American International Group Inc. Sells 1,540 Shares of Illinois Tool Works Inc. (NYSE:ITW)

American International Group Inc. cut its position in Illinois Tool Works Inc. (NYSE:ITW) by 1.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 86,504 shares of the industrial products company’s stock after selling 1,540 shares during the period. American International Group Inc.’s holdings in Illinois Tool Works were worth $23,212,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ITW. Norges Bank acquired a new position in shares of Illinois Tool Works during the fourth quarter worth approximately $818,408,000. Alecta Tjanstepension Omsesidigt lifted its position in shares of Illinois Tool Works by 150.0% during the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock worth $294,671,000 after purchasing an additional 675,000 shares in the last quarter. Corient Private Wealth LLC lifted its position in shares of Illinois Tool Works by 122.7% during the fourth quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock worth $164,927,000 after purchasing an additional 346,919 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of Illinois Tool Works by 23,183.6% during the fourth quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock worth $82,579,000 after purchasing an additional 313,906 shares in the last quarter. Finally, Confluence Investment Management LLC acquired a new position in shares of Illinois Tool Works during the first quarter worth approximately $65,747,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Stock Down 1.5 %

Shares of ITW stock traded down $3.76 during trading hours on Wednesday, hitting $239.30. 892,456 shares of the company were exchanged, compared to its average volume of 1,170,123. The business has a 50 day moving average of $241.10 and a two-hundred day moving average of $251.46. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The company has a market capitalization of $71.41 billion, a PE ratio of 23.60, a PEG ratio of 3.73 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the prior year, the firm earned $2.33 earnings per share. The firm’s revenue was down 1.1% compared to the same quarter last year. Analysts anticipate that Illinois Tool Works Inc. will post 10.16 earnings per share for the current fiscal 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. The ex-dividend date of this dividend was Friday, June 28th. This represents a $5.60 annualized dividend and a yield of 2.34%. Illinois Tool Works’s payout ratio is currently 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 stock in a transaction on Thursday, June 13th. The shares were purchased at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the purchase, the director now owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

ITW has been the topic of several analyst reports. Truist Financial cut their price objective on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a report on Tuesday, July 2nd. Citigroup increased their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Barclays cut their price objective on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a report on Tuesday, June 4th. Jefferies Financial Group cut their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Finally, Stifel Nicolaus upped 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, July 18th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $252.10.

Illinois Tool Works Company 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.