Michael M. Larsen Sells 41,472 Shares of Illinois Tool Works Inc. (NYSE:ITW) Stock

Illinois Tool Works Inc. (NYSE:ITW) CFO Michael M. Larsen sold 41,472 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $271.25, for a total value of $11,249,280.00. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $251.33 on Thursday. The stock has a market cap of $73.77 billion, a price-to-earnings ratio of 21.44, a P/E/G ratio of 4.56 and a beta of 1.13. 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 Inc. has a 1-year low of $232.77 and a 1-year high of $279.13. The stock’s 50-day moving average is $257.78 and its 200 day moving average is $260.29.

Illinois Tool Works (NYSE:ITW) last announced 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 return on equity of 95.39% and a net margin of 21.94%. On average, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be given a dividend of $1.50 per share. The ex-dividend date is Monday, March 31st. This represents a $6.00 annualized dividend and a yield of 2.39%. Illinois Tool Works’s payout ratio is 51.19%.

Analysts Set New Price Targets

Several analysts have weighed in on ITW shares. Wells Fargo & Company lowered their price target on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a report on Thursday, February 6th. JPMorgan Chase & Co. lowered their price target on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Stifel Nicolaus lowered their price target on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating on the stock in a report on Thursday, February 6th. Jefferies Financial Group raised their price target on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a report on Friday, December 6th. Finally, Truist Financial raised 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 investment 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’s stock. According to data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus target price of $269.10.

Hedge Funds Weigh In On Illinois Tool Works

Several institutional investors and hedge funds have recently bought and sold shares of ITW. Assetmark Inc. grew its position in Illinois Tool Works by 6.4% during the 3rd quarter. Assetmark Inc. now owns 1,903 shares of the industrial products company’s stock worth $499,000 after acquiring an additional 114 shares during the last quarter. XML Financial LLC grew its position in Illinois Tool Works by 2.7% during the 3rd quarter. XML Financial LLC now owns 3,668 shares of the industrial products company’s stock worth $961,000 after acquiring an additional 97 shares during the last quarter. Covestor Ltd grew its position in Illinois Tool Works by 16.6% during the 3rd quarter. Covestor Ltd now owns 366 shares of the industrial products company’s stock worth $96,000 after acquiring an additional 52 shares during the last quarter. Sigma Planning Corp grew its position in Illinois Tool Works by 0.9% during the 3rd quarter. Sigma Planning Corp now owns 4,639 shares of the industrial products company’s stock worth $1,216,000 after acquiring an additional 41 shares during the last quarter. Finally, Axxcess Wealth Management LLC grew its position in shares of Illinois Tool Works by 4.1% in the 3rd quarter. Axxcess Wealth Management LLC now owns 13,462 shares of the industrial products company’s stock worth $3,528,000 after buying an additional 531 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors.

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.