New York State Common Retirement Fund Trims Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

New York State Common Retirement Fund lessened its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 1.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 409,108 shares of the industrial products company’s stock after selling 5,612 shares during the period. New York State Common Retirement Fund owned 0.14% of Illinois Tool Works worth $103,733,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its stake in shares of Illinois Tool Works by 66.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 23,188 shares of the industrial products company’s stock valued at $6,077,000 after buying an additional 9,271 shares during the period. Northwest Investment Counselors LLC purchased a new position in shares of Illinois Tool Works during the third quarter valued at approximately $35,000. Foundations Investment Advisors LLC lifted its stake in shares of Illinois Tool Works by 7.4% during the third quarter. Foundations Investment Advisors LLC now owns 1,525 shares of the industrial products company’s stock valued at $400,000 after buying an additional 105 shares during the period. Sequoia Financial Advisors LLC lifted its stake in shares of Illinois Tool Works by 6.2% during the third quarter. Sequoia Financial Advisors LLC now owns 6,299 shares of the industrial products company’s stock valued at $1,651,000 after buying an additional 367 shares during the period. Finally, Eastern Bank purchased a new position in shares of Illinois Tool Works during the third quarter valued at approximately $2,132,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 0.7 %

ITW opened at $264.04 on Thursday. Illinois Tool Works Inc. has a one year low of $232.77 and a one year high of $279.13. 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 stock’s fifty day moving average is $257.39 and its 200-day moving average is $258.07. The company has a market capitalization of $77.97 billion, a PE ratio of 22.53, a P/E/G ratio of 4.42 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. On average, equities analysts predict that Illinois Tool Works Inc. will post 10.41 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. Investors of record on Monday, March 31st will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis 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 51.19%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ITW. Deutsche Bank Aktiengesellschaft raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target for the company in a research report on Wednesday. Robert W. Baird increased their price objective on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Truist Financial increased their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $269.30.

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.