Teacher Retirement System of Texas Cuts Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Teacher Retirement System of Texas cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 8.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 182,844 shares of the industrial products company's stock after selling 16,043 shares during the quarter. Teacher Retirement System of Texas owned about 0.06% of Illinois Tool Works worth $45,347,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Prudent Man Investment Management Inc. acquired a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $25,000. Ameriflex Group Inc. acquired a new position in Illinois Tool Works in the 4th quarter valued at $26,000. Redwood Park Advisors LLC acquired a new position in Illinois Tool Works in the 4th quarter valued at $26,000. Glass Jacobson Investment Advisors llc grew its holdings in Illinois Tool Works by 336.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock valued at $28,000 after buying an additional 84 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new position in Illinois Tool Works in the 4th quarter valued at $31,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. 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 report on Thursday, May 1st. Stifel Nicolaus increased their target price on Illinois Tool Works from $227.00 to $233.00 and gave the company a "hold" rating in a research report on Thursday, May 1st. UBS Group decreased their price target on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Truist Financial decreased their price target 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. Finally, Barclays decreased their price target 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 research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $252.58.

Illinois Tool Works Stock Up 0.8%

Shares of ITW stock traded up $1.95 during trading hours on Friday, reaching $258.40. The company had a trading volume of 759,518 shares, compared to its average volume of 996,891. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month 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 business has a fifty day simple moving average of $245.31 and a 200-day simple moving average of $249.62. The company has a market cap of $75.71 billion, a price-to-earnings ratio of 22.73, a price-to-earnings-growth ratio of 5.65 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, topping analysts' consensus estimates of $2.34 by $0.04. The business 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 quarterly revenue was down 3.4% compared to the same quarter last year. During the same period last year, the company posted $2.44 earnings per share. On average, research analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be paid a dividend of $1.50 per share. The ex-dividend date is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.32%. Illinois Tool Works's payout ratio is 52.77%.

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 stock was acquired 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 directly owned 122,884 shares in the company, valued at $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.88% of the company's stock.

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.