Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. cut its position in Illinois Tool Works Inc. (NYSE:ITW) by 4.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 349,949 shares of the industrial products company’s stock after selling 18,065 shares during the quarter. Victory Capital Management Inc. owned approximately 0.12% of Illinois Tool Works worth $91,666,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in ITW. Brookstone Capital Management boosted its stake in shares of Illinois Tool Works by 1.6% during the third quarter. Brookstone Capital Management now owns 3,986 shares of the industrial products company’s stock worth $896,000 after buying an additional 64 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in shares of Illinois Tool Works by 17.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 65,972 shares of the industrial products company’s stock valued at $15,194,000 after purchasing an additional 9,613 shares during the last quarter. FinTrust Capital Advisors LLC increased its holdings in shares of Illinois Tool Works by 65.0% in the third quarter. FinTrust Capital Advisors LLC now owns 373 shares of the industrial products company’s stock valued at $86,000 after purchasing an additional 147 shares during the period. Brown Advisory Inc. raised its stake in shares of Illinois Tool Works by 3.1% during the third quarter. Brown Advisory Inc. now owns 66,304 shares of the industrial products company’s stock worth $15,271,000 after purchasing an additional 2,001 shares during the last quarter. Finally, SevenBridge Financial Group LLC lifted its holdings in shares of Illinois Tool Works by 32.5% during the third quarter. SevenBridge Financial Group LLC now owns 2,161 shares of the industrial products company’s stock worth $498,000 after purchasing an additional 530 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on ITW. 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. Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $260.00 to $235.00 in a research report on Wednesday, January 10th. Truist Financial lifted their price target on Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Barclays reduced their target price on Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating for the company in a report on Thursday. Four research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $257.78.

Insider Transactions at Illinois Tool Works

In related news, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total value of $12,722,000.00. Following the transaction, the chairman now owns 221,015 shares in the company, valued at $56,235,056.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total value of $12,722,000.00. Following the transaction, the chairman now directly owns 221,015 shares of the company’s stock, valued at $56,235,056.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Sharon Szafranski sold 801 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $256.42, for a total value of $205,392.42. Following the completion of the sale, the executive vice president now directly owns 5,870 shares of the company’s stock, valued at approximately $1,505,185.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 139,471 shares of company stock worth $35,970,816. 0.88% of the stock is currently owned by company insiders.

Illinois Tool Works Trading Up 0.8 %

NYSE:ITW opened at $243.92 on Friday. The company has a market capitalization of $72.87 billion, a PE ratio of 24.06, a price-to-earnings-growth ratio of 3.55 and a beta of 1.14. Illinois Tool Works Inc. has a 52-week low of $217.06 and a 52-week high of $271.15. The stock has a fifty day simple moving average of $259.07 and a 200-day simple moving average of $251.66. The company has a quick ratio of 0.97, a current ratio of 1.32 and a debt-to-equity ratio of 2.07.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, beating analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The business had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the previous year, the business posted $2.33 earnings per share. The company’s revenue was down 1.1% on a year-over-year basis. On average, equities research analysts expect that Illinois Tool Works Inc. will post 10.35 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.30%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

About Illinois Tool Works

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.