OLD Republic International Corp Decreases Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

OLD Republic International Corp reduced its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 19.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 160,000 shares of the industrial products company's stock after selling 38,500 shares during the period. OLD Republic International Corp owned approximately 0.05% of Illinois Tool Works worth $39,682,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in 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 purchasing an additional 94,601 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Illinois Tool Works by 3.9% in the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock valued at $3,465,570,000 after acquiring an additional 508,188 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Illinois Tool Works by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 6,392,021 shares of the industrial products company's stock valued at $1,620,491,000 after acquiring an additional 99,753 shares in the last quarter. Capital Research Global Investors boosted its holdings in shares of Illinois Tool Works by 1.8% in the fourth quarter. Capital Research Global Investors now owns 4,132,493 shares of the industrial products company's stock valued at $1,047,837,000 after acquiring an additional 71,934 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $806,291,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Illinois Tool Works

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

Analysts Set New Price Targets

A number of research firms recently commented on ITW. Truist Financial decreased 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. Wells Fargo & Company boosted their price objective on shares of Illinois Tool Works from $230.00 to $235.00 and gave the stock an "underweight" rating in a report on Tuesday, July 1st. Citigroup decreased their price objective on shares of Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Evercore ISI decreased their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a report on Monday, May 19th. Finally, Barclays boosted their price objective on shares of Illinois Tool Works from $237.00 to $240.00 and gave the stock an "equal weight" rating in a report on Wednesday. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works has an average rating of "Hold" and a consensus price target of $252.83.

Illinois Tool Works Trading Up 0.8%

Shares of NYSE:ITW traded up $1.99 during trading on Wednesday, reaching $259.89. The stock had a trading volume of 866,270 shares, compared to its average volume of 998,107. The business has a fifty day moving average price of $246.68 and a 200-day moving average price of $249.52. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25. The stock has a market cap of $76.15 billion, a P/E ratio of 22.86, a PEG ratio of 5.46 and a beta of 1.09. 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 posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share 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 business had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the previous year, the business posted $2.44 earnings per share. The company's revenue was down 3.4% on a year-over-year basis. As a group, analysts anticipate 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. Investors of record on Monday, June 30th will be issued a $1.50 dividend. 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 2.31%. Illinois Tool Works's payout ratio is 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.