Illinois Tool Works Inc. (NYSE:ITW) Stock Position Lifted by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 14.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 56,856 shares of the industrial products company's stock after purchasing 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 institutional investors also recently bought and sold shares of the company. Prudent Man Investment Management Inc. purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at $25,000. Redwood Park Advisors LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at $26,000. Glass Jacobson Investment Advisors llc lifted its position in shares of Illinois Tool Works by 336.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 84 shares in the last quarter. Sugar Maple Asset Management LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at $28,000. Finally, Millstone Evans Group LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at $31,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, CFO Michael M. Larsen sold 41,472 shares of the firm'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 transaction of $11,249,280.00. Following the completion of the sale, the chief financial officer now owns 50,502 shares in the company, valued at $13,698,667.50. This trade represents a 45.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher A. O'herlihy sold 48,453 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $274.36, for a total value of $13,293,565.08. Following the sale, the chief executive officer now owns 55,113 shares of the company's stock, valued at approximately $15,120,802.68. This trade represents a 46.78% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.88% of the company's stock.

Illinois Tool Works Trading Down 1.1%

NYSE:ITW traded down $2.68 on Friday, hitting $242.03. 752,546 shares of the stock were exchanged, compared to its average volume of 1,017,704. The stock has a market cap of $70.91 billion, a PE ratio of 20.65, a PEG ratio of 4.56 and a beta of 1.12. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90. The stock has a fifty day moving average of $241.07 and a 200-day moving average of $255.05. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, topping the consensus estimate of $2.34 by $0.04. The company had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The firm's revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.44 earnings per share. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works's payout ratio is 52.77%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on ITW shares. Evercore ISI reduced their price objective on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a research report on Monday, May 19th. Truist Financial dropped their target price on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Wall Street Zen lowered Illinois Tool Works from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Robert W. Baird upped their target price on Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Finally, Barclays dropped their target price on 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 given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $253.42.

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.