Illinois Tool Works Inc. (NYSE:ITW) Shares Bought by abrdn plc

abrdn plc increased its position in Illinois Tool Works Inc. (NYSE:ITW) by 70.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 123,826 shares of the industrial products company’s stock after purchasing an additional 51,170 shares during the period. abrdn plc’s holdings in Illinois Tool Works were worth $32,435,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ITW. Briaud Financial Planning Inc acquired a new stake in Illinois Tool Works during the 3rd quarter worth approximately $25,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $26,000. Financial Connections Group Inc. acquired a new position in shares of Illinois Tool Works during the fourth quarter worth about $28,000. Bruce G. Allen Investments LLC purchased a new position in Illinois Tool Works during the fourth quarter worth about $29,000. Finally, Rakuten Securities Inc. acquired a new stake in Illinois Tool Works in the fourth quarter valued at about $29,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insider Buying and Selling at Illinois Tool Works

In other news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction that occurred on 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 sale, the chief financial officer now owns 46,404 shares of the company’s stock, valued at $12,299,844.24. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction dated 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 sale, the chief financial officer now directly owns 46,404 shares in the company, valued at $12,299,844.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Randall J. Scheuneman sold 5,827 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was 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 owns 8,870 shares in the company, valued at $2,273,292.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 189,471 shares of company stock worth $48,712,316. 1.26% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Truist Financial started coverage on shares of Illinois Tool Works in a report on Thursday, March 14th. They set a “buy” rating and a $301.00 price objective on the stock. Bank of America downgraded shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $260.00 to $235.00 in a research note on Wednesday, January 10th. Wells Fargo & Company cut Illinois Tool Works from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $277.00 to $240.00 in a report on Tuesday, February 6th. Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Finally, Barclays raised their price objective on Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a research report on Tuesday, April 2nd. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a 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 $257.00.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $250.00 on Tuesday. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10. The company has a market capitalization of $74.69 billion, a price-to-earnings ratio of 25.67, a price-to-earnings-growth ratio of 3.68 and a beta of 1.13. Illinois Tool Works Inc. has a twelve month low of $217.06 and a twelve month high of $271.15. The business has a 50 day simple moving average of $260.40 and a 200-day simple moving average of $251.19.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.41 by $0.01. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The firm had revenue of $3.98 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the previous year, the firm earned $2.34 earnings per share. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. As a group, equities research analysts expect that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s payout ratio is 57.49%.

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.