Bank OZK Reduces Stake in Illinois Tool Works by 7.6%

Bank OZK has decreased its holdings in Illinois Tool Works Inc. (NYSE: ITW) by 7.6% during the first quarter of 2023. This reduction was disclosed in the company’s latest filing with the Securities & Exchange Commission (SEC). Following the sale of 182 shares, Bank OZK now owns 2,207 shares of the industrial products company, valued at approximately $547,000.

Several other institutional investors have also adjusted their positions in Illinois Tool Works recently. Brighton Jones LLC increased its stake by 5.3% during the fourth quarter, now holding 5,519 shares worth $1,399,000 after acquiring an additional 277 shares. Jump Financial LLC significantly boosted its holdings by 132.2%, bringing its total to 2,006 shares, valued at $509,000 after purchasing 1,142 shares.

Natixis also expanded its position by 61.2%, resulting in ownership of 6,866 shares valued at $1,741,000, while MML Investors Services LLC increased its stake by 3.5% to 62,322 shares, valued at $15,802,000. Meanwhile, Tower Research Capital LLC raised its holdings by 89.4%, now owning 13,957 shares worth $3,539,000. Collectively, hedge funds and institutional investors control 79.77% of Illinois Tool Works’ stock.

Director Acquires More Shares

In another development, Illinois Tool Works Director David Byron Smith, Jr. purchased 872 shares on June 2, 2023, at an average price of $241.16 per share, totaling $210,291.52. Following this transaction, Smith now directly owns 122,884 shares valued at approximately $29,634,705.44, representing a 0.71% increase in his ownership. This acquisition has been disclosed in a legal filing with the SEC.

Market Performance and Analyst Forecasts

As of Tuesday, Illinois Tool Works shares opened at $259.45. Over the past year, the stock has reached a low of $214.66 and a high of $279.13. The company’s market capitalization stands at $75.63 billion, with a price-to-earnings (PE) ratio of 22.74 and a beta of 1.09. Analysts project earnings per share for the current year to be $10.39.

Additionally, Illinois Tool Works announced a quarterly dividend of $1.61 to be paid to investors of record on September 30, 2023. This marks an increase from the previous quarterly dividend of $1.50. The dividend represents an annualized payout of $6.44 and a yield of 2.5%. The company’s current payout ratio is 52.59%.

Illinois Tool Works, headquartered in the United States, manufactures and sells a variety of industrial products and equipment. Its operations span seven segments, including Automotive OEM, Food Equipment, and Specialty Products. The company continues to adapt to market demands while maintaining a strong position in the industrial sector.