Illinois Tool Works Inc. (NYSE:ITW) Stock Position Lifted by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System increased its position in Illinois Tool Works Inc. (NYSE:ITW) by 5.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 337,999 shares of the industrial products company’s stock after buying an additional 16,924 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.11% of Illinois Tool Works worth $90,695,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ITW. Norges Bank purchased a new stake in Illinois Tool Works in the 4th quarter worth about $818,408,000. Fisher Asset Management LLC grew its holdings in Illinois Tool Works by 4.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,951,948 shares of the industrial products company’s stock valued at $773,234,000 after buying an additional 122,840 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Illinois Tool Works by 2.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,350,363 shares of the industrial products company’s stock valued at $353,715,000 after buying an additional 26,089 shares during the last quarter. Alecta Tjanstepension Omsesidigt grew its holdings in Illinois Tool Works by 150.0% in the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock valued at $294,671,000 after buying an additional 675,000 shares during the last quarter. Finally, Schroder Investment Management Group lifted its position in shares of Illinois Tool Works by 11.0% in the 4th quarter. Schroder Investment Management Group now owns 1,001,113 shares of the industrial products company’s stock worth $262,232,000 after acquiring an additional 99,175 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Down 0.3 %

Shares of NYSE:ITW traded down $0.80 during midday trading on Thursday, hitting $253.09. 418,549 shares of the stock were exchanged, compared to its average volume of 1,162,983. The stock has a market capitalization of $75.52 billion, a price-to-earnings ratio of 25.05, a P/E/G ratio of 3.84 and a beta of 1.10. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32. The business’s 50-day moving average price is $241.68 and its 200 day moving average price is $252.01. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.33 earnings per share. Analysts predict that Illinois Tool Works Inc. will post 10.19 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 11th. Shareholders of record on Friday, June 28th were paid a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend was Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 775 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were purchased at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the purchase, the director now owns 121,506 shares in the company, valued at $29,018,062.92. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

ITW has been the subject of several analyst reports. Wells Fargo & Company cut their target price on Illinois Tool Works from $244.00 to $230.00 and set an “underweight” rating for the company in a research report on Wednesday, July 10th. Citigroup increased their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Truist Financial decreased their price target on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating for the company in a research note on Tuesday, July 2nd. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, July 11th. Finally, Stifel Nicolaus raised their target price on shares of Illinois Tool Works from $259.00 to $268.00 and gave the company a “hold” rating in a research note on Thursday. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $252.10.

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.