First Interstate Bank Acquires 128 Shares of Illinois Tool Works Inc. (NYSE:ITW)

First Interstate Bank boosted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 14.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,042 shares of the industrial products company’s stock after purchasing an additional 128 shares during the quarter. First Interstate Bank’s holdings in Illinois Tool Works were worth $273,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ITW. Briaud Financial Planning Inc bought a new stake in Illinois Tool Works in the 3rd quarter worth approximately $25,000. Turtle Creek Wealth Advisors LLC bought a new stake in Illinois Tool Works in the 4th quarter worth approximately $26,000. Financial Connections Group Inc. bought a new stake in Illinois Tool Works in the 4th quarter worth approximately $28,000. Bruce G. Allen Investments LLC bought a new stake in Illinois Tool Works in the 4th quarter worth approximately $29,000. Finally, Quarry LP increased its stake in Illinois Tool Works by 52.7% in the 1st quarter. Quarry LP now owns 142 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 49 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

ITW traded down $2.62 during trading on Wednesday, reaching $251.21. The stock had a trading volume of 1,032,092 shares, compared to its average volume of 974,717. The firm has a market capitalization of $75.05 billion, a price-to-earnings ratio of 25.79, a price-to-earnings-growth ratio of 3.73 and a beta of 1.13. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10. Illinois Tool Works Inc. has a 1-year low of $217.06 and a 1-year high of $271.15. The stock has a 50 day moving average of $260.84 and a two-hundred day moving average of $250.67.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, beating 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 company had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the prior year, the firm earned $2.34 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.23%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s payout ratio is presently 57.49%.

Insiders Place Their Bets

In other news, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $254.83, for a total transaction of $12,741,500.00. Following the completion of the sale, the chairman now owns 221,015 shares of the company’s stock, valued at $56,321,252.45. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the sale, the chief financial officer now owns 46,404 shares in the company, valued at approximately $12,299,844.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $254.83, for a total transaction of $12,741,500.00. Following the completion of the transaction, the chairman now directly owns 221,015 shares of the company’s stock, valued at approximately $56,321,252.45. The disclosure for this sale can be found here. Insiders sold a total of 189,471 shares of company stock worth $48,712,316 over the last quarter. Company insiders own 1.26% of the company’s stock.

Wall Street Analysts Forecast Growth

ITW has been the subject of a number of recent research reports. Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. Barclays raised their target price on Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a report on Tuesday, April 2nd. Wells Fargo & Company lowered Illinois Tool Works from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $277.00 to $240.00 in a research note on Tuesday, February 6th. Truist Financial started coverage on Illinois Tool Works in a report on Thursday, March 14th. They set a “buy” rating and a $301.00 price target on the stock. Finally, Stifel Nicolaus raised their price target on Illinois Tool Works from $238.00 to $239.00 and gave the stock a “hold” rating in a research note on Tuesday, January 23rd. Four 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 company. According to data from MarketBeat.com, Illinois Tool Works currently has an average rating of “Hold” and a consensus target price of $254.78.

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.