MidWestOne Financial Group Inc. Sells 146 Shares of Illinois Tool Works Inc. (NYSE:ITW)

MidWestOne Financial Group Inc. reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 3.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,795 shares of the industrial products company’s stock after selling 146 shares during the period. MidWestOne Financial Group Inc.’s holdings in Illinois Tool Works were worth $962,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Prudent Man Investment Management Inc. purchased a new stake in shares of Illinois Tool Works in the 4th quarter worth $25,000. Redwood Park Advisors LLC bought a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $26,000. Sugar Maple Asset Management LLC purchased a new stake in Illinois Tool Works in the fourth quarter worth about $28,000. Glass Jacobson Investment Advisors llc grew its holdings in Illinois Tool Works by 336.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 84 shares in the last quarter. Finally, Millstone Evans Group LLC purchased a new position in Illinois Tool Works during the 4th quarter valued at about $31,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ITW. Truist Financial dropped their price objective on shares of Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Citigroup dropped their target price on Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Bank of America lowered Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price target for the company. in a research report on Wednesday, May 7th. Barclays decreased their price objective on Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating for the company in a research note on Thursday, May 1st. Finally, Evercore ISI cut their target price on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating on the stock in a research note on Monday. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $253.42.

Insider Buying and Selling at Illinois Tool Works

In other news, CEO Christopher A. O’herlihy sold 48,453 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now directly owns 55,113 shares of the company’s stock, valued at $15,120,802.68. This represents a 46.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael M. Larsen sold 41,472 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the completion of the sale, the chief financial officer now owns 50,502 shares in the company, valued at $13,698,667.50. The trade was a 45.09% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Performance

ITW opened at $244.73 on Thursday. The company has a market cap of $71.71 billion, a P/E ratio of 20.88, a price-to-earnings-growth ratio of 4.56 and a beta of 1.12. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The firm’s 50-day moving average price is $241.56 and its 200-day moving average price is $255.35. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. The business had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the prior year, the business posted $2.44 EPS. Illinois Tool Works’s revenue for the quarter was down 3.4% compared to the same quarter last year. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.45%. Illinois Tool Works’s dividend payout ratio is currently 52.77%.

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.