Independence Bank of Kentucky Raises Position in Illinois Tool Works Inc. (NYSE:ITW)

Independence Bank of Kentucky lifted its stake in Illinois Tool Works Inc. (NYSE:ITWFree Report) by 2.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,548 shares of the industrial products company’s stock after buying an additional 105 shares during the period. Independence Bank of Kentucky’s holdings in Illinois Tool Works were worth $1,191,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Briaud Financial Planning Inc purchased a new position in Illinois Tool Works in the third quarter valued at about $25,000. Bruce G. Allen Investments LLC purchased a new position in Illinois Tool Works in the fourth quarter valued at about $29,000. Quarry LP boosted its holdings in Illinois Tool Works by 52.7% in the first quarter. Quarry LP now owns 142 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 49 shares during the last quarter. Arlington Trust Co LLC purchased a new position in Illinois Tool Works in the third quarter valued at about $38,000. Finally, Union Savings Bank purchased a new position in Illinois Tool Works in the second quarter valued at about $39,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 0.1 %

Shares of Illinois Tool Works stock opened at $264.25 on Thursday. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10. The business’s 50 day simple moving average is $261.08 and its 200-day simple moving average is $249.00. The stock has a market capitalization of $78.94 billion, a price-to-earnings ratio of 27.13, a PEG ratio of 4.53 and a beta of 1.13. Illinois Tool Works Inc. has a twelve month low of $217.06 and a twelve month high of $271.15.

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

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Friday, March 29th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date is Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio (DPR) is 57.49%.

Analyst Ratings Changes

ITW has been the subject of a number of analyst reports. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Barclays upped their price objective on Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a research note on Tuesday. Citigroup upped their price objective on Illinois Tool Works from $244.00 to $256.00 and gave the company a “neutral” rating in a research note on Monday, December 11th. Wells Fargo & Company cut Illinois Tool Works from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $277.00 to $240.00 in a research note on Tuesday, February 6th. Finally, Truist Financial assumed coverage on Illinois Tool Works in a research note on Thursday, March 14th. They set a “buy” rating and a $301.00 price objective on the stock. Five equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $246.10.

Read Our Latest Report on ITW

Insider Buying and Selling

In related news, CAO Randall J. Scheuneman sold 5,827 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $256.29, for a total value of $1,493,401.83. Following the completion of the transaction, the chief accounting officer now directly owns 8,870 shares of the company’s stock, valued at approximately $2,273,292.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction 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 approximately $12,299,844.24. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Randall J. Scheuneman sold 5,827 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.29, for a total value of $1,493,401.83. Following the transaction, the chief accounting officer now directly owns 8,870 shares of the company’s stock, valued at $2,273,292.30. The disclosure for this sale can be found here. Insiders sold 189,471 shares of company stock valued at $48,712,316 in the last three months. 0.88% of the stock is currently owned by corporate insiders.

Illinois Tool Works Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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