California Public Employees Retirement System Reduces Stake in Illinois Tool Works Inc. (NYSE:ITW)

California Public Employees Retirement System cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.6% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 564,716 shares of the industrial products company’s stock after selling 21,339 shares during the period. California Public Employees Retirement System owned about 0.19% of Illinois Tool Works worth $147,922,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ITW. Briaud Financial Planning Inc purchased a new stake in Illinois Tool Works in the third quarter valued at approximately $25,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Illinois Tool Works during the 4th quarter worth about $26,000. Financial Connections Group Inc. acquired a new stake in Illinois Tool Works during the fourth quarter worth approximately $28,000. Bruce G. Allen Investments LLC acquired a new position in Illinois Tool Works in the fourth quarter valued at $29,000. Finally, Rakuten Securities Inc. acquired a new position in Illinois Tool Works during the fourth quarter worth approximately $29,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Illinois Tool Works

In related news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total value of $12,722,000.00. Following the transaction, the chairman now owns 221,015 shares of the company’s stock, valued at approximately $56,235,056.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Illinois Tool Works news, EVP Sharon Szafranski sold 801 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the transaction, the executive vice president now owns 5,870 shares in the company, valued at approximately $1,505,185.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the transaction, the chairman now owns 221,015 shares in the company, valued at $56,235,056.60. The disclosure for this sale can be found here. In the last three months, insiders sold 189,471 shares of company stock valued at $48,712,316. 1.26% of the stock is owned by insiders.

Illinois Tool Works Stock Up 0.3 %

ITW opened at $250.64 on Wednesday. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97. Illinois Tool Works Inc. has a 12 month low of $217.06 and a 12 month high of $271.15. The stock’s 50 day moving average price is $260.38 and its 200 day moving average price is $251.30. The stock has a market cap of $74.88 billion, a P/E ratio of 25.73, a P/E/G ratio of 3.67 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.41 by $0.01. The firm had revenue of $3.98 billion during the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. Illinois Tool Works’s revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.34 EPS. As a group, research analysts predict that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend was Wednesday, March 27th. Illinois Tool Works’s payout ratio is currently 57.49%.

Wall Street Analyst Weigh In

ITW has been the topic of a number of recent analyst reports. Bank of America lowered Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. Wells Fargo & Company lowered Illinois Tool Works from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $277.00 to $240.00 in a research note on Tuesday, February 6th. Truist Financial initiated coverage on shares of Illinois Tool Works in a report on Thursday, March 14th. They issued a “buy” rating and a $301.00 target price for the company. Stifel Nicolaus increased their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Finally, Barclays boosted their price objective on shares of Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a research note on Tuesday, April 2nd. Four equities research 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $257.00.

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.