Allstate Corp Acquires Shares of 9,202 Illinois Tool Works Inc. (NYSE:ITW)

Allstate Corp bought a new position in Illinois Tool Works Inc. (NYSE:ITW) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 9,202 shares of the industrial products company’s stock, valued at approximately $2,333,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. DnB Asset Management AS boosted its stake in shares of Illinois Tool Works by 0.9% in the 4th quarter. DnB Asset Management AS now owns 154,426 shares of the industrial products company’s stock valued at $39,156,000 after purchasing an additional 1,364 shares in the last quarter. Level Four Advisory Services LLC lifted its holdings in Illinois Tool Works by 2.4% during the 4th quarter. Level Four Advisory Services LLC now owns 9,561 shares of the industrial products company’s stock valued at $2,424,000 after purchasing an additional 226 shares during the last quarter. denkapparat Operations GmbH acquired a new position in Illinois Tool Works in the fourth quarter valued at about $211,000. Pictet Asset Management Holding SA grew its stake in Illinois Tool Works by 5.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 348,730 shares of the industrial products company’s stock worth $88,424,000 after buying an additional 17,780 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its holdings in shares of Illinois Tool Works by 2.2% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 267,342 shares of the industrial products company’s stock worth $67,787,000 after buying an additional 5,706 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock opened at $246.34 on Friday. The firm has a fifty day moving average of $258.40 and a two-hundred day moving average of $260.73. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. The stock has a market capitalization of $72.30 billion, a price-to-earnings ratio of 21.02, a PEG ratio of 4.56 and a beta of 1.13. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, beating the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. As a group, equities research analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.44%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s payout ratio is presently 51.19%.

Insiders Place Their Bets

In other news, CEO Christopher A. O’herlihy sold 48,453 shares of the firm’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 sale, the chief executive officer now owns 55,113 shares of the company’s stock, valued at $15,120,802.68. This trade represents a 46.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Michael M. Larsen sold 41,472 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $271.25, for a total value of $11,249,280.00. Following the completion of the transaction, the chief financial officer now owns 50,502 shares of the company’s stock, valued at $13,698,667.50. This represents a 45.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 159,925 shares of company stock worth $42,973,845. Company insiders own 1.26% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on ITW shares. Wells Fargo & Company reduced their target price on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a report on Thursday, February 6th. Barclays lowered their target price on Illinois Tool Works from $260.00 to $252.00 and set an “equal weight” rating for the company in a research note on Wednesday. Citigroup reduced their price target on shares of 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. Evercore ISI lowered their price objective on shares of Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating for the company in a research report on Wednesday, February 19th. Finally, StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $268.30.

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.