Allspring Global Investments Holdings LLC Sells 3,824 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Allspring Global Investments Holdings LLC cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 17.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,985 shares of the industrial products company’s stock after selling 3,824 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Illinois Tool Works were worth $4,711,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ITW. Moneta Group Investment Advisors LLC lifted its stake in Illinois Tool Works by 106,553.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 7,185,211 shares of the industrial products company’s stock worth $1,582,902,000 after purchasing an additional 7,178,474 shares during the last quarter. Norges Bank bought a new position in shares of Illinois Tool Works in the 4th quarter valued at $708,259,000. Morgan Stanley lifted its stake in shares of Illinois Tool Works by 59.2% in the 4th quarter. Morgan Stanley now owns 4,591,278 shares of the industrial products company’s stock valued at $1,011,459,000 after acquiring an additional 1,707,780 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Illinois Tool Works by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock valued at $6,035,292,000 after acquiring an additional 1,238,239 shares during the last quarter. Finally, Alecta Tjanstepension Omsesidigt lifted its stake in shares of Illinois Tool Works by 150.0% in the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock valued at $294,671,000 after acquiring an additional 675,000 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors.

Insider Transactions at Illinois Tool Works

In other news, EVP Sharon Szafranski sold 801 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.42, for a total transaction of $205,392.42. Following the transaction, the executive vice president now owns 5,870 shares of the company’s stock, valued at approximately $1,505,185.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Randall J. Scheuneman sold 5,827 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.29, for a total transaction of $1,493,401.83. Following the transaction, the chief accounting officer now owns 8,870 shares of the company’s stock, valued at approximately $2,273,292.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sharon Szafranski sold 801 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.42, for a total transaction of $205,392.42. Following the completion of the transaction, the executive vice president now directly owns 5,870 shares in the company, valued at approximately $1,505,185.40. The disclosure for this sale can be found here. Insiders have sold 189,471 shares of company stock valued at $48,712,316 in the last 90 days. 0.88% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on ITW. Wells Fargo & Company cut Illinois Tool Works from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $277.00 to $240.00 in a research note on Tuesday, February 6th. Barclays increased their price target on Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a research note on Tuesday, April 2nd. Stifel Nicolaus increased their price target on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Finally, Truist Financial initiated coverage on Illinois Tool Works in a report on Thursday, March 14th. They issued a “buy” rating and a $301.00 price objective for the company. Four research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $257.00.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock opened at $250.46 on Friday. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10. The business has a 50-day moving average price of $260.53 and a two-hundred day moving average price of $250.79. Illinois Tool Works Inc. has a 1-year low of $217.06 and a 1-year high of $271.15. The company has a market cap of $74.82 billion, a P/E ratio of 25.71, a PEG ratio of 3.67 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates of $2.41 by $0.01. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The firm had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period last year, the business posted $2.34 EPS. The business’s revenue was up .3% compared to the same quarter last year. As a group, analysts anticipate that Illinois Tool Works Inc. will post 10.12 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were given a dividend of $1.40 per share. The ex-dividend date was Wednesday, March 27th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.24%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 57.49%.

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.