Illinois Tool Works Inc. (NYSE:ITW) Stake Reduced by OLD National Bancorp IN

OLD National Bancorp IN cut its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 8.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,761 shares of the industrial products company’s stock after selling 651 shares during the quarter. OLD National Bancorp IN’s holdings in Illinois Tool Works were worth $1,771,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Turtle Creek Wealth Advisors LLC bought a new stake in Illinois Tool Works in the fourth quarter worth about $26,000. Financial Connections Group Inc. purchased a new position in Illinois Tool Works in the 4th quarter worth about $28,000. Briaud Financial Planning Inc purchased a new position in Illinois Tool Works in the 3rd quarter worth about $25,000. Bruce G. Allen Investments LLC purchased a new position in Illinois Tool Works in the 4th quarter worth about $29,000. Finally, Rakuten Securities Inc. purchased a new position in Illinois Tool Works in the 4th quarter worth about $29,000. 79.77% of the stock is currently owned by institutional investors.

Insider Activity 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 stock was 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 owns 221,015 shares of the company’s stock, valued at approximately $56,235,056.60. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CAO Randall J. Scheuneman sold 5,827 shares of the business’s 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 sale, the chief accounting officer now directly owns 8,870 shares in the company, valued at approximately $2,273,292.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was 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 owns 221,015 shares of the company’s stock, valued at $56,235,056.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 189,471 shares of company stock valued at $48,712,316. 1.26% of the stock is owned by corporate insiders.

Illinois Tool Works Trading Down 0.2 %

NYSE:ITW opened at $250.00 on Tuesday. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97. Illinois Tool Works Inc. has a fifty-two week low of $217.06 and a fifty-two week high of $271.15. The stock’s 50-day moving average is $260.40 and its two-hundred day moving average is $251.19. The stock has a market cap of $74.69 billion, a PE ratio of 25.67, a price-to-earnings-growth ratio of 3.68 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, beating the consensus estimate of $2.41 by $0.01. The business had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. 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 EPS. As a group, equities research analysts forecast that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were paid a $1.40 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.60 annualized dividend and a dividend yield of 2.24%. Illinois Tool Works’s payout ratio is 57.49%.

Analyst Ratings Changes

ITW has been the topic of a number of analyst reports. Citigroup lifted their price target on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Barclays lifted their price target on Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 2nd. Truist Financial initiated coverage on Illinois Tool Works in a research note on Thursday, March 14th. They issued a “buy” rating and a $301.00 price target on the stock. Wells Fargo & Company cut Illinois Tool Works from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $277.00 to $240.00 in a research note on Tuesday, February 6th. Finally, Stifel Nicolaus lifted their target price on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Four analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and an average price target of $257.00.

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.