Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Truist Financial Corp

Truist Financial Corp lowered its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 3.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 67,753 shares of the industrial products company's stock after selling 2,654 shares during the period. Truist Financial Corp's holdings in Illinois Tool Works were worth $17,180,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in ITW. State Street Corp lifted its stake in Illinois Tool Works by 1.2% in the third quarter. State Street Corp now owns 12,434,001 shares of the industrial products company's stock valued at $3,277,127,000 after buying an additional 149,272 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of 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 buying an additional 167,422 shares during the period. Fisher Asset Management LLC increased its holdings in shares of Illinois Tool Works by 4.2% in the third quarter. Fisher Asset Management LLC now owns 3,347,326 shares of the industrial products company's stock valued at $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 increased its holdings in shares of Illinois Tool Works by 1.8% in the third 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 during the period. Finally, Stifel Financial Corp lifted its holdings in shares of Illinois Tool Works by 1.0% during the third 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. Institutional investors and hedge funds own 79.77% of the company's stock.

Illinois Tool Works Price Performance

ITW stock traded down $1.86 during midday trading on Friday, hitting $263.69. 417,241 shares of the stock were exchanged, compared to its average volume of 949,194. 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 has a market cap of $77.39 billion, a price-to-earnings ratio of 22.51, a PEG ratio of 4.52 and a beta of 1.11. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $279.13. The stock's 50-day moving average price is $257.23 and its 200-day moving average price is $258.12.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate 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 10.41 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm 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 dividend of $1.50 per share. The ex-dividend date is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.28%. Illinois Tool Works's dividend payout ratio (DPR) is 51.19%.

Analyst Ratings Changes

Several equities analysts have issued reports on ITW shares. Barclays dropped their price objective on shares of 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. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 price target on the stock in a research note on Wednesday. Stifel Nicolaus cut their price target 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. Wells Fargo & Company lowered their price objective on Illinois Tool Works from $250.00 to $245.00 and set an "underweight" rating on the stock in a report on Thursday, February 6th. Finally, Citigroup cut their target price on 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. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $269.30.

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.