California State Teachers Retirement System Sells 13,088 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Posted by Defense World Staff on Mar 16th, 2023

California State Teachers Retirement System reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW – Get Rating) by 2.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 536,645 shares of the industrial products company’s stock after selling 13,088 shares during the period. California State Teachers Retirement System owned about 0.17% of Illinois Tool Works worth $96,945,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in ITW. Cibc World Market Inc. grew its holdings in shares of Illinois Tool Works by 3.7% during the first quarter. Cibc World Market Inc. now owns 9,666 shares of the industrial products company’s stock worth $2,024,000 after purchasing an additional 348 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of Illinois Tool Works by 4.2% during the first quarter. Cetera Investment Advisers now owns 9,070 shares of the industrial products company’s stock worth $1,899,000 after purchasing an additional 368 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of Illinois Tool Works by 54.7% during the first quarter. Sequoia Financial Advisors LLC now owns 2,859 shares of the industrial products company’s stock worth $599,000 after purchasing an additional 1,011 shares during the last quarter. Zions Bancorporation N.A. lifted its stake in shares of Illinois Tool Works by 9.9% in the first quarter. Zions Bancorporation N.A. now owns 2,407 shares of the industrial products company’s stock worth $504,000 after acquiring an additional 217 shares during the period. Finally, Covestor Ltd lifted its stake in shares of Illinois Tool Works by 70.7% in the first quarter. Covestor Ltd now owns 746 shares of the industrial products company’s stock worth $156,000 after acquiring an additional 309 shares during the period. 79.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ITW shares. Deutsche Bank Aktiengesellschaft lifted their price objective on Illinois Tool Works from $170.00 to $183.00 in a research note on Friday, February 3rd. Vertical Research lowered Illinois Tool Works from a “buy” rating to a “hold” rating and cut their price objective for the stock from $240.00 to $220.00 in a research note on Tuesday, January 3rd. UBS Group lifted their price objective on Illinois Tool Works from $213.00 to $245.00 and gave the stock a “neutral” rating in a research note on Thursday, February 9th. Morgan Stanley lifted their price objective on Illinois Tool Works from $174.00 to $223.00 and gave the stock an “underweight” rating in a research note on Tuesday, February 7th. Finally, StockNews.com assumed coverage on Illinois Tool Works in a research note on Thursday. They issued a “buy” rating on the stock. Three analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $223.07.

Illinois Tool Works Trading Down 2.4 %

NYSE ITW opened at $228.55 on Thursday. The company has a market cap of $69.72 billion, a price-to-earnings ratio of 23.37, a P/E/G ratio of 3.52 and a beta of 1.10. Illinois Tool Works Inc. has a 52 week low of $173.52 and a 52 week high of $253.37. The business has a 50 day moving average price of $233.75 and a 200-day moving average price of $217.38. The company has a quick ratio of 0.95, a current ratio of 1.41 and a debt-to-equity ratio of 2.00.

Illinois Tool Works (NYSE:ITW – Get Rating) last released its quarterly earnings data on Thursday, February 2nd. The industrial products company reported $2.34 EPS for the quarter, missing the consensus estimate of $2.60 by ($0.26). The firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $3.90 billion. Illinois Tool Works had a net margin of 19.04% and a return on equity of 87.15%. The company’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.95 EPS. As a group, equities analysts expect that Illinois Tool Works Inc. will post 9.53 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 13th. Investors of record on Friday, March 31st will be issued a dividend of $1.31 per share. The ex-dividend date of this dividend is Thursday, March 30th. This represents a $5.24 annualized dividend and a yield of 2.29%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 53.58%.

Insider Buying and Selling

In related news, Vice Chairman Christopher A. O’herlihy sold 60,137 shares of the company’s stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $246.26, for a total transaction of $14,809,337.62. Following the completion of the sale, the insider now owns 40,072 shares in the company, valued at $9,868,130.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Illinois Tool Works news, CEO Ernest Scott Santi sold 235,656 shares of the company’s stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $246.29, for a total value of $58,039,716.24. Following the completion of the transaction, the chief executive officer now owns 213,538 shares in the company, valued at approximately $52,592,274.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Christopher A. O’herlihy sold 60,137 shares of the company’s stock in a transaction on Friday, February 3rd. The shares were sold at an average price of $246.26, for a total value of $14,809,337.62. Following the completion of the transaction, the insider now owns 40,072 shares of the company’s stock, valued at approximately $9,868,130.72. The disclosure for this sale can be found here. 0.78% of the stock is currently owned by corporate insiders.

Illinois Tool Works Profile

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Illinois Tool Works, Inc engages in the manufacture of industrial products and equipment. It operates through the following segments: Automotive OEM, Test and Measurement and Electronics, Food Equipment, Polymers and Fluids, Welding, Construction Products, and Specialty Products. The Automotive OEM segment produces components and fasteners for automotive-related applications.