American International Group Inc. Sells 445 Shares of Illinois Tool Works Inc. (NYSE:ITW)

American International Group Inc. decreased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,044 shares of the industrial products company’s stock after selling 445 shares during the quarter. American International Group Inc.’s holdings in Illinois Tool Works were worth $23,062,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Kestra Advisory Services LLC raised its position in Illinois Tool Works by 6.4% during the 3rd quarter. Kestra Advisory Services LLC now owns 52,734 shares of the industrial products company’s stock valued at $12,145,000 after purchasing an additional 3,162 shares in the last quarter. Rafferty Asset Management LLC lifted its stake in Illinois Tool Works by 9.2% in the third quarter. Rafferty Asset Management LLC now owns 21,881 shares of the industrial products company’s stock worth $5,039,000 after acquiring an additional 1,844 shares during the period. QRG Capital Management Inc. bought a new position in Illinois Tool Works during the 3rd quarter worth about $2,544,000. Envestnet Portfolio Solutions Inc. purchased a new position in Illinois Tool Works during the 3rd quarter valued at about $4,168,000. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Illinois Tool Works by 77.5% in the 3rd quarter. Envestnet Asset Management Inc. now owns 597,186 shares of the industrial products company’s stock valued at $137,538,000 after purchasing an additional 260,679 shares in the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock traded down $5.43 during midday trading on Friday, hitting $235.17. The company had a trading volume of 1,019,517 shares, compared to its average volume of 970,525. The company has a fifty day simple moving average of $246.54 and a 200 day simple moving average of $254.23. The stock has a market cap of $70.17 billion, a price-to-earnings ratio of 23.19, a PEG ratio of 3.58 and a beta of 1.11. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The business had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter last year, the company posted $2.33 earnings per share. The business’s quarterly revenue was down 1.1% on a year-over-year basis. As a group, analysts predict that Illinois Tool Works Inc. will post 10.22 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be given a $1.40 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a yield of 2.38%. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ITW. Barclays dropped their price objective on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research note on Tuesday, June 4th. Truist Financial boosted their price target on Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Stifel Nicolaus upped their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, Wells Fargo & Company decreased their price target on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a research report on Wednesday, May 1st. 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 MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $256.44.

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.