Massachusetts Financial Services Co. MA Has $838.54 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

Massachusetts Financial Services Co. MA cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,381,073 shares of the industrial products company's stock after selling 83,012 shares during the quarter. Massachusetts Financial Services Co. MA owned about 1.15% of Illinois Tool Works worth $838,540,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ITW. Norges Bank acquired a new position in Illinois Tool Works in the 4th quarter valued at $806,291,000. GAMMA Investing LLC grew its holdings in Illinois Tool Works by 26,372.8% in the 1st quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock valued at $5,123,080,000 after buying an additional 2,057,872 shares in the last quarter. Cerity Partners LLC grew its holdings in Illinois Tool Works by 263.9% in the 4th quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company's stock valued at $229,269,000 after buying an additional 655,341 shares in the last quarter. Northern Trust Corp grew its holdings in Illinois Tool Works by 3.9% in the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock valued at $3,465,570,000 after buying an additional 508,188 shares in the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of Illinois Tool Works by 1,899.3% during the 4th quarter. Federated Hermes Inc. now owns 224,921 shares of the industrial products company's stock worth $57,031,000 after purchasing an additional 213,671 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Stifel Nicolaus boosted their price target on Illinois Tool Works from $227.00 to $233.00 and gave the company a "hold" rating in a research note on Thursday, May 1st. Robert W. Baird increased 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. Evercore ISI lowered their price objective on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a research report on Monday, May 19th. Wells Fargo & Company raised their price objective on Illinois Tool Works from $230.00 to $235.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 1st. Finally, Citigroup lowered their price objective on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Three 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. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $252.83.

Illinois Tool Works Trading Down 0.9%

Shares of Illinois Tool Works stock opened at $259.71 on Monday. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.16 and a current ratio of 1.60. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The stock has a 50 day moving average price of $247.49 and a two-hundred day moving average price of $249.42. The stock has a market capitalization of $76.10 billion, a PE ratio of 22.84, a price-to-earnings-growth ratio of 5.50 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data 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 return on equity of 92.77% and a net margin of 21.37%. The firm had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.83 billion. During the same quarter last year, the firm posted $2.44 earnings per share. The company's revenue for the quarter was down 3.4% compared to the same quarter last year. As a group, equities 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 was paid on Friday, July 11th. Investors of record on Monday, June 30th were given a dividend of $1.50 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.31%. Illinois Tool Works's payout ratio is 52.77%.

Insider Activity

In related news, Director David Byron Smith, Jr. bought 872 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The shares were bought at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the transaction, the director directly owned 122,884 shares in the company, valued at approximately $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.88% of the stock is currently owned by insiders.

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.

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