State Farm Discloses 5.53% Stake in Illinois Tool Works
Ticker: ITW · Form: SC 13G/A · Filed: Feb 12, 2024 · CIK: 49826
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, passive-investment, amendment, SC-13G
TL;DR
**State Farm still owns a big chunk of Illinois Tool Works, showing long-term confidence.**
AI Summary
State Farm Mutual Automobile Insurance Company and its affiliates, including State Farm Life Insurance Company, filed an amended SC 13G/A on February 12, 2024, disclosing their ownership in Illinois Tool Works Inc. As of December 31, 2023, State Farm Mutual beneficially owned 16,632,273 shares, representing 5.53% of the common stock, while State Farm Life owned 348,600 shares. This filing indicates a significant, but slightly reduced, passive investment by State Farm in Illinois Tool Works, which could signal their long-term confidence in the company's stability.
Why It Matters
This filing shows that a major institutional investor, State Farm, continues to hold a substantial stake in Illinois Tool Works, which can be a vote of confidence for current and potential shareholders.
Risk Assessment
Risk Level: low — This is a routine update from a passive institutional investor, indicating no immediate significant risk or change in company control.
Analyst Insight
An investor should note that a large, stable institution like State Farm maintains a significant, passive position in Illinois Tool Works, suggesting long-term confidence in the company's fundamentals, but this filing alone doesn't indicate any new catalysts for stock movement.
Key Numbers
- 16,632,273 — Shares owned by State Farm Mutual (Represents the total shares beneficially owned by State Farm Mutual Automobile Insurance Company as of December 31, 2023.)
- 5.53% — Percentage of class owned by State Farm Mutual (Indicates the significant stake State Farm Mutual holds in Illinois Tool Works Inc.)
- 348,600 — Shares owned by State Farm Life (Represents the shares beneficially owned by State Farm Life Insurance Company as of December 31, 2023.)
- December 31, 2023 — Reporting Date (The specific date for which the ownership data is reported in the filing.)
Key Players & Entities
- State Farm Mutual Automobile Insurance Company (company) — reporting person and beneficial owner of Illinois Tool Works Inc. common stock
- Illinois Tool Works Inc. (company) — the issuer of the common stock being reported on
- State Farm Life Insurance Company (company) — reporting person and beneficial owner of Illinois Tool Works Inc. common stock
- December 31, 2023 (date) — date of event requiring the filing of the statement
- 16,632,273 (dollar_amount) — aggregate shares beneficially owned by State Farm Mutual Automobile Insurance Company
- 5.53% (dollar_amount) — percentage of class represented by State Farm Mutual Automobile Insurance Company's ownership
- 348,600 (dollar_amount) — shares beneficially owned by State Farm Life Insurance Company
Forward-Looking Statements
- State Farm will maintain a significant, passive stake in Illinois Tool Works Inc. for the foreseeable future. (State Farm Mutual Automobile Insurance Company) — high confidence, target: December 31, 2024
- The percentage of ownership by State Farm in Illinois Tool Works Inc. will remain above 5% in the next filing. (State Farm Mutual Automobile Insurance Company) — medium confidence, target: February 2025
FAQ
What is the primary purpose of this SC 13G/A filing?
This SC 13G/A filing is an amendment (Amendment No. 11) to a Schedule 13G, filed by State Farm Mutual Automobile Insurance Company and its affiliates, to update their beneficial ownership of common stock in Illinois Tool Works Inc. as of December 31, 2023, under Rule 13d-1(b) of the Securities Exchange Act of 1934.
Which entities are reporting their ownership in Illinois Tool Works Inc. in this filing?
The reporting persons are State Farm Mutual Automobile Insurance Company (IRS ID: 37-0533100) and State Farm Life Insurance Company (IRS ID: 37-0533090), both based in Illinois.
How many shares of Illinois Tool Works Inc. common stock does State Farm Mutual Automobile Insurance Company beneficially own, and what percentage of the class does this represent?
As of December 31, 2023, State Farm Mutual Automobile Insurance Company beneficially owns an aggregate of 16,632,273 shares, which represents 5.53% of the class of Illinois Tool Works Inc. common stock.
What is the CUSIP number for Illinois Tool Works Inc. common stock mentioned in the filing?
The CUSIP number for Illinois Tool Works Inc. common stock is 452308109, as stated on page 2 of the Schedule 13G.
What type of reporting person is State Farm Mutual Automobile Insurance Company according to this filing?
State Farm Mutual Automobile Insurance Company is designated as an 'IC' (Insurance Company) type of reporting person, as indicated in Row 12 on page 2 of the Schedule 13G.
Filing Details
This Form SC 13G/A (Form SC 13G/A) was filed with the SEC on February 12, 2024 regarding ILLINOIS TOOL WORKS INC (ITW).