Rakuten Securities Inc. Buys Shares of 111 Illinois Tool Works Inc. (NYSE:ITW)

Rakuten Securities Inc. bought a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 111 shares of the industrial products company’s stock, valued at approximately $29,000.

A number of other institutional investors have also added to or reduced their stakes in the business. First Interstate Bank increased its position in Illinois Tool Works by 14.0% during the 4th quarter. First Interstate Bank now owns 1,042 shares of the industrial products company’s stock valued at $273,000 after purchasing an additional 128 shares during the period. Tyche Wealth Partners LLC purchased a new position in shares of Illinois Tool Works in the 4th quarter worth approximately $2,972,000. Arbor Trust Wealth Advisors LLC purchased a new position in shares of Illinois Tool Works in the 4th quarter worth approximately $208,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Illinois Tool Works by 6.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,226 shares of the industrial products company’s stock worth $25,991,000 after buying an additional 5,847 shares during the last quarter. Finally, Marino Stram & Associates LLC grew its position in shares of Illinois Tool Works by 1.5% in the 4th quarter. Marino Stram & Associates LLC now owns 3,156 shares of the industrial products company’s stock worth $827,000 after buying an additional 47 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insider Activity

In related news, CFO Michael M. Larsen sold 37,167 shares of the stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the sale, the chief financial officer now directly owns 46,404 shares of the company’s stock, valued at $12,299,844.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Sharon Szafranski sold 801 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.42, for a total transaction of $205,392.42. Following the sale, the executive vice president now directly owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael M. Larsen sold 37,167 shares of the stock in a transaction on 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 sale, the chief financial officer now directly owns 46,404 shares in the company, valued at $12,299,844.24. The disclosure for this sale can be found here. Insiders sold a total of 189,471 shares of company stock valued at $48,712,316 in the last three months. 0.88% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

ITW has been the topic of a number of analyst reports. Wells Fargo & Company downgraded shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $277.00 to $240.00 in a research report on Tuesday, February 6th. Citigroup lifted their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Truist Financial initiated coverage on shares of Illinois Tool Works in a research note on Thursday, March 14th. They issued a “buy” rating and a $301.00 target price for the company. Stifel Nicolaus lifted their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, Barclays lifted their target price on shares of Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 2nd. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $257.00.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $248.83 on Friday. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10. Illinois Tool Works Inc. has a 12 month low of $217.06 and a 12 month high of $271.15. The company has a 50 day simple moving average of $260.64 and a two-hundred day simple moving average of $250.65. The stock has a market cap of $74.34 billion, a price-to-earnings ratio of 25.55, a PEG ratio of 3.67 and a beta of 1.13.

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

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend was Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio (DPR) is 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.