DnB Asset Management AS Buys 1,364 Shares of Illinois Tool Works Inc. (NYSE:ITW)

DnB Asset Management AS increased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 154,426 shares of the industrial products company’s stock after acquiring an additional 1,364 shares during the period. DnB Asset Management AS owned 0.05% of Illinois Tool Works worth $39,156,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Illinois Tool Works in the fourth quarter worth $806,291,000. Raymond James Financial Inc. bought a new position in Illinois Tool Works in the 4th quarter worth $203,949,000. Proficio Capital Partners LLC lifted its position in Illinois Tool Works by 36,632.9% during the 4th quarter. Proficio Capital Partners LLC now owns 438,591 shares of the industrial products company’s stock worth $111,209,000 after acquiring an additional 437,397 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Illinois Tool Works by 41.0% during the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock valued at $358,321,000 after acquiring an additional 398,676 shares during the period. Finally, National Bank of Canada FI increased its stake in shares of Illinois Tool Works by 318.9% in the third quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company’s stock worth $106,352,000 after purchasing an additional 308,935 shares during the period. 79.77% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Illinois Tool Works news, CEO Christopher A. O’herlihy sold 48,453 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the completion of the sale, the chief executive officer now directly owns 55,113 shares of the company’s stock, valued at approximately $15,120,802.68. The trade was a 46.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Michael M. Larsen sold 41,472 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was 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 of the company’s stock, valued at approximately $13,698,667.50. This trade represents a 45.09 % 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 in the last three months. Insiders own 1.26% of the company’s stock.

Illinois Tool Works Stock Performance

Illinois Tool Works stock opened at $251.86 on Friday. The firm has a market capitalization of $73.92 billion, a P/E ratio of 21.49, a P/E/G ratio of 4.56 and a beta of 1.13. The stock has a fifty day moving average price of $258.61 and a two-hundred day moving average price of $260.64. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $279.13. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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, analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s payout ratio is currently 51.19%.

Wall Street Analyst Weigh In

Several brokerages have commented on ITW. Citigroup dropped their price target on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research report on Monday, January 13th. Barclays decreased their target price on Illinois Tool Works from $260.00 to $252.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Truist Financial upped their price target on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Jefferies Financial Group lifted their price objective on Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Finally, Stifel Nicolaus cut their target price on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating for the company in a research note on Thursday, February 6th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $268.30.

About Illinois Tool Works

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.