CIBC Private Wealth Group LLC Decreases Holdings in Illinois Tool Works Inc. (NYSE:ITW)

CIBC Private Wealth Group LLC lessened its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 7.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 151,566 shares of the industrial products company's stock after selling 11,358 shares during the quarter. CIBC Private Wealth Group LLC owned approximately 0.05% of Illinois Tool Works worth $37,529,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Pensionfund Sabic increased its holdings in shares of Illinois Tool Works by 37.0% in the 4th quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company's stock valued at $1,876,000 after acquiring an additional 2,000 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Illinois Tool Works by 41.0% in the 3rd 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 during the last quarter. Clark & Stuart Inc acquired a new position in shares of Illinois Tool Works in the 4th quarter valued at about $1,729,000. Czech National Bank lifted its holdings in Illinois Tool Works by 5.9% in the fourth quarter. Czech National Bank now owns 58,265 shares of the industrial products company's stock worth $14,774,000 after acquiring an additional 3,227 shares during the last quarter. Finally, National Bank of Canada FI lifted its holdings in shares of Illinois Tool Works by 318.9% in the 3rd quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company's stock worth $106,352,000 after purchasing an additional 308,935 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

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Illinois Tool Works Stock Down 4.2 %

Shares of ITW stock traded down $10.68 during trading hours on Thursday, hitting $241.75. 859,576 shares of the company were exchanged, compared to its average volume of 980,321. The company has a market capitalization of $70.92 billion, a PE ratio of 20.63, a PEG ratio of 4.56 and a beta of 1.13. The business has a 50 day moving average of $257.87 and a two-hundred day moving average of $260.75. 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.

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

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.48%. Illinois Tool Works's dividend payout ratio is presently 51.19%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Truist Financial raised their price target on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Citigroup reduced their price objective on shares of Illinois Tool Works from $279.00 to $265.00 and set a "neutral" rating for the company in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft upgraded 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. Jefferies Financial Group raised their target price on Illinois Tool Works from $255.00 to $290.00 and gave the company a "hold" rating in a research note on Friday, December 6th. Finally, StockNews.com lowered Illinois Tool Works from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, seven have issued 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.com, Illinois Tool Works has a consensus rating of "Hold" and an average price target of $268.30.

Insider Activity

In other Illinois Tool Works news, Director Ernest Scott Santi sold 70,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the completion of the transaction, the director now owns 260,224 shares in the company, valued at approximately $68,516,979.20. This trade represents a 21.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael M. Larsen sold 41,472 shares of the business's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $271.25, for a total value of $11,249,280.00. Following the completion of the transaction, the chief financial officer now directly owns 50,502 shares in the company, valued at approximately $13,698,667.50. This trade represents a 45.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 159,925 shares of company stock worth $42,973,845. 0.88% of the stock is currently owned by company insiders.

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.