Illinois Tool Works Inc. (NYSE:ITW) Holdings Lowered by Retirement Systems of Alabama

Retirement Systems of Alabama decreased its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 1.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 184,541 shares of the industrial products company's stock after selling 2,240 shares during the quarter. Retirement Systems of Alabama owned 0.06% of Illinois Tool Works worth $45,768,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of ITW. Brighton Jones LLC raised its holdings in shares of Illinois Tool Works by 5.3% during the fourth quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company's stock worth $1,399,000 after acquiring an additional 277 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Illinois Tool Works by 29.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 29,989 shares of the industrial products company's stock worth $7,498,000 after purchasing an additional 6,801 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Illinois Tool Works by 68.9% during the 4th quarter. Allworth Financial LP now owns 4,629 shares of the industrial products company's stock valued at $1,200,000 after buying an additional 1,889 shares during the last quarter. Bank of Jackson Hole Trust bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at approximately $137,000. Finally, Lyell Wealth Management LP increased its holdings in Illinois Tool Works by 4.9% in the fourth quarter. Lyell Wealth Management LP now owns 1,002 shares of the industrial products company's stock worth $254,000 after buying an additional 47 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

Insiders Place Their Bets

In related news, Director David Byron Smith, Jr. acquired 872 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were purchased at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the acquisition, the director now owns 122,884 shares of the company's stock, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.88% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ITW. UBS Group cut their price objective on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Stifel Nicolaus boosted their price objective on shares of Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a research note on Thursday, May 1st. Bank of America downgraded shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective for the company. in a report on Wednesday, May 7th. Truist Financial dropped their target price 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. Finally, Robert W. Baird upped their price target on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $253.42.

Illinois Tool Works Price Performance

ITW stock opened at $241.13 on Friday. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.60 and a quick ratio of 1.16. The stock has a market cap of $70.65 billion, a price-to-earnings ratio of 21.21, a P/E/G ratio of 5.19 and a beta of 1.10. The company has a 50 day simple moving average of $242.18 and a 200 day simple moving average of $251.33.

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, beating analysts' consensus estimates of $2.34 by $0.04. The firm had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The business's revenue for the quarter was down 3.4% on a year-over-year basis. During the same period last year, the firm posted $2.44 earnings per share. Research analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.49%. Illinois Tool Works's dividend payout ratio (DPR) is currently 52.77%.

Illinois Tool Works 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.

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