Allspring Global Investments Holdings LLC Boosts Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Allspring Global Investments Holdings LLC lifted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,458 shares of the industrial products company’s stock after buying an additional 469 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Illinois Tool Works were worth $7,575,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Illinois Tool Works by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 26,326,996 shares of the industrial products company’s stock valued at $6,675,473,000 after buying an additional 94,601 shares in the last quarter. Northern Trust Corp boosted its position in shares of Illinois Tool Works by 3.9% in the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company’s stock valued at $3,465,570,000 after acquiring an additional 508,188 shares during the period. Geode Capital Management LLC increased its holdings in shares of Illinois Tool Works by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 6,392,021 shares of the industrial products company’s stock worth $1,620,491,000 after purchasing an additional 99,753 shares during the period. Capital Research Global Investors boosted its stake in Illinois Tool Works by 1.8% during the fourth quarter. Capital Research Global Investors now owns 4,132,493 shares of the industrial products company’s stock valued at $1,047,837,000 after buying an additional 71,934 shares during the period. Finally, Norges Bank purchased a new position in Illinois Tool Works during the fourth quarter worth about $806,291,000. 79.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Robert W. Baird boosted their price objective on Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a report on Thursday, May 1st. Truist Financial cut their target price 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. Stifel Nicolaus boosted their price objective 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. Evercore ISI cut their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating for the company in a research note on Monday, May 19th. Finally, Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price objective on the stock. in a report on Wednesday, May 7th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $252.58.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW opened at $258.40 on Friday. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25. The company has a 50-day moving average price of $245.68 and a 200-day moving average price of $249.56. The company has a market cap of $75.71 billion, a price-to-earnings ratio of 22.73, a price-to-earnings-growth ratio of 5.70 and a beta of 1.09. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its earnings results 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 company had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter in the prior year, the company earned $2.44 earnings per share. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. 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 announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works’s payout ratio is presently 52.77%.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. acquired 872 shares of the stock in a transaction on Monday, June 2nd. The stock was acquired 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 owned 122,884 shares of the company’s stock, valued at $29,634,705.44. This represents a 0.71% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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.