AIA Group Ltd Makes New Investment in Illinois Tool Works Inc. (NYSE:ITW)

AIA Group Ltd acquired a new position in Illinois Tool Works Inc. (NYSE:ITW) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,992 shares of the industrial products company’s stock, valued at approximately $522,000.

Several other institutional investors have also added to or reduced their stakes in the company. Cibc World Market Inc. raised its stake in shares of Illinois Tool Works by 3.7% during the first quarter. Cibc World Market Inc. now owns 9,666 shares of the industrial products company’s stock valued at $2,024,000 after acquiring an additional 348 shares in the last quarter. Cetera Investment Advisers raised its stake in shares of Illinois Tool Works by 4.2% during the first quarter. Cetera Investment Advisers now owns 9,070 shares of the industrial products company’s stock valued at $1,899,000 after acquiring an additional 368 shares in the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Illinois Tool Works by 54.7% during the first quarter. Sequoia Financial Advisors LLC now owns 2,859 shares of the industrial products company’s stock valued at $599,000 after acquiring an additional 1,011 shares in the last quarter. Zions Bancorporation N.A. raised its stake in shares of Illinois Tool Works by 9.9% during the first quarter. Zions Bancorporation N.A. now owns 2,407 shares of the industrial products company’s stock valued at $504,000 after acquiring an additional 217 shares in the last quarter. Finally, Covestor Ltd raised its stake in shares of Illinois Tool Works by 70.7% during the first quarter. Covestor Ltd now owns 746 shares of the industrial products company’s stock valued at $156,000 after acquiring an additional 309 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Insider Activity

In other news, CAO Randall J. Scheuneman sold 5,827 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $256.29, for a total value of $1,493,401.83. Following the transaction, the chief accounting officer now directly owns 8,870 shares of the company’s stock, valued at $2,273,292.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Randall J. Scheuneman sold 5,827 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $256.29, for a total value of $1,493,401.83. Following the sale, the chief accounting officer now owns 8,870 shares in the company, valued at $2,273,292.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Ernest Scott Santi sold 50,000 shares of the company’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total value of $12,722,000.00. Following the completion of the sale, the chairman now owns 221,015 shares in the company, valued at approximately $56,235,056.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 189,471 shares of company stock valued at $48,712,316. Company insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

NYSE ITW opened at $250.46 on Friday. The firm has a market capitalization of $74.82 billion, a P/E ratio of 25.71, a P/E/G ratio of 3.66 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 fifty day simple moving average is $260.53 and its two-hundred day simple moving average is $250.79. Illinois Tool Works Inc. has a 12-month low of $217.06 and a 12-month high of $271.15.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.01. The business had revenue of $3.98 billion for the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The company’s revenue was up .3% on a year-over-year basis. During the same period in the prior year, the company earned $2.34 earnings per share. Analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

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

Analyst Ratings Changes

Several equities analysts recently issued reports on ITW shares. Truist Financial started coverage on shares of Illinois Tool Works in a report on Thursday, March 14th. They set a “buy” rating and a $301.00 price objective on the stock. Citigroup lifted their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Bank of America lowered shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Barclays lifted their price objective 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. Finally, Stifel Nicolaus lifted their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $257.00.

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.