Worldquant Millennium Advisors LLC Cuts Position in Illinois Tool Works Inc. (NYSE:ITW)

Worldquant Millennium Advisors LLC cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 36.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 50,366 shares of the industrial products company's stock after selling 28,769 shares during the quarter. Worldquant Millennium Advisors LLC's holdings in Illinois Tool Works were worth $12,771,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ITW. Waverly Advisors LLC lifted its stake in Illinois Tool Works by 13.4% during the fourth quarter. Waverly Advisors LLC now owns 15,058 shares of the industrial products company's stock worth $3,818,000 after purchasing an additional 1,781 shares during the last quarter. Woodline Partners LP purchased a new stake in Illinois Tool Works during the fourth quarter worth approximately $3,492,000. iSAM Funds UK Ltd purchased a new stake in Illinois Tool Works during the fourth quarter worth approximately $1,005,000. Westwood Holdings Group Inc. purchased a new stake in Illinois Tool Works during the fourth quarter worth approximately $798,000. Finally, Twinbeech Capital LP purchased a new stake in Illinois Tool Works during the fourth quarter worth approximately $1,752,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Christopher A. O'herlihy sold 48,453 shares of the stock in a transaction dated 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 directly owns 55,113 shares in the company, valued at approximately $15,120,802.68. This represents a 46.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Michael M. Larsen sold 41,472 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $271.25, for a total value of $11,249,280.00. Following the transaction, the chief financial officer now owns 50,502 shares in the company, valued at $13,698,667.50. This trade represents a 45.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.88% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ITW shares. Robert W. Baird boosted their target price on Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. Citigroup reduced their price objective on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Truist Financial reduced their price objective 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. Wells Fargo & Company reduced their price objective on Illinois Tool Works from $250.00 to $245.00 and set an "underweight" rating for the company in a research note on Thursday, February 6th. Finally, Wall Street Zen cut Illinois Tool Works from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $253.42.

Illinois Tool Works Price Performance

Illinois Tool Works stock traded up $4.16 during trading hours on Tuesday, hitting $246.00. The stock had a trading volume of 217,053 shares, compared to its average volume of 1,158,351. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. The stock has a market capitalization of $72.08 billion, a price-to-earnings ratio of 20.99, a PEG ratio of 4.56 and a beta of 1.12. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13. The stock's fifty day moving average is $240.78 and its two-hundred day moving average is $254.57.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The company had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the prior year, the company earned $2.44 earnings per share. Illinois Tool Works's revenue was down 3.4% compared to the same quarter last year. As a group, analysts predict 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. Stockholders of record on Monday, June 30th will be given a $1.50 dividend. The ex-dividend date is Monday, June 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.44%. 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.