/E/G ratio of 3.73 and a beta of 1.13. Illinois Tool Works Inc. has a 1 year low of $217.06 and a 1 year high of $271.15. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97. The business’s 50 day simple moving average is $260.94 and its 200 day simple moving average is $250.37.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.41 by $0.01. The business had revenue of $3.98 billion for the quarter, compared to the consensus estimate of $4.01 billion. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.34 earnings per share. On average, research analysts anticipate that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.21%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s payout ratio is presently 57.49%.

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.