National Bank of Canada FI Acquires 36,506 Shares of Illinois Tool Works Inc. (NYSE:ITW)

National Bank of Canada FI grew its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 42.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 122,456 shares of the industrial products company’s stock after purchasing an additional 36,506 shares during the period. National Bank of Canada FI’s holdings in Illinois Tool Works were worth $31,908,000 as of its most recent SEC filing.

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

Insider Buying and Selling

In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 45,676 shares of Illinois Tool Works stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.12, for a total value of $11,698,537.12. Following the sale, the chairman now directly owns 221,015 shares in the company, valued at approximately $56,606,361.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Chairman Ernest Scott Santi sold 45,676 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $256.12, for a total transaction of $11,698,537.12. Following the completion of the transaction, the chairman now directly owns 221,015 shares of the company’s stock, valued at $56,606,361.80. The sale was disclosed in a filing with the SEC, which is available through this link. Also, 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 value of $9,851,485.02. Following the completion of the sale, the chief financial officer now directly owns 46,404 shares in the company, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 89,471 shares of company stock worth $23,248,816. 1.26% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on ITW. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. 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, May 1st. 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 note on Wednesday, April 17th. Barclays cut their target price on shares of Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating for the company in a research report on Thursday, May 2nd. Finally, Citigroup increased their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $257.78.

Illinois Tool Works Stock Up 0.5 %

Shares of ITW stock opened at $245.15 on Tuesday. The company has a market capitalization of $73.15 billion, a price-to-earnings ratio of 24.18, a PEG ratio of 3.59 and a beta of 1.14. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. The company’s fifty day moving average price is $258.45 and its 200-day moving average price is $252.17. Illinois Tool Works Inc. has a one year low of $217.06 and a one year high of $271.15.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the previous year, the business earned $2.33 earnings per share. The business’s revenue was down 1.1% on a year-over-year basis. Sell-side analysts expect that Illinois Tool Works Inc. will post 10.29 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s payout ratio is currently 55.23%.

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.