Cresset Asset Management LLC Boosts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Cresset Asset Management LLC grew its stake in Illinois Tool Works Inc. (NYSE:ITWFree Report) by 6.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 55,931 shares of the industrial products company’s stock after buying an additional 3,356 shares during the period. Cresset Asset Management LLC’s holdings in Illinois Tool Works were worth $14,721,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Illinois Tool Works by 5.0% during the third quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock worth $6,035,292,000 after purchasing an additional 1,238,239 shares during the last quarter. Northern Trust Corp grew its position in shares of Illinois Tool Works by 1.9% in the third quarter. Northern Trust Corp now owns 12,829,189 shares of the industrial products company’s stock valued at $2,954,691,000 after purchasing an additional 244,145 shares during the period. Norges Bank acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $818,408,000. Fisher Asset Management LLC grew its position in shares of Illinois Tool Works by 4.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,951,948 shares of the industrial products company’s stock valued at $773,234,000 after purchasing an additional 122,840 shares during the period. Finally, Stifel Financial Corp grew its position in shares of Illinois Tool Works by 1.3% in the third quarter. Stifel Financial Corp now owns 1,742,605 shares of the industrial products company’s stock valued at $401,352,000 after purchasing an additional 22,238 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insider Activity

In other 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 value of $9,851,485.02. Following the sale, the chief financial officer now directly owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ITW. Wells Fargo & Company dropped their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Wednesday, June 5th. Truist Financial boosted their price target on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Stifel Nicolaus boosted their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Finally, Citigroup boosted their price target 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. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $256.44.

Check Out Our Latest Report on Illinois Tool Works

Illinois Tool Works Stock Performance

NYSE:ITW opened at $239.37 on Tuesday. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. The firm has a market capitalization of $71.43 billion, a price-to-earnings ratio of 23.61, a PEG ratio of 3.57 and a beta of 1.11. The company’s 50-day moving average is $248.52 and its two-hundred day moving average is $254.50. Illinois Tool Works Inc. has a 1-year low of $217.50 and a 1-year high of $271.15.

Illinois Tool Works (NYSE:ITWGet Free Report) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.35 by $0.09. The business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The business’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.33 EPS. Analysts forecast that Illinois Tool Works Inc. will post 10.22 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is 55.23%.

Illinois Tool Works Company 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.

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

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