National Bank of Canada FI Lowers Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

National Bank of Canada FI cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 63.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 149,227 shares of the industrial products company’s stock after selling 256,590 shares during the quarter. National Bank of Canada FI owned about 0.05% of Illinois Tool Works worth $37,851,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Prudent Man Investment Management Inc. acquired a new position in shares of Illinois Tool Works in the 4th quarter valued at about $25,000. Sugar Maple Asset Management LLC purchased a new position in Illinois Tool Works in the fourth quarter valued at approximately $28,000. Millstone Evans Group LLC acquired a new position in Illinois Tool Works during the fourth quarter valued at approximately $31,000. Atlantic Private Wealth LLC purchased a new stake in Illinois Tool Works during the fourth quarter worth approximately $32,000. Finally, Ulland Investment Advisors LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter worth $33,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, CFO Michael M. Larsen sold 41,472 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the sale, the chief financial officer now directly owns 50,502 shares in the company, valued at approximately $13,698,667.50. The trade was a 45.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ernest Scott Santi sold 70,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the completion of the transaction, the director now owns 260,224 shares of the company’s stock, valued at $68,516,979.20. This trade represents a 21.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 159,925 shares of company stock worth $42,973,845 over the last ninety days. 0.88% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Jefferies Financial Group upped their target price on Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Wells Fargo & Company decreased their price target on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a report on Thursday, February 6th. Truist Financial boosted their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, Barclays cut their price objective on shares of Illinois Tool Works from $260.00 to $252.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 26th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $268.30.

Illinois Tool Works Stock Up 1.7 %

Illinois Tool Works stock opened at $252.93 on Thursday. The firm has a market capitalization of $74.20 billion, a P/E ratio of 21.58, a P/E/G ratio of 4.56 and a beta of 1.13. The company has a 50-day simple moving average of $257.87 and a 200-day simple moving average of $260.75. Illinois Tool Works Inc. has a one year low of $232.77 and a one year high of $279.13. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last announced 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 analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works’s dividend payout ratio (DPR) is 51.19%.

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.