New York Life Investment Management LLC Has $11.35 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

New York Life Investment Management LLC raised its stake in Illinois Tool Works Inc. (NYSE:ITW) by 0.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 43,330 shares of the industrial products company’s stock after acquiring an additional 116 shares during the quarter. New York Life Investment Management LLC’s holdings in Illinois Tool Works were worth $11,350,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Tokio Marine Asset Management Co. Ltd. lifted its holdings in Illinois Tool Works by 1.4% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock worth $1,590,000 after purchasing an additional 84 shares during the last quarter. Rockline Wealth Management LLC acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth $4,180,000. Wesbanco Bank Inc. boosted its position in shares of Illinois Tool Works by 23.4% in the third quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock valued at $1,401,000 after acquiring an additional 1,152 shares during the period. Ziegler Capital Management LLC acquired a new position in shares of Illinois Tool Works in the fourth quarter valued at about $224,000. Finally, Tyche Wealth Partners LLC bought a new position in Illinois Tool Works during the fourth quarter worth about $2,972,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

Shares of ITW stock opened at $240.40 on Thursday. Illinois Tool Works Inc. has a twelve month low of $217.06 and a twelve month high of $271.15. The company has a quick ratio of 0.97, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The business has a fifty day simple moving average of $259.40 and a 200 day simple moving average of $251.72. The company has a market cap of $71.82 billion, a P/E ratio of 23.89, a P/E/G ratio of 3.46 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 company had revenue of $3.97 billion for the quarter, compared to analyst estimates 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 revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.33 EPS. On average, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.5 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were issued a dividend of $1.40 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.60 annualized dividend and a dividend yield of 2.33%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

Insider Activity

In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the company’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $254.83, for a total value of $12,741,500.00. Following the completion of the transaction, the chairman now owns 221,015 shares of the company’s stock, valued at approximately $56,321,252.45. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $254.83, for a total value of $12,741,500.00. Following the completion of the transaction, the chairman now directly owns 221,015 shares in the company, valued at approximately $56,321,252.45. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 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 value of $9,851,485.02. Following the transaction, the chief financial officer now directly owns 46,404 shares in the company, valued at $12,299,844.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 189,471 shares of company stock worth $48,712,316. Insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ITW. Stifel Nicolaus increased their target price 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. Citigroup increased their price target on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Wednesday. Barclays increased their target price on Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a report on Tuesday, April 2nd. Finally, Truist Financial boosted 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. Four equities 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $257.89.

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.