1ST Source Bank Reduces Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

1ST Source Bank lessened its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 6.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,677 shares of the industrial products company’s stock after selling 260 shares during the period. 1ST Source Bank’s holdings in Illinois Tool Works were worth $932,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. grew its holdings in Illinois Tool Works by 1.9% during the third quarter. Oppenheimer Asset Management Inc. now owns 5,462 shares of the industrial products company’s stock worth $1,431,000 after acquiring an additional 100 shares during the period. CIBC Asset Management Inc increased its holdings in shares of Illinois Tool Works by 5.0% during 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 in the last quarter. Natixis Advisors LLC lifted its stake 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 during the period. KPP Advisory Services LLC purchased a new stake in Illinois Tool Works during the third quarter worth $212,000. Finally, Sawgrass Asset Management LLC acquired a new stake in Illinois Tool Works during the third quarter valued at $203,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ITW shares. StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Citigroup reduced their target price on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research note on Monday, January 13th. Jefferies Financial Group boosted their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Truist Financial increased their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, Stifel Nicolaus cut their target price on shares of Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating for the company in a research note on Thursday, February 6th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $269.10.

Insider Activity

In related news, CFO Michael M. Larsen sold 41,472 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the completion of the transaction, the chief financial officer now owns 50,502 shares of the company’s stock, valued at approximately $13,698,667.50. This trade represents a 45.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ernest Scott Santi sold 70,000 shares of Illinois Tool Works stock in a transaction on Wednesday, February 19th. The shares were 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 directly owns 260,224 shares of the company’s stock, valued at $68,516,979.20. The trade was a 21.20 % 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 currently owned by company insiders.

Illinois Tool Works Trading Up 1.7 %

ITW opened at $254.72 on Monday. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. The company’s 50 day simple moving average is $257.83 and its two-hundred day simple moving average is $260.43. The firm has a market capitalization of $74.76 billion, a price-to-earnings ratio of 21.73, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13.

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

Illinois Tool Works Announces Dividend

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 dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.36%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s payout ratio is currently 51.19%.

Illinois Tool Works Company 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.