Charles Schwab Investment Management Inc. Sells 71,309 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Charles Schwab Investment Management Inc. lowered its position in Illinois Tool Works Inc. (NYSE:ITW) by 1.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,828,213 shares of the industrial products company’s stock after selling 71,309 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 2.27% of Illinois Tool Works worth $1,777,193,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Briaud Financial Planning Inc acquired a new position in Illinois Tool Works during the third quarter worth approximately $25,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $26,000. Financial Connections Group Inc. acquired a new stake in Illinois Tool Works during the 4th quarter valued at $28,000. Bruce G. Allen Investments LLC bought a new position in Illinois Tool Works during the fourth quarter worth $29,000. Finally, Rakuten Securities Inc. acquired a new position in shares of Illinois Tool Works in the fourth quarter valued at $29,000. Institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Wells Fargo & Company reduced 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 report on Wednesday, May 1st. Barclays lowered their target price on Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating on the stock in a research note on Thursday, May 2nd. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Citigroup increased their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Finally, Truist Financial boosted their target price on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Four research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $257.78.

Illinois Tool Works Price Performance

ITW stock traded down $0.09 during mid-day trading on Wednesday, hitting $247.05. The stock had a trading volume of 207,149 shares, compared to its average volume of 1,234,517. The firm has a fifty day simple moving average of $258.17 and a 200 day simple moving average of $252.34. Illinois Tool Works Inc. has a 52 week low of $217.06 and a 52 week high of $271.15. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. The firm has a market capitalization of $73.72 billion, a P/E ratio of 24.37, a P/E/G ratio of 3.59 and a beta of 1.14.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data 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 business 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 company’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.33 earnings per share. As a group, research analysts forecast that Illinois Tool Works Inc. will post 10.29 EPS for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is presently 55.23%.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 46,404 shares in the company, valued at $12,299,844.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Sharon Szafranski sold 801 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the transaction, the executive vice president now owns 5,870 shares in the company, valued at $1,505,185.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total value of $9,851,485.02. Following the completion of the transaction, the chief financial officer now directly owns 46,404 shares of the company’s stock, valued at $12,299,844.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 89,471 shares of company stock valued at $23,248,816. 1.26% of the stock is currently owned by insiders.

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.