Millburn Ridgefield Corp Takes Position in Illinois Tool Works Inc. (NYSE:ITW)

Millburn Ridgefield Corp acquired a new position in Illinois Tool Works Inc. (NYSE:ITW) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,025 shares of the industrial products company’s stock, valued at approximately $260,000.

Several other hedge funds also recently bought and sold shares of ITW. Franklin Resources Inc. boosted its holdings in Illinois Tool Works by 41.0% in the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock valued at $358,321,000 after purchasing an additional 398,676 shares in the last quarter. National Bank of Canada FI increased its holdings in Illinois Tool Works by 318.9% in the third quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company’s stock valued at $106,352,000 after buying an additional 308,935 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Illinois Tool Works by 2.7% during 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 acquiring an additional 167,422 shares during the period. Benjamin Edwards Inc. grew its holdings in shares of Illinois Tool Works by 787.3% in the 3rd quarter. Benjamin Edwards Inc. now owns 186,643 shares of the industrial products company’s stock worth $48,945,000 after acquiring an additional 165,607 shares during the period. Finally, State Street Corp boosted its position in Illinois Tool Works by 1.2% during the third quarter. State Street Corp now owns 12,434,001 shares of the industrial products company’s stock worth $3,277,127,000 after purchasing an additional 149,272 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insider Buying and Selling at Illinois Tool Works

In related news, Director Ernest Scott Santi sold 70,000 shares of the 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 transaction, the director now directly owns 260,224 shares of the company’s stock, valued at $68,516,979.20. This represents a 21.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.88% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ITW. Deutsche Bank Aktiengesellschaft upgraded Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target for the company in a research report on Wednesday, February 19th. Evercore ISI lowered their price target on Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating for the company in a report on Wednesday, February 19th. 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 research report on Thursday, February 6th. Wells Fargo & Company lowered their target price on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a research note on Thursday, February 6th. Finally, Truist Financial increased their price target on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $269.30.

Illinois Tool Works Stock Performance

ITW stock opened at $264.30 on Monday. The stock’s 50 day simple moving average is $257.08 and its 200 day simple moving average is $258.58. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $279.13. The firm has a market cap of $77.57 billion, a P/E ratio of 22.55, a P/E/G ratio of 4.56 and a beta of 1.11. 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 (NYSE:ITW) last posted its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, beating 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%. As a group, equities research analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be given a $1.50 dividend. The ex-dividend date is Monday, March 31st. This represents a $6.00 annualized dividend and a yield of 2.27%. Illinois Tool Works’s dividend payout ratio is presently 51.19%.

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.