BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Purchases 7,065 Shares of Illinois Tool Works Inc. (NYSE:ITW)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Illinois Tool Works Inc. (NYSE:ITW) by 14.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 56,856 shares of the industrial products company’s stock after acquiring an additional 7,065 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Illinois Tool Works were worth $14,416,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Baron Wealth Management LLC lifted its position in Illinois Tool Works by 4.5% during 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 period. F M Investments LLC lifted its holdings in shares of Illinois Tool Works by 4.9% during the fourth quarter. F M Investments LLC now owns 896 shares of the industrial products company’s stock worth $227,000 after purchasing an additional 42 shares during the period. Harbour Investments Inc. boosted its position in Illinois Tool Works by 1.2% in the fourth quarter. Harbour Investments Inc. now owns 3,696 shares of the industrial products company’s stock valued at $937,000 after buying an additional 44 shares during the last quarter. Capital Advisors Ltd. LLC increased its holdings in Illinois Tool Works by 3.0% in the 4th quarter. Capital Advisors Ltd. LLC now owns 1,569 shares of the industrial products company’s stock worth $398,000 after buying an additional 46 shares during the period. Finally, Valmark Advisers Inc. raised its position 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 worth $2,343,000 after buying an additional 47 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Illinois Tool Works

In other news, CFO Michael M. Larsen sold 41,472 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $271.25, for a total value of $11,249,280.00. Following the completion of the sale, the chief financial officer now directly owns 50,502 shares in the company, valued at $13,698,667.50. This represents a 45.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Christopher A. O’herlihy sold 48,453 shares of Illinois Tool Works stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $274.36, for a total value 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. The trade was a 46.78% decrease in their position. The disclosure for this sale can be found here. 0.88% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Truist Financial dropped their price objective on shares of Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Bank of America lowered Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 target price on the stock. in a report on Wednesday, May 7th. Citigroup reduced their price target on Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. UBS Group lowered their price objective on Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. Finally, Barclays decreased their target price on shares of Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating for the company in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $253.42.

Illinois Tool Works Stock Down 2.1%

Shares of NYSE ITW opened at $244.73 on Thursday. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. 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 company’s 50-day simple moving average is $241.56 and its 200-day simple moving average is $255.35. The firm has a market cap of $71.71 billion, a price-to-earnings ratio of 20.88, a price-to-earnings-growth ratio of 4.56 and a beta of 1.12.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.34 by $0.04. The company had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.83 billion. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Illinois Tool Works’s revenue was down 3.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.44 EPS. Equities analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.45%. The ex-dividend date is Monday, June 30th. Illinois Tool Works’s dividend payout ratio is currently 52.77%.

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.