Northwest & Ethical Investments L.P. Makes New $2.71 Million Investment in Illinois Tool Works Inc. (NYSE:ITW)

Northwest & Ethical Investments L.P. purchased a new stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,681 shares of the industrial products company's stock, valued at approximately $2,708,000.

Other hedge funds have also bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in shares of Illinois Tool Works in the 4th quarter valued at $203,949,000. Proficio Capital Partners LLC raised its position in shares of Illinois Tool Works by 36,632.9% in the fourth quarter. Proficio Capital Partners LLC now owns 438,591 shares of the industrial products company's stock worth $111,209,000 after acquiring an additional 437,397 shares during the period. Franklin Resources Inc. boosted its stake in shares of 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 in the last quarter. National Bank of Canada FI grew its position in shares of Illinois Tool Works by 318.9% during the 3rd 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 during the period. Finally, Geode Capital Management LLC increased its stake in shares of Illinois Tool Works by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company's stock valued at $1,645,972,000 after purchasing an additional 167,422 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

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Wall Street Analysts Forecast Growth

ITW has been the topic of several research analyst reports. Truist Financial raised their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the company a "buy" rating in a report on Thursday, December 19th. JPMorgan Chase & Co. cut their price target on shares of Illinois Tool Works from $300.00 to $295.00 and set an "overweight" rating for the company in a report on Monday, February 3rd. Wells Fargo & Company dropped their target price on shares of Illinois Tool Works from $250.00 to $245.00 and set an "underweight" rating on the stock in a research report on Thursday, February 6th. Stifel Nicolaus reduced 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 research report on Thursday, February 6th. Finally, Deutsche Bank Aktiengesellschaft upgraded Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 price objective on the stock in a report on Wednesday, February 19th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $269.10.

Insider Activity

In related news, CFO Michael M. Larsen sold 41,472 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $271.25, for a total value of $11,249,280.00. Following the transaction, the chief financial officer now directly owns 50,502 shares in the company, valued at approximately $13,698,667.50. This represents a 45.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Christopher A. O'herlihy sold 48,453 shares of the firm's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $274.36, for a total value of $13,293,565.08. Following the sale, the chief executive officer now directly owns 55,113 shares of the company's stock, valued at approximately $15,120,802.68. This trade represents a 46.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 159,925 shares of company stock valued at $42,973,845 in the last 90 days. Company insiders own 0.88% of the company's stock.

Illinois Tool Works Price Performance

Shares of NYSE:ITW traded down $0.71 during midday trading on Tuesday, hitting $254.93. The company had a trading volume of 786,043 shares, compared to its average volume of 932,129. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $279.13. The stock has a market cap of $74.82 billion, a price-to-earnings ratio of 21.75, 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 current ratio of 1.36 and a quick ratio of 0.99. The business's 50-day simple moving average is $258.60 and its 200-day simple moving average is $260.66.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. On average, 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 company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be issued a $1.50 dividend. The ex-dividend date is Monday, March 31st. This represents a $6.00 annualized dividend and a yield of 2.35%. Illinois Tool Works's payout ratio is 51.19%.

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.