Illinois Tool Works Inc. (NYSE:ITW) Shares Bought by First Interstate Bank

First Interstate Bank boosted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 14.0% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,042 shares of the industrial products company’s stock after buying an additional 128 shares during the period. First Interstate Bank’s holdings in Illinois Tool Works were worth $273,000 as of its most recent SEC filing.

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

Illinois Tool Works Price Performance

Shares of NYSE ITW traded down $2.62 during midday trading on Wednesday, hitting $251.21. The company had a trading volume of 1,032,092 shares, compared to its average volume of 974,717. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10. Illinois Tool Works Inc. has a twelve month low of $217.06 and a twelve month high of $271.15. The business has a 50-day simple moving average of $260.84 and a two-hundred day simple moving average of $250.67. The firm has a market capitalization of $75.05 billion, a price-to-earnings ratio of 25.79, a price-to-earnings-growth ratio of 3.73 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.41 by $0.01. The company had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.34 earnings per share. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were issued a dividend of $1.40 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.23%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 57.49%.

Insider Transactions at Illinois Tool Works

In related news, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were 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 directly owns 221,015 shares in the company, valued at $56,235,056.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the business’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 transaction of $9,851,485.02. Following the completion of the sale, the chief financial officer now directly owns 46,404 shares in the company, valued at $12,299,844.24. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the transaction, the chairman now directly owns 221,015 shares in the company, valued at $56,235,056.60. The disclosure for this sale can be found here. Insiders sold a total of 189,471 shares of company stock worth $48,712,316 over the last ninety days. 1.26% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Wells Fargo & Company downgraded shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $277.00 to $240.00 in a research report on Tuesday, February 6th. Citigroup raised their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Barclays raised their price objective on shares of Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 2nd. Bank of America downgraded shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $260.00 to $235.00 in a research report on Wednesday, January 10th. Finally, Truist Financial initiated coverage on shares of Illinois Tool Works in a research report on Thursday, March 14th. They set a “buy” rating and a $301.00 price objective on the stock. Four 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, Illinois Tool Works currently has a consensus rating of “Hold” and an average target price of $254.78.

About Illinois Tool Works

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.