Illinois Tool Works Inc. (NYSE:ITW) Shares Bought by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA raised its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 5.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 348,730 shares of the industrial products company's stock after purchasing an additional 17,780 shares during the period. Pictet Asset Management Holding SA owned about 0.12% of Illinois Tool Works worth $88,424,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Illinois Tool Works during the 4th quarter valued at about $806,291,000. Raymond James Financial Inc. purchased a new stake in Illinois Tool Works in the fourth quarter valued at approximately $203,949,000. Proficio Capital Partners LLC increased its position in Illinois Tool Works by 36,632.9% during the fourth quarter. Proficio Capital Partners LLC now owns 438,591 shares of the industrial products company's stock worth $111,209,000 after purchasing an additional 437,397 shares during the last quarter. Franklin Resources Inc. raised its stake in Illinois Tool Works by 41.0% during the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company's stock worth $358,321,000 after purchasing an additional 398,676 shares during the period. Finally, National Bank of Canada FI boosted 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 valued at $106,352,000 after purchasing an additional 308,935 shares during the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

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Illinois Tool Works Stock Down 4.0 %

NYSE ITW traded down $10.02 during trading hours on Thursday, reaching $242.41. 469,843 shares of the company traded hands, compared to its average volume of 978,700. The stock has a market capitalization of $71.11 billion, a PE ratio of 20.68, a PEG ratio of 4.56 and a beta of 1.13. 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 Inc. has a 12 month low of $232.77 and a 12 month high of $279.13. The company has a 50 day moving average of $257.87 and a two-hundred day moving average of $260.75.

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, 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%. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

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

Insider Buying and Selling

In other Illinois Tool Works news, CEO Christopher A. O'herlihy sold 48,453 shares of Illinois Tool Works stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 55,113 shares in the company, valued at $15,120,802.68. The trade was a 46.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ernest Scott Santi sold 70,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total value of $18,431,000.00. Following the completion of the sale, the director now directly 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 disclosure for this sale can be found here. Insiders have sold 159,925 shares of company stock worth $42,973,845 over the last ninety days. 0.88% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ITW. Evercore ISI cut their target price on Illinois Tool Works from $255.00 to $252.00 and set an "underperform" rating on the stock in a research report on Wednesday, February 19th. Truist Financial lifted their price objective on 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 dropped 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 report on Monday, January 13th. Jefferies Financial Group lifted their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a "hold" rating in a research report on Friday, December 6th. Finally, Stifel Nicolaus reduced their target price on shares of Illinois Tool Works from $266.00 to $259.00 and set a "hold" rating on the stock in a report on Thursday, February 6th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Illinois Tool Works presently has a consensus rating of "Hold" and a consensus price target of $268.30.

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.