Illinois Tool Works Inc. (NYSE:ITW) Position Reduced by Associated Banc Corp

Associated Banc Corp trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,070 shares of the industrial products company’s stock after selling 1,148 shares during the quarter. Associated Banc Corp’s holdings in Illinois Tool Works were worth $5,343,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Sugar Maple Asset Management LLC bought a new position in shares of Illinois Tool Works in the 4th quarter worth about $28,000. True Wealth Design LLC lifted its position in shares of Illinois Tool Works by 1,060.0% in the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after buying an additional 106 shares during the last quarter. Ulland Investment Advisors LLC bought a new position in shares of Illinois Tool Works in the 4th quarter worth about $33,000. Hager Investment Management Services LLC bought a new position in shares of Illinois Tool Works in the 4th quarter worth about $37,000. Finally, Asset Planning Inc bought a new position in shares of Illinois Tool Works in the 4th quarter worth about $40,000. 79.77% of the stock is currently owned by institutional investors.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, CEO Christopher A. O’herlihy sold 48,453 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $274.36, for a total value of $13,293,565.08. Following the completion of the transaction, the chief executive officer now directly owns 55,113 shares in the company, valued at $15,120,802.68. This trade represents a 46.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Ernest Scott Santi sold 70,000 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the completion of the transaction, the director now owns 260,224 shares of the company’s stock, valued at approximately $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. Insiders have sold 159,925 shares of company stock valued at $42,973,845 in the last quarter. Insiders own 0.88% of the company’s stock.

Analysts Set New Price Targets

ITW has been the topic of a number of recent research reports. Truist Financial raised their price target on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Stifel Nicolaus cut their price objective on shares of Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating on the stock in a research report 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 research report on Thursday, February 6th. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price objective on the stock in a research report on Wednesday, February 19th. Finally, Citigroup cut their price objective on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research report on Monday, January 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and an average price target of $269.10.

Illinois Tool Works Stock Up 1.7 %

Illinois Tool Works stock opened at $254.72 on Friday. The stock has a market cap 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 company’s 50-day moving average price is $257.83 and its two-hundred day moving average price is $260.34. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13.

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

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be paid a $1.50 dividend. The ex-dividend date is Monday, March 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.36%. Illinois Tool Works’s dividend 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.