Illinois Tool Works Inc. (NYSE:ITW) Shares Acquired by Lazard Asset Management LLC

Lazard Asset Management LLC boosted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 82.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,339 shares of the industrial products company's stock after purchasing an additional 1,059 shares during the period. Lazard Asset Management LLC's holdings in Illinois Tool Works were worth $593,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of ITW. Norges Bank purchased a new stake in Illinois Tool Works during the 4th quarter worth approximately $806,291,000. Raymond James Financial Inc. purchased a new stake in Illinois Tool Works during the 4th quarter worth approximately $203,949,000. Cerity Partners LLC grew its position in Illinois Tool Works by 263.9% during the 4th quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company's stock worth $229,269,000 after purchasing an additional 655,341 shares during the last quarter. Northern Trust Corp grew its position in Illinois Tool Works by 3.9% during the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock worth $3,465,570,000 after purchasing an additional 508,188 shares during the last quarter. Finally, Proficio Capital Partners LLC grew its position in Illinois Tool Works by 36,632.9% during the 4th quarter. Proficio Capital Partners LLC now owns 438,591 shares of the industrial products company's stock worth $111,209,000 after purchasing an additional 437,397 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

Analyst Ratings Changes

ITW has been the topic of several research analyst reports. Stifel Nicolaus boosted 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 report on Thursday, May 1st. Citigroup dropped 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. Barclays dropped their price objective on shares of Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Truist Financial dropped 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. Finally, Robert W. Baird upped their price objective 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 analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $253.42.

Illinois Tool Works Stock Performance

NYSE ITW traded up $4.84 during mid-day trading on Tuesday, reaching $246.68. 789,564 shares of the stock were exchanged, compared to its average volume of 1,016,792. The business's 50 day moving average is $240.65 and its 200-day moving average is $254.51. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The company has a market capitalization of $72.28 billion, a P/E ratio of 21.05, a P/E/G ratio of 4.56 and a beta of 1.12. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36.

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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. The firm had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same period in the prior year, the firm posted $2.44 earnings per share. The firm's quarterly revenue was down 3.4% compared to the same quarter last year. On average, equities research analysts forecast 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. Shareholders of record on Monday, June 30th will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works's dividend payout ratio is presently 52.77%.

Insiders Place Their Bets

In other Illinois Tool Works news, CFO Michael M. Larsen sold 41,472 shares of the company's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the completion of the transaction, the chief financial officer now directly owns 50,502 shares in the company, valued at approximately $13,698,667.50. This represents a 45.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Christopher A. O'herlihy sold 48,453 shares of the company's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the transaction, the chief executive officer now owns 55,113 shares of the company's stock, valued at $15,120,802.68. This represents a 46.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.88% of the stock is currently owned by company insiders.

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.