Allstate Corp Trims Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Allstate Corp decreased its position in Illinois Tool Works Inc. (NYSE:ITW) by 6.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,359 shares of the industrial products company’s stock after selling 90 shares during the period. Allstate Corp’s holdings in Illinois Tool Works were worth $356,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ITW. Tokio Marine Asset Management Co. Ltd. raised its position in Illinois Tool Works by 1.4% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock valued at $1,590,000 after purchasing an additional 84 shares during the period. Rockline Wealth Management LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth $4,180,000. Wesbanco Bank Inc. increased its position in shares of Illinois Tool Works by 23.4% during the third quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock worth $1,401,000 after acquiring an additional 1,152 shares during the period. Ziegler Capital Management LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth $224,000. Finally, Tyche Wealth Partners LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth $2,972,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of ITW traded down $6.58 during mid-day trading on Thursday, reaching $242.16. 612,065 shares of the company’s stock were exchanged, compared to its average volume of 1,191,553. 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 company has a 50-day simple moving average of $255.62 and a two-hundred day simple moving average of $253.99. Illinois Tool Works Inc. has a 52-week low of $217.06 and a 52-week high of $271.15. The company has a market cap of $72.26 billion, a price-to-earnings ratio of 23.91, a PEG ratio of 3.69 and a beta of 1.14.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The business had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period last year, the company posted $2.33 EPS. The company’s revenue was down 1.1% on a year-over-year basis. On average, sell-side analysts predict that Illinois Tool Works Inc. will post 10.24 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be given a dividend of $1.40 per share. The ex-dividend date is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a yield of 2.31%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 55.23%.

Wall Street Analyst Weigh In

ITW has been the subject of a number of analyst reports. Truist Financial boosted their target price on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Stifel Nicolaus boosted 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, April 17th. Citigroup boosted 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. Wells Fargo & Company decreased their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a research note on Wednesday, May 1st. Finally, Barclays decreased their target price on shares of Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating for the company in a research note on Thursday, May 2nd. Four research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $257.78.

Insider Buying and Selling

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction 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 document filed with the SEC, which can be accessed through the SEC website. 0.88% of the stock is owned by company insiders.

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.