Victory Capital Management Inc. Sells 18,065 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Victory Capital Management Inc. reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 349,949 shares of the industrial products company’s stock after selling 18,065 shares during the period. Victory Capital Management Inc.’s holdings in Illinois Tool Works were worth $91,666,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of ITW. Briaud Financial Planning Inc bought a new position in shares of Illinois Tool Works in the third quarter worth about $25,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Illinois Tool Works in the 4th quarter valued at approximately $26,000. Financial Connections Group Inc. bought a new position in Illinois Tool Works in the 4th quarter worth approximately $28,000. Bruce G. Allen Investments LLC bought a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $29,000. Finally, Rakuten Securities Inc. acquired a new stake in shares of Illinois Tool Works in the fourth quarter worth $29,000. Institutional investors own 79.77% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Sharon Szafranski sold 801 shares of Illinois Tool Works 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 transaction, the executive vice president now directly owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction 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 completion of the sale, the chief financial officer now owns 46,404 shares in the company, valued at $12,299,844.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Sharon Szafranski sold 801 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the transaction, the executive vice president now directly owns 5,870 shares in the company, valued at approximately $1,505,185.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 139,471 shares of company stock valued at $35,970,816. 0.88% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ITW. Barclays reduced their price target on shares of Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating for the company in a report on Thursday. Citigroup boosted their price target on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Bank of America lowered Illinois Tool Works from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday. Finally, Truist Financial lifted their price target on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $257.78.

Illinois Tool Works Stock Performance

Illinois Tool Works stock opened at $243.92 on Friday. Illinois Tool Works Inc. has a 52-week low of $217.06 and a 52-week high of $271.15. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.97. The stock has a fifty day moving average price of $259.07 and a two-hundred day moving average price of $251.66. The firm has a market capitalization of $72.87 billion, a P/E ratio of 24.06, a P/E/G ratio of 3.55 and a beta of 1.14.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.35 by $0.09. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period last year, the firm posted $2.33 EPS. As a group, analysts anticipate that Illinois Tool Works Inc. will post 10.35 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were issued a dividend of $1.40 per share. The ex-dividend date was Wednesday, March 27th. This represents a $5.60 dividend on an annualized basis and a yield of 2.30%. Illinois Tool Works’s dividend payout ratio is 55.23%.

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.