Illinois Tool Works Inc. (NYSE:ITW) Stock Position Increased by AGF Management Ltd.

AGF Management Ltd. boosted its position in Illinois Tool Works Inc. (NYSE:ITW) by 494.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,503 shares of the industrial products company’s stock after purchasing an additional 4,577 shares during the quarter. AGF Management Ltd.’s holdings in Illinois Tool Works were worth $1,395,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. State Street Corp lifted its position in Illinois Tool Works by 1.2% in the 3rd quarter. State Street Corp now owns 12,434,001 shares of the industrial products company’s stock valued at $3,277,127,000 after purchasing an additional 149,272 shares during the last quarter. Geode Capital Management LLC lifted its position in 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 during the last quarter. Fisher Asset Management LLC increased its stake in Illinois Tool Works by 2.9% during the 4th 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. increased its stake in Illinois Tool Works by 1.3% during the 4th 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 increased its stake in Illinois Tool Works by 1.9% during the 4th 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.

Illinois Tool Works Stock Performance

Shares of ITW opened at $254.72 on Friday. The firm’s 50 day moving average is $257.83 and its 200-day moving average is $260.27. The stock has a market capitalization of $74.76 billion, a P/E ratio of 21.73, a P/E/G 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. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $279.13.

Illinois Tool Works (NYSE:ITW) last released its earnings results 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%. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.19%.

Wall Street Analyst Weigh In

Several research firms have commented on ITW. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Citigroup lowered their target price on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research note on Monday, January 13th. JPMorgan Chase & Co. lowered their target price on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Evercore ISI lowered their target price on shares of Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating on the stock in a research note on Wednesday, February 19th. Finally, Truist Financial raised 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. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $269.10.

Insider Transactions at Illinois Tool Works

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

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.