Parallel Advisors LLC Sells 2,981 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Parallel Advisors LLC trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 9.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,552 shares of the industrial products company's stock after selling 2,981 shares during the period. Parallel Advisors LLC's holdings in Illinois Tool Works were worth $7,493,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. State Street Corp boosted its holdings in Illinois Tool Works by 1.2% during 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 acquiring an additional 149,272 shares during the period. Geode Capital Management LLC lifted its stake in shares of Illinois Tool Works by 2.7% in the third 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 buying an additional 167,422 shares during the period. Fisher Asset Management LLC lifted its stake in shares of Illinois Tool Works by 2.9% in the fourth quarter. Fisher Asset Management LLC now owns 3,443,251 shares of the industrial products company's stock valued at $873,071,000 after buying an additional 95,925 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Illinois Tool Works by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,516,979 shares of the industrial products company's stock valued at $638,205,000 after buying an additional 32,607 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Illinois Tool Works by 1.9% in the fourth quarter. Bank of New York Mellon Corp now owns 2,503,537 shares of the industrial products company's stock valued at $634,797,000 after buying an additional 46,287 shares during the period. 79.77% of the stock is currently owned by institutional investors.

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Insider Transactions at Illinois Tool Works

In other news, Director Ernest Scott Santi sold 70,000 shares of the 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 sale, the director now directly owns 260,224 shares of the company's stock, valued at $68,516,979.20. This represents a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Michael M. Larsen sold 41,472 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 50,502 shares in the company, valued at $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. Over the last 90 days, insiders sold 159,925 shares of company stock valued at $42,973,845. Corporate insiders own 0.88% of the company's stock.

Illinois Tool Works Price Performance

Shares of NYSE ITW traded down $3.05 during mid-day trading on Thursday, hitting $253.19. 842,496 shares of the stock were exchanged, compared to its average volume of 932,125. The company has a market cap of $74.31 billion, a P/E ratio of 21.60, a PEG ratio of 4.56 and a beta of 1.13. The stock's fifty day simple moving average is $258.24 and its two-hundred day simple moving average is $260.45. 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 twelve month low of $232.77 and a twelve month high of $279.13.

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

Illinois Tool Works Dividend Announcement

The company also recently disclosed 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. This represents a $6.00 annualized dividend and a dividend yield of 2.37%. The ex-dividend date is Monday, March 31st. Illinois Tool Works's payout ratio is 51.19%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ITW shares. Truist Financial increased their target price 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. StockNews.com cut shares of Illinois Tool Works from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Jefferies Financial Group increased their target price on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a "hold" rating in a research note on Friday, December 6th. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 target price for the company in a research note on Wednesday, February 19th. Finally, Wells Fargo & Company dropped their price target on shares of Illinois Tool Works from $250.00 to $245.00 and set an "underweight" rating for the company in a research report on Thursday, February 6th. Two investment 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's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $269.10.

Illinois Tool Works Company 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.