Federated Hermes Inc. Has $57.03 Million Stake in Illinois Tool Works Inc. (NYSE:ITW)

Federated Hermes Inc. raised its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 1,899.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 224,921 shares of the industrial products company's stock after buying an additional 213,671 shares during the period. Federated Hermes Inc. owned about 0.08% of Illinois Tool Works worth $57,031,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in Illinois Tool Works in the fourth quarter valued at about $806,291,000. Raymond James Financial Inc. acquired a new position in Illinois Tool Works during the 4th quarter valued at about $203,949,000. Proficio Capital Partners LLC grew its position in shares of Illinois Tool Works by 36,632.9% during the 4th quarter. Proficio Capital Partners LLC now owns 438,591 shares of the industrial products company's stock worth $111,209,000 after buying an additional 437,397 shares during the period. Franklin Resources Inc. grew its holdings in Illinois Tool Works by 41.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company's stock worth $358,321,000 after acquiring an additional 398,676 shares during the period. Finally, Schroder Investment Management Group lifted its stake in shares of Illinois Tool Works by 13.5% in the 4th quarter. Schroder Investment Management Group now owns 1,721,920 shares of the industrial products company's stock valued at $436,214,000 after purchasing an additional 205,327 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Stock Up 2.5 %

Shares of Illinois Tool Works stock traded up $5.59 on Friday, hitting $232.40. The company had a trading volume of 1,451,463 shares, compared to its average volume of 1,006,739. The stock has a 50-day moving average of $252.30 and a 200-day moving average of $258.93. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The firm has a market capitalization of $68.18 billion, a P/E ratio of 19.83, a P/E/G ratio of 4.56 and a beta of 1.12.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts' consensus estimates of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. Research analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Stockholders of record on Monday, March 31st were issued a $1.50 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.58%. Illinois Tool Works's dividend payout ratio (DPR) is presently 51.19%.

Wall Street Analyst Weigh In

ITW has been the subject of a number of analyst reports. StockNews.com cut Illinois Tool Works from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Truist Financial boosted their target price on Illinois Tool Works from $312.00 to $318.00 and gave the stock a "buy" rating in a research report on Thursday, December 19th. JPMorgan Chase & Co. lowered their price target on Illinois Tool Works from $300.00 to $295.00 and set an "overweight" rating for the company in a research note on Monday, February 3rd. Deutsche Bank Aktiengesellschaft raised shares of Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 price objective on the stock in a research note on Wednesday, February 19th. Finally, Evercore ISI lowered their target price on shares of Illinois Tool Works from $255.00 to $252.00 and set an "underperform" rating for the company in a research note on Wednesday, February 19th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Illinois Tool Works presently has a consensus rating of "Hold" and a consensus target price of $264.09.

Insiders Place Their Bets

In related news, Director Ernest Scott Santi sold 70,000 shares of the firm's stock in a transaction on 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 directly owns 260,224 shares of the company's stock, valued at approximately $68,516,979.20. This trade represents a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher A. O'herlihy sold 48,453 shares of the company's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the sale, the chief executive officer now directly owns 55,113 shares in the company, valued at $15,120,802.68. This trade represents a 46.78 % 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 valued at $42,973,845 in the last three months. 0.88% of the stock is currently owned by corporate insiders.

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.