TIAA Trust National Association Buys 1,370 Shares of Illinois Tool Works Inc. (NYSE:ITW)

TIAA Trust National Association raised its stake in Illinois Tool Works Inc. (NYSE:ITW) by 5.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 25,577 shares of the industrial products company’s stock after purchasing an additional 1,370 shares during the quarter. TIAA Trust National Association’s holdings in Illinois Tool Works were worth $6,485,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in ITW. Baron Wealth Management LLC grew its holdings in Illinois Tool Works by 4.5% in the 4th quarter. Baron Wealth Management LLC now owns 910 shares of the industrial products company’s stock worth $231,000 after acquiring an additional 39 shares during the last quarter. Harbour Investments Inc. boosted its holdings in shares of Illinois Tool Works by 1.2% during the fourth quarter. Harbour Investments Inc. now owns 3,696 shares of the industrial products company’s stock worth $937,000 after purchasing an additional 44 shares during the period. Capital Advisors Ltd. LLC grew its stake in shares of Illinois Tool Works by 3.0% in the fourth quarter. Capital Advisors Ltd. LLC now owns 1,569 shares of the industrial products company’s stock worth $398,000 after purchasing an additional 46 shares during the last quarter. Valmark Advisers Inc. increased its holdings in Illinois Tool Works by 0.5% during the 4th quarter. Valmark Advisers Inc. now owns 9,240 shares of the industrial products company’s stock valued at $2,343,000 after purchasing an additional 47 shares during the period. Finally, Lyell Wealth Management LP raised its position in Illinois Tool Works by 4.9% during the 4th quarter. Lyell Wealth Management LP now owns 1,002 shares of the industrial products company’s stock valued at $254,000 after purchasing an additional 47 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ITW. Stifel Nicolaus cut their price objective on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating on the stock in a research report on Thursday, February 6th. Truist Financial lifted their price target on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price objective for the company in a report on Wednesday, February 19th. Barclays set a $260.00 target price on shares of Illinois Tool Works and gave the company an “equal weight” rating in a research note on Monday, March 10th. Finally, Citigroup decreased their price target on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research note on Monday, January 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $269.10.

Illinois Tool Works Stock Performance

Illinois Tool Works stock opened at $254.93 on Wednesday. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The stock’s 50 day moving average is $258.65 and its 200 day moving average is $260.74. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $279.13. The company has a market capitalization of $74.82 billion, a P/E ratio of 21.75, a PEG ratio of 4.56 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, beating the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. On average, equities research 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 Thursday, April 10th. Investors of record on Monday, March 31st will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.35%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.19%.

Insider Buying and Selling

In other Illinois Tool Works news, CEO Christopher A. O’herlihy sold 48,453 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the transaction, the chief executive officer now owns 55,113 shares in the company, valued at approximately $15,120,802.68. This represents a 46.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ernest Scott Santi sold 70,000 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the sale, the director now directly owns 260,224 shares in the company, valued at approximately $68,516,979.20. The trade was a 21.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 159,925 shares of company stock worth $42,973,845 in the last three months. Insiders own 1.26% of the company’s stock.

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.