Massachusetts Financial Services Co. MA Has $1.21 Billion Stake in Illinois Tool Works Inc. (NYSE:ITW)

Massachusetts Financial Services Co. MA cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 1.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,623,502 shares of the industrial products company's stock after selling 81,240 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.54% of Illinois Tool Works worth $1,211,080,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Briaud Financial Planning Inc acquired a new position in shares of Illinois Tool Works in the 3rd quarter valued at about $25,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Illinois Tool Works in the fourth quarter worth $26,000. Financial Connections Group Inc. bought a new stake in Illinois Tool Works in the fourth quarter valued at $28,000. Bruce G. Allen Investments LLC acquired a new position in shares of Illinois Tool Works during the fourth quarter valued at about $29,000. Finally, Rakuten Securities Inc. bought a new position in shares of Illinois Tool Works during the 4th quarter worth about $29,000. Institutional investors own 79.77% of the company's stock.

Insider Activity at Illinois Tool Works

In other news, CFO Michael M. Larsen sold 37,167 shares of the firm's stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the sale, the chief financial officer now owns 46,404 shares in the company, valued at approximately $12,299,844.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 5,827 shares of the company's stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.29, for a total transaction of $1,493,401.83. Following the sale, the chief accounting officer now directly owns 8,870 shares of the company's stock, valued at $2,273,292.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the transaction, the chief financial officer now owns 46,404 shares of the company's stock, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 89,471 shares of company stock worth $23,248,816. 0.88% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Barclays cut their price target on Illinois Tool Works from $230.00 to $229.00 and set an "underweight" rating on the stock in a report on Thursday, May 2nd. Stifel Nicolaus increased their target price on Illinois Tool Works from $258.00 to $259.00 and gave the stock a "hold" rating in a report on Wednesday, April 17th. StockNews.com upgraded shares of Illinois Tool Works from a "hold" rating to a "buy" rating in a research note on Wednesday, May 1st. Wells Fargo & Company dropped their price objective on shares of Illinois Tool Works from $255.00 to $244.00 and set an "underweight" rating on the stock in a research note on Wednesday, May 1st. Finally, Truist Financial upped their target price on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a "buy" rating in a report on Wednesday, May 1st. Four research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $257.78.

Illinois Tool Works Stock Up 0.2 %

Illinois Tool Works stock traded up $0.60 during midday trading on Friday, hitting $250.33. 585,438 shares of the stock were exchanged, compared to its average volume of 1,175,953. Illinois Tool Works Inc. has a 52-week low of $217.06 and a 52-week high of $271.15. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The business's 50-day moving average price is $257.42 and its 200-day moving average price is $252.68. The stock has a market capitalization of $74.70 billion, a price-to-earnings ratio of 24.69, a price-to-earnings-growth ratio of 3.71 and a beta of 1.14.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping analysts' consensus estimates of $2.35 by $0.09. The firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The company's revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.33 EPS. On average, research analysts expect that Illinois Tool Works Inc. will post 10.24 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works's dividend payout ratio (DPR) is currently 55.23%.

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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