California Public Employees Retirement System Sells 32,796 Shares of Illinois Tool Works Inc. (NYSE:ITW)

California Public Employees Retirement System cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 6.3% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 488,445 shares of the industrial products company's stock after selling 32,796 shares during the period. California Public Employees Retirement System owned approximately 0.17% of Illinois Tool Works worth $123,850,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank purchased 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 shares of Illinois Tool Works in the 4th quarter valued at approximately $203,949,000. Proficio Capital Partners LLC boosted its stake 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 valued at $111,209,000 after buying an additional 437,397 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Illinois Tool Works by 41.0% during the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company's stock worth $358,321,000 after buying an additional 398,676 shares in the last quarter. Finally, National Bank of Canada FI raised its holdings in Illinois Tool Works by 318.9% in the third quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company's stock valued at $106,352,000 after acquiring an additional 308,935 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

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Insider Activity

In other news, CEO Christopher A. O'herlihy sold 48,453 shares of the 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 completion of the sale, the chief executive officer now owns 55,113 shares in the company, valued at approximately $15,120,802.68. This represents a 46.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ernest Scott Santi sold 70,000 shares of the 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 owns 260,224 shares of the company's stock, valued at $68,516,979.20. This trade represents a 21.20 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 159,925 shares of company stock worth $42,973,845. 0.88% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on ITW. Truist Financial boosted their target price 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. Citigroup cut their price objective on Illinois Tool Works from $279.00 to $265.00 and set a "neutral" rating on the stock in a research note on Monday, January 13th. Stifel Nicolaus decreased their target price on Illinois Tool Works from $266.00 to $259.00 and set a "hold" rating for the company in a research report on Thursday, February 6th. Jefferies Financial Group upped their price target on Illinois Tool Works from $255.00 to $290.00 and gave the company a "hold" rating in a research report on Friday, December 6th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 price objective for the company in a report on Wednesday, February 19th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $268.30.

Illinois Tool Works Stock Performance

Shares of ITW traded down $14.19 during midday trading on Friday, hitting $225.25. 2,022,687 shares of the stock traded hands, compared to its average volume of 986,967. The business's 50 day moving average price is $256.77 and its two-hundred day moving average price is $260.40. The firm has a market capitalization of $66.08 billion, a PE ratio of 19.22, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. Illinois Tool Works Inc. has a 1-year low of $224.94 and a 1-year high of $279.13.

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, 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%. Equities research analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works's payout ratio is currently 51.19%.

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.