Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Sentry Investment Management LLC

Sentry Investment Management LLC lessened its stake in Illinois Tool Works Inc. (NYSE:ITW) by 9.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,431 shares of the industrial products company’s stock after selling 154 shares during the quarter. Sentry Investment Management LLC’s holdings in Illinois Tool Works were worth $375,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in ITW. Moneta Group Investment Advisors LLC raised 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 acquiring an additional 7,178,474 shares during the period. Norges Bank bought a new position in Illinois Tool Works during the 4th quarter worth $708,259,000. Morgan Stanley increased its position in Illinois Tool Works by 59.2% in the fourth quarter. Morgan Stanley now owns 4,591,278 shares of the industrial products company’s stock worth $1,011,459,000 after buying an additional 1,707,780 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Illinois Tool Works by 5.0% during the third 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 period. Finally, Alecta Tjanstepension Omsesidigt boosted its stake in Illinois Tool Works by 150.0% during 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 purchasing an additional 675,000 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Transactions at Illinois Tool Works

In related news, CFO Michael M. Larsen sold 37,167 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total value of $9,851,485.02. Following the completion of the transaction, the chief financial officer now owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the sale, the chief financial officer now directly owns 46,404 shares in the company, valued at approximately $12,299,844.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Sharon Szafranski sold 801 shares of Illinois Tool Works stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following 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 a total of 189,471 shares of company stock valued at $48,712,316 over the last ninety days. Corporate insiders own 1.26% of the company’s stock.

Wall Street Analysts Forecast Growth

ITW has been the topic of several analyst reports. Bank of America lowered shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $260.00 to $235.00 in a research note on Wednesday, January 10th. Citigroup boosted their price target on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Truist Financial initiated coverage on shares of Illinois Tool Works in a research note on Thursday, March 14th. They set a “buy” rating and a $301.00 price objective on the stock. Stifel Nicolaus increased their target price on shares of Illinois Tool Works from $238.00 to $239.00 and gave the company a “hold” rating in a research report on Tuesday, January 23rd. Finally, Wells Fargo & Company downgraded shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $277.00 to $240.00 in a research report on Tuesday, February 6th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $254.78.

Illinois Tool Works Stock Up 0.4 %

NYSE ITW opened at $254.89 on Tuesday. The company has a market capitalization of $76.15 billion, a P/E ratio of 26.07, a PEG ratio of 3.73 and a beta of 1.13. Illinois Tool Works Inc. has a 12 month low of $217.06 and a 12 month high of $271.15. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97. The company’s 50 day simple moving average is $260.93 and its 200 day simple moving average is $250.52.

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

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend was Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio is presently 57.49%.

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.