Sentry Investment Management LLC Lowers Position in Illinois Tool Works Inc. (NYSE:ITW)

Sentry Investment Management LLC decreased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 14.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,127 shares of the industrial products company’s stock after selling 184 shares during the period. Sentry Investment Management LLC’s holdings in Illinois Tool Works were worth $286,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. State Street Corp raised its position in shares of Illinois Tool Works by 1.2% in the 3rd quarter. State Street Corp now owns 12,434,001 shares of the industrial products company’s stock worth $3,277,127,000 after buying an additional 149,272 shares during the period. Geode Capital Management LLC increased its stake in Illinois Tool Works by 2.7% during the third quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company’s stock worth $1,645,972,000 after acquiring an additional 167,422 shares during the last quarter. Fisher Asset Management LLC raised its holdings in shares of Illinois Tool Works by 4.2% in the 3rd quarter. Fisher Asset Management LLC now owns 3,347,326 shares of the industrial products company’s stock worth $877,234,000 after purchasing an additional 135,023 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Illinois Tool Works by 1.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,849,448 shares of the industrial products company’s stock valued at $484,685,000 after purchasing an additional 32,656 shares in the last quarter. Finally, Stifel Financial Corp grew its holdings in shares of Illinois Tool Works by 1.0% during the 3rd quarter. Stifel Financial Corp now owns 1,757,245 shares of the industrial products company’s stock worth $460,533,000 after purchasing an additional 17,139 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ITW shares. JPMorgan Chase & Co. reduced their price target on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Citigroup reduced their target price on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a report on Monday, January 13th. Truist Financial increased their price target on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Barclays reduced their price objective on Illinois Tool Works from $265.00 to $262.00 and set an “equal weight” rating on the stock in a research note on Friday, February 7th. Finally, Robert W. Baird increased their target price on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $269.30.

Illinois Tool Works Trading Up 1.1 %

Shares of ITW opened at $264.41 on Wednesday. Illinois Tool Works Inc. has a one year low of $232.77 and a one year high of $279.13. The stock has a 50-day moving average price of $256.84 and a 200 day moving average price of $258.91. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. The company has a market capitalization of $77.60 billion, a P/E ratio of 22.56, a P/E/G ratio of 4.56 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works’s payout ratio is currently 51.19%.

Insider Activity

In other news, Director Ernest Scott Santi sold 70,000 shares of Illinois Tool Works stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total value of $18,431,000.00. Following the completion of the transaction, the director now owns 260,224 shares in the company, valued at approximately $68,516,979.20. This trade represents a 21.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.26% of the company’s stock.

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.