New York State Common Retirement Fund Cuts Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

New York State Common Retirement Fund lessened its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 9.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 371,040 shares of the industrial products company's stock after selling 38,068 shares during the quarter. New York State Common Retirement Fund owned approximately 0.13% of Illinois Tool Works worth $92,022,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Prudent Man Investment Management Inc. bought a new stake in shares of Illinois Tool Works in the 4th quarter worth $25,000. Ameriflex Group Inc. purchased a new position in Illinois Tool Works during the fourth quarter worth about $26,000. Redwood Park Advisors LLC bought a new stake in Illinois Tool Works in the 4th quarter worth about $26,000. von Borstel & Associates Inc. purchased a new stake in Illinois Tool Works in the 1st quarter valued at about $26,000. Finally, Glass Jacobson Investment Advisors llc lifted its position in shares of Illinois Tool Works by 336.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock worth $28,000 after buying an additional 84 shares in the last quarter. Institutional investors own 79.77% of the company's stock.

Wall Street Analyst Weigh In

ITW has been the subject of a number of research analyst reports. Citigroup increased their price target on Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a research report on Monday. Wells Fargo & Company raised their target price on Illinois Tool Works from $230.00 to $235.00 and gave the company an "underweight" rating in a research report on Tuesday, July 1st. Stifel Nicolaus boosted their price target on shares of Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a report on Thursday, May 1st. Truist Financial decreased their price objective on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, Robert W. Baird increased their target price on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research report on Thursday, May 1st. 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 issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $253.83.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. purchased 872 shares of the business's stock in a transaction on Monday, June 2nd. The stock was purchased at an average cost of $241.16 per share, with a total value of $210,291.52. Following the acquisition, the director directly owned 122,884 shares in the company, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Performance

ITW stock traded down $1.98 during midday trading on Monday, reaching $257.72. 664,075 shares of the company's stock traded hands, compared to its average volume of 1,109,570. The firm has a market capitalization of $75.51 billion, a PE ratio of 22.67, a price-to-earnings-growth ratio of 5.50 and a beta of 1.09. The company has a 50-day moving average price of $247.49 and a two-hundred day moving average price of $249.42. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. 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 (NYSE:ITW - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $3.84 billion for the quarter, compared to analysts' expectations of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The firm's quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.44 EPS. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Monday, June 30th were paid 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 yield of 2.33%. Illinois Tool Works's dividend payout ratio is currently 52.77%.

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.