Corebridge Financial Inc. Sells 18,061 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Corebridge Financial Inc. lowered its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 22.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 63,596 shares of the industrial products company's stock after selling 18,061 shares during the period. Corebridge Financial Inc.'s holdings in Illinois Tool Works were worth $16,125,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in ITW. Sugar Maple Asset Management LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter worth about $28,000. True Wealth Design LLC grew its position in Illinois Tool Works by 1,060.0% during the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company's stock worth $30,000 after acquiring an additional 106 shares during the last quarter. Millstone Evans Group LLC bought a new stake in Illinois Tool Works in the fourth quarter valued at approximately $31,000. Atlantic Private Wealth LLC bought a new stake in Illinois Tool Works in the fourth quarter valued at approximately $32,000. Finally, Ulland Investment Advisors LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $33,000. Hedge funds and other institutional investors own 79.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ITW shares. Citigroup decreased their price target on shares of Illinois Tool Works from $279.00 to $265.00 and set a "neutral" rating for the company in a research note on Monday, January 13th. Truist Financial increased their target price on Illinois Tool Works from $312.00 to $318.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. StockNews.com lowered Illinois Tool Works from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Stifel Nicolaus decreased their price objective on shares of Illinois Tool Works from $266.00 to $259.00 and set a "hold" rating for the company in a report on Thursday, February 6th. Finally, JPMorgan Chase & Co. reduced their target price on Illinois Tool Works from $300.00 to $295.00 and set an "overweight" rating for the company in a report on Monday, February 3rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $268.30.

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Illinois Tool Works Stock Performance

NYSE ITW traded down $5.62 on Friday, hitting $246.34. 939,536 shares of the company traded hands, compared to its average volume of 977,693. The business's 50 day moving average price is $258.40 and its 200-day moving average price is $260.73. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $279.13. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90. The company has a market capitalization of $72.30 billion, a price-to-earnings ratio of 21.02, a P/E/G ratio of 4.56 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, beating 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%. Equities analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.44%. Illinois Tool Works's dividend payout ratio (DPR) is presently 51.19%.

Insider Activity

In other Illinois Tool Works news, CFO Michael M. Larsen sold 41,472 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $271.25, for a total value of $11,249,280.00. Following the completion of the sale, the chief financial officer now owns 50,502 shares in the company, valued at approximately $13,698,667.50. This represents a 45.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ernest Scott Santi sold 70,000 shares of the business's stock in a transaction dated Wednesday, February 19th. The shares were 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 $68,516,979.20. The trade was a 21.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 159,925 shares of company stock worth $42,973,845 in the last three months. 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.