Krane Funds Advisors LLC Acquires Shares of 1,697 Illinois Tool Works Inc. (NYSE:ITW)

Krane Funds Advisors LLC purchased a new position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 1,697 shares of the industrial products company's stock, valued at approximately $430,000.

Other large investors also recently added to or reduced their stakes in the company. Kovitz Investment Group Partners LLC lifted its position in Illinois Tool Works by 289.6% in the third quarter. Kovitz Investment Group Partners LLC now owns 30,201 shares of the industrial products company's stock worth $7,915,000 after buying an additional 22,449 shares during the last quarter. 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 acquiring an additional 308,935 shares during the last quarter. Dean Investment Associates LLC purchased a new position in shares of Illinois Tool Works during the 3rd quarter worth about $2,793,000. MML Investors Services LLC grew its holdings in Illinois Tool Works by 3.3% during the 3rd quarter. MML Investors Services LLC now owns 60,229 shares of the industrial products company's stock valued at $15,784,000 after purchasing an additional 1,905 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd lifted its stake in Illinois Tool Works by 35.7% in the third quarter. Y Intercept Hong Kong Ltd now owns 8,786 shares of the industrial products company's stock worth $2,303,000 after purchasing an additional 2,312 shares during the last quarter. 79.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ITW. UBS Group reduced their price target on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. Barclays reduced their target price on Illinois Tool Works from $252.00 to $240.00 and set an "equal weight" rating on the stock in a research note on Thursday. Citigroup lowered their target price 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. Wells Fargo & Company reduced their price target on shares of Illinois Tool Works from $250.00 to $245.00 and set an "underweight" rating on the stock in a research note on Thursday, February 6th. Finally, Truist Financial boosted their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Illinois Tool Works has a consensus rating of "Hold" and an average target price of $264.09.

Insider Buying and Selling at Illinois Tool Works

In related news, CEO Christopher A. O'herlihy sold 48,453 shares of the firm's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the completion of the transaction, the chief executive officer now owns 55,113 shares of the company's stock, valued at $15,120,802.68. This trade represents a 46.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Michael M. Larsen sold 41,472 shares of the company's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the completion of the sale, the chief financial officer now directly owns 50,502 shares in the company, valued at approximately $13,698,667.50. The trade was a 45.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 159,925 shares of company stock worth $42,973,845. 0.88% of the stock is owned by insiders.

Illinois Tool Works Stock Up 2.5 %

NYSE:ITW traded up $5.59 during trading hours on Friday, reaching $232.40. The company's stock had a trading volume of 1,451,463 shares, compared to its average volume of 1,007,240. 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 company has a market capitalization of $68.18 billion, a P/E ratio of 19.83, a price-to-earnings-growth ratio of 4.56 and a beta of 1.12. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The stock has a 50 day moving average price of $252.30 and a two-hundred day moving average price of $258.95.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS 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%. Equities analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Monday, March 31st were given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend was Monday, March 31st. Illinois Tool Works's dividend 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.