Bank of New York Mellon Corp Cuts Position in Illinois Tool Works Inc. (NYSE:ITW)

Bank of New York Mellon Corp lessened its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,448,825 shares of the industrial products company's stock after selling 54,712 shares during the period. Bank of New York Mellon Corp owned 0.83% of Illinois Tool Works worth $607,333,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Illinois Tool Works by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 26,326,996 shares of the industrial products company's stock worth $6,675,473,000 after acquiring an additional 94,601 shares in the last quarter. Northern Trust Corp increased its position in Illinois Tool Works by 3.9% during the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock worth $3,465,570,000 after buying an additional 508,188 shares during the period. Geode Capital Management LLC increased its position in Illinois Tool Works by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 6,392,021 shares of the industrial products company's stock worth $1,620,491,000 after buying an additional 99,753 shares during the period. Capital Research Global Investors increased its position in Illinois Tool Works by 1.8% during the fourth quarter. Capital Research Global Investors now owns 4,132,493 shares of the industrial products company's stock worth $1,047,837,000 after buying an additional 71,934 shares during the period. Finally, Norges Bank acquired a new position in Illinois Tool Works during the fourth quarter worth approximately $806,291,000. Institutional investors and hedge funds own 79.77% of the company's stock.

Insider Activity

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 872 shares of Illinois Tool Works stock in a transaction that occurred on Monday, June 2nd. The shares were purchased at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the transaction, the director owned 122,884 shares of the company's stock, valued at $29,634,705.44. This represents a 0.71% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.88% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ITW shares. Truist Financial cut their price target on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Stifel Nicolaus lifted their price target on Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. Citigroup cut their price target on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Robert W. Baird boosted their target price on Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Finally, Wells Fargo & Company boosted their target price on Illinois Tool Works from $230.00 to $235.00 and gave the company an "underweight" rating in a report on Tuesday, July 1st. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $252.58.

Illinois Tool Works Price Performance

ITW stock traded up $3.26 on Tuesday, reaching $257.92. 606,300 shares of the company's stock were exchanged, compared to its average volume of 994,193. The stock has a fifty day moving average of $245.97 and a 200-day moving average of $249.39. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The firm has a market cap of $75.57 billion, a PE ratio of 22.68, a P/E/G ratio of 5.70 and a beta of 1.09. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.34 by $0.04. The company 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%. Illinois Tool Works's revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.44 earnings per share. As a group, equities analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.33%. Illinois Tool Works's dividend payout ratio 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.