King Luther Capital Management Corp Has $36.98 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

King Luther Capital Management Corp lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 141,161 shares of the industrial products company’s stock after selling 678 shares during the period. King Luther Capital Management Corp’s holdings in Illinois Tool Works were worth $36,976,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Illinois Tool Works by 5.0% during the third quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock worth $6,035,292,000 after buying an additional 1,238,239 shares in the last quarter. Northern Trust Corp grew its stake in shares of Illinois Tool Works by 1.9% during the third quarter. Northern Trust Corp now owns 12,829,189 shares of the industrial products company’s stock valued at $2,954,691,000 after purchasing an additional 244,145 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Illinois Tool Works by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,899,522 shares of the industrial products company’s stock valued at $1,578,299,000 after purchasing an additional 97,568 shares during the last quarter. Norges Bank bought a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $818,408,000. Finally, Fisher Asset Management LLC grew its stake in shares of Illinois Tool Works by 4.3% during the fourth quarter. Fisher Asset Management LLC now owns 2,951,948 shares of the industrial products company’s stock valued at $773,234,000 after purchasing an additional 122,840 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 0.0 %

ITW traded up $0.10 during trading on Wednesday, hitting $248.88. 317,199 shares of the company’s stock were exchanged, compared to its average volume of 1,190,780. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The business’s 50 day moving average is $255.90 and its two-hundred day moving average is $254.03. Illinois Tool Works Inc. has a fifty-two week low of $217.06 and a fifty-two week high of $271.15. The stock has a market cap of $74.27 billion, a P/E ratio of 24.53, a PEG ratio of 3.71 and a beta of 1.14.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating the consensus estimate of $2.35 by $0.09. The company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.33 earnings per share. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.24 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 46,404 shares of the company’s stock, valued at $12,299,844.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.26% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ITW has been the topic of a number of research analyst reports. Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a report on Wednesday, April 17th. Barclays dropped their price objective on shares of Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating on the stock in a report on Thursday, May 2nd. Citigroup raised their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Truist Financial lifted their price target on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Finally, StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Four research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and an average price target of $257.78.

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.