New York State Common Retirement Fund Has $89.22 Million Stake in Illinois Tool Works Inc. $ITW

New York State Common Retirement Fund reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 6.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 342,140 shares of the industrial products company’s stock after selling 24,600 shares during the period. New York State Common Retirement Fund owned 0.12% of Illinois Tool Works worth $89,216,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Northcape Wealth Management LLC lifted its stake in shares of Illinois Tool Works by 2.1% in the second quarter. Northcape Wealth Management LLC now owns 1,922 shares of the industrial products company’s stock worth $475,000 after acquiring an additional 40 shares during the period. Cary Street Partners Investment Advisory LLC raised its holdings in Illinois Tool Works by 4.2% during the 2nd quarter. Cary Street Partners Investment Advisory LLC now owns 988 shares of the industrial products company’s stock worth $244,000 after purchasing an additional 40 shares during the last quarter. TFG Advisers LLC lifted its position in shares of Illinois Tool Works by 0.5% in the 2nd quarter. TFG Advisers LLC now owns 8,461 shares of the industrial products company’s stock worth $2,092,000 after purchasing an additional 42 shares during the period. Freedom Investment Management Inc. boosted its stake in shares of Illinois Tool Works by 3.0% in the 2nd quarter. Freedom Investment Management Inc. now owns 1,443 shares of the industrial products company’s stock valued at $357,000 after purchasing an additional 42 shares during the last quarter. Finally, Everpar Advisors LLC increased its position in shares of Illinois Tool Works by 1.7% during the third quarter. Everpar Advisors LLC now owns 2,574 shares of the industrial products company’s stock worth $671,000 after buying an additional 42 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $262.70 on Friday. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $278.13. The stock’s 50 day moving average is $253.06 and its 200-day moving average is $254.92. The company has a quick ratio of 1.11, a current ratio of 1.53 and a debt-to-equity ratio of 2.39. The firm has a market capitalization of $76.21 billion, a price-to-earnings ratio of 25.48, a PEG ratio of 13.83 and a beta of 1.15.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Wolfe Research boosted their target price on shares of Illinois Tool Works from $264.00 to $278.00 and gave the company an “underperform” rating in a report on Thursday, January 15th. The Goldman Sachs Group downgraded Illinois Tool Works from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $258.00 to $230.00 in a research note on Tuesday, December 16th. Wells Fargo & Company raised their target price on Illinois Tool Works from $245.00 to $250.00 and gave the stock an “underweight” rating in a research note on Wednesday, January 7th. Bank of America raised Illinois Tool Works from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $220.00 to $255.00 in a research note on Tuesday, November 18th. Finally, Truist Financial reduced their price objective on shares of Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating for the company in a research report on Monday, October 27th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $261.08.

Insider Buying and Selling at Illinois Tool Works

In other news, Director Pamela B. Strobel sold 1,521 shares of Illinois Tool Works stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $245.25, for a total transaction of $373,025.25. Following the completion of the transaction, the director directly owned 39,249 shares in the company, valued at $9,625,817.25. This trade represents a 3.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.88% of the company’s stock.

About Illinois Tool Works

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.