Zurcher Kantonalbank Zurich Cantonalbank Has $25.99 Million Stake in Illinois Tool Works Inc. (NYSE:ITW)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 6.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 99,226 shares of the industrial products company’s stock after purchasing an additional 5,847 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Illinois Tool Works were worth $25,991,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of ITW. Briaud Financial Planning Inc acquired a new stake in Illinois Tool Works in the 3rd quarter worth about $25,000. Turtle Creek Wealth Advisors LLC bought a new position in Illinois Tool Works in the 4th quarter valued at about $26,000. Financial Connections Group Inc. bought a new position in Illinois Tool Works in the 4th quarter valued at about $28,000. Bruce G. Allen Investments LLC bought a new position in Illinois Tool Works in the 4th quarter valued at about $29,000. Finally, Quarry LP increased its holdings in Illinois Tool Works by 52.7% in the 1st quarter. Quarry LP now owns 142 shares of the industrial products company’s stock valued at $35,000 after buying an additional 49 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Trading Down 0.7 %

Shares of Illinois Tool Works stock opened at $249.54 on Thursday. The firm has a market capitalization of $74.55 billion, a PE ratio of 25.62, a price-to-earnings-growth ratio of 3.69 and a beta of 1.13. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10. The firm’s 50 day moving average is $260.75 and its 200 day moving average is $250.66. Illinois Tool Works Inc. has a 1 year low of $217.06 and a 1 year high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $3.98 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period in the previous year, the firm posted $2.34 EPS. The company’s revenue for the quarter was up .3% compared to the same quarter last year. Equities research analysts forecast that Illinois Tool Works Inc. will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s payout ratio is 57.49%.

Insiders Place Their Bets

In other news, CFO Michael M. Larsen sold 37,167 shares of the business’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 transaction, the chief financial officer now 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 can be accessed through the SEC website. In other news, EVP Sharon Szafranski sold 801 shares of the business’s stock in a transaction that occurred on 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 owns 5,870 shares in the company, valued at approximately $1,505,185.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 46,404 shares in the company, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Insiders have sold 189,471 shares of company stock valued at $48,712,316 in the last ninety days. 0.88% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Truist Financial assumed coverage on shares of Illinois Tool Works in a report on Thursday, March 14th. They issued a “buy” rating and a $301.00 target price on the stock. Wells Fargo & Company lowered shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $277.00 to $240.00 in a report on Tuesday, February 6th. Stifel Nicolaus raised their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday. Bank of America lowered shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Finally, Barclays lifted their price target on shares of Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a report 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Illinois Tool Works has an average rating of “Hold” and an average target price of $257.00.

Illinois Tool Works 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.