Arizona State Retirement System Cuts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Arizona State Retirement System trimmed its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 5.4% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 80,912 shares of the industrial products company's stock after selling 4,604 shares during the quarter. Arizona State Retirement System's holdings in Illinois Tool Works were worth $20,067,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Prudent Man Investment Management Inc. bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $25,000. Ameriflex Group Inc. purchased a new position in shares of Illinois Tool Works in the fourth quarter worth $26,000. Redwood Park Advisors LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter worth $26,000. von Borstel & Associates Inc. purchased a new position in shares of Illinois Tool Works in the first quarter worth $26,000. Finally, Glass Jacobson Investment Advisors llc increased its stake 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 worth $28,000 after buying an additional 84 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 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 acquisition, the director owned 122,884 shares in the company, valued at approximately $29,634,705.44. This represents a 0.71% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.88% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ITW. UBS Group decreased their target price on shares of 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. Bank of America downgraded shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price on the stock. in a research note on Wednesday, May 7th. Truist Financial decreased 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 research note on Thursday, May 1st. Wells Fargo & Company lifted their target price on shares of Illinois Tool Works from $230.00 to $235.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. Finally, Stifel Nicolaus lifted their target price 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. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Illinois Tool Works presently has a consensus rating of "Hold" and an average target price of $252.83.

Illinois Tool Works Trading Down 0.9%

Illinois Tool Works stock traded down $2.41 during mid-day trading on Friday, reaching $259.71. 745,703 shares of the company traded hands, compared to its average volume of 998,111. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The firm has a market capitalization of $76.10 billion, a price-to-earnings ratio of 22.84, a P/E/G ratio of 5.50 and a beta of 1.09. 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 firm's 50 day moving average price is $247.49 and its 200 day moving average price is $249.48.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its 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. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The firm had revenue of $3.84 billion for the quarter, compared to analysts' expectations of $3.83 billion. During the same quarter in the previous year, the business posted $2.44 EPS. The company's quarterly revenue was down 3.4% on a year-over-year basis. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Monday, June 30th were issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Monday, June 30th. Illinois Tool Works's dividend payout ratio (DPR) is presently 52.77%.

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.