Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 22.1% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 63,596 shares of the industrial products company’s stock after selling 18,061 shares during the period. Corebridge Financial Inc.’s holdings in Illinois Tool Works were worth $16,125,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of ITW. Kingsview Wealth Management LLC boosted its position in Illinois Tool Works by 17.2% in the 3rd quarter. Kingsview Wealth Management LLC now owns 10,126 shares of the industrial products company’s stock worth $2,654,000 after purchasing an additional 1,483 shares in the last quarter. Swedbank AB boosted its holdings in Illinois Tool Works by 2.0% during the third quarter. Swedbank AB now owns 88,015 shares of the industrial products company’s stock worth $23,066,000 after buying an additional 1,768 shares in the last quarter. Summit Trail Advisors LLC grew its position in Illinois Tool Works by 51.1% during the third quarter. Summit Trail Advisors LLC now owns 4,701 shares of the industrial products company’s stock valued at $1,239,000 after buying an additional 1,589 shares during the period. Daiwa Securities Group Inc. increased its holdings in Illinois Tool Works by 11.8% in the third quarter. Daiwa Securities Group Inc. now owns 36,938 shares of the industrial products company’s stock valued at $9,680,000 after buying an additional 3,903 shares in the last quarter. Finally, Fisher Asset Management LLC raised its position in shares of Illinois Tool Works by 4.2% in the third quarter. Fisher Asset Management LLC now owns 3,347,326 shares of the industrial products company’s stock worth $877,234,000 after acquiring an additional 135,023 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $255.86 on Tuesday. The firm has a 50-day simple moving average of $258.60 and a 200-day simple moving average of $260.66. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The stock has a market capitalization of $75.09 billion, a price-to-earnings ratio of 21.83, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 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%. On average, equities analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.19%.

Wall Street Analyst Weigh In

ITW has been the subject of several recent analyst reports. Truist Financial lifted their price target 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 cut their price objective on 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 increased their target price on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research report on Friday, December 6th. 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. Finally, Stifel Nicolaus decreased their price objective 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 equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and an average target price of $269.10.

Insider Buying and Selling at Illinois Tool Works

In related news, Director Ernest Scott Santi sold 70,000 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were 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 owns 260,224 shares of the company’s stock, valued at approximately $68,516,979.20. This represents a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Michael M. Larsen sold 41,472 shares of Illinois Tool Works stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the transaction, 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. Insiders sold a total of 159,925 shares of company stock worth $42,973,845 in the last three months. 0.88% of the stock is owned by corporate insiders.

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.