Mutual of America Capital Management LLC Reduces Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Mutual of America Capital Management LLC lowered its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 32,197 shares of the industrial products company’s stock after selling 1,080 shares during the period. Mutual of America Capital Management LLC’s holdings in Illinois Tool Works were worth $8,164,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Stephens Inc. AR lifted its position in shares of Illinois Tool Works by 5.1% in the 3rd quarter. Stephens Inc. AR now owns 18,185 shares of the industrial products company’s stock worth $4,766,000 after purchasing an additional 885 shares during the period. Chicago Partners Investment Group LLC lifted its position in shares of Illinois Tool Works by 69.2% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,442 shares of the industrial products company’s stock worth $626,000 after purchasing an additional 999 shares during the period. Optas LLC lifted its position in shares of Illinois Tool Works by 271.4% in the 3rd quarter. Optas LLC now owns 4,884 shares of the industrial products company’s stock worth $1,280,000 after purchasing an additional 3,569 shares during the period. Conning Inc. lifted its position in shares of Illinois Tool Works by 3.8% in the 3rd quarter. Conning Inc. now owns 154,019 shares of the industrial products company’s stock worth $40,364,000 after purchasing an additional 5,693 shares during the period. Finally, Janney Montgomery Scott LLC lifted its position in shares of Illinois Tool Works by 1.4% in the 3rd quarter. Janney Montgomery Scott LLC now owns 212,011 shares of the industrial products company’s stock worth $55,562,000 after purchasing an additional 3,003 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insider Transactions at Illinois Tool Works

In other news, Director Ernest Scott Santi sold 70,000 shares of Illinois Tool Works stock in a transaction that occurred on 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 directly owns 260,224 shares in the company, valued at $68,516,979.20. The trade was a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on ITW. Evercore ISI dropped their target price on shares of Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating for the company in a research report on Wednesday, February 19th. Stifel Nicolaus dropped their target price on shares of Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating for the company in a research report on Thursday, February 6th. 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. Citigroup lowered their price target 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. Finally, Truist Financial lifted their price target on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Illinois Tool Works currently has an average rating of “Hold” and an average target price of $269.30.

Illinois Tool Works Stock Up 1.1 %

NYSE:ITW opened at $263.99 on Monday. The firm has a market cap of $77.48 billion, a P/E ratio of 22.52, a P/E/G ratio of 4.56 and a beta of 1.11. 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 fifty-two week low of $232.77 and a fifty-two week high of $279.13. The firm has a 50-day simple moving average of $257.00 and a two-hundred day simple moving average of $259.42.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share 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%. 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 company 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. The ex-dividend date is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.27%. Illinois Tool Works’s dividend payout ratio is currently 51.19%.

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.