Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by 1ST Source Bank

1ST Source Bank lowered its stake in Illinois Tool Works Inc. (NYSE:ITW) by 6.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 3,677 shares of the industrial products company’s stock after selling 260 shares during the quarter. 1ST Source Bank’s holdings in Illinois Tool Works were worth $932,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Oppenheimer Asset Management Inc. raised its holdings in Illinois Tool Works by 1.9% in the third quarter. Oppenheimer Asset Management Inc. now owns 5,462 shares of the industrial products company’s stock valued at $1,431,000 after acquiring an additional 100 shares in the last quarter. CIBC Asset Management Inc increased its position in shares of Illinois Tool Works by 5.0% in the 3rd quarter. CIBC Asset Management Inc now owns 54,655 shares of the industrial products company’s stock valued at $14,323,000 after purchasing an additional 2,619 shares during the last quarter. Natixis Advisors LLC raised its holdings in shares of Illinois Tool Works by 4.2% in the 3rd quarter. Natixis Advisors LLC now owns 207,758 shares of the industrial products company’s stock valued at $54,447,000 after purchasing an additional 8,460 shares in the last quarter. KPP Advisory Services LLC purchased a new stake in shares of Illinois Tool Works during the 3rd quarter worth $212,000. Finally, Sawgrass Asset Management LLC acquired a new position in shares of Illinois Tool Works during the third quarter worth $203,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Evercore ISI decreased their price target on Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating for the company in a report on Wednesday, February 19th. Truist Financial boosted their target price on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Wells Fargo & Company cut their price objective on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a report on Thursday, February 6th. Finally, Barclays set a $260.00 target price on shares of Illinois Tool Works and gave the company an “equal weight” rating in a report on Monday, March 10th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $269.10.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director Ernest Scott Santi sold 70,000 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total value of $18,431,000.00. Following the completion of the sale, the director now owns 260,224 shares of the company’s stock, valued at approximately $68,516,979.20. This trade represents a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael M. Larsen sold 41,472 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the sale, the chief financial officer now owns 50,502 shares in the company, valued at $13,698,667.50. The trade was a 45.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 159,925 shares of company stock valued at $42,973,845. 0.88% of the stock is owned by corporate insiders.

Illinois Tool Works Stock Up 1.7 %

Illinois Tool Works stock opened at $254.72 on Monday. The stock has a market capitalization of $74.76 billion, a price-to-earnings ratio of 21.73, a PEG ratio of 4.56 and a beta of 1.13. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90. The stock has a 50 day moving average of $257.83 and a two-hundred day moving average of $260.43. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. As a group, research analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be given a $1.50 dividend. The ex-dividend date is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.36%. Illinois Tool Works’s payout ratio is currently 51.19%.

Illinois Tool Works 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.