Pinnacle Financial Partners Inc Boosts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Pinnacle Financial Partners Inc boosted its position in shares of Illinois Tool Works Inc. (NYSE:ITWFree Report) by 2.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,045 shares of the industrial products company’s stock after purchasing an additional 61 shares during the period. Pinnacle Financial Partners Inc’s holdings in Illinois Tool Works were worth $798,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC lifted its stake in Illinois Tool Works by 106,553.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 7,185,211 shares of the industrial products company’s stock worth $1,582,902,000 after acquiring an additional 7,178,474 shares during the last quarter. Norges Bank acquired a new position in shares of Illinois Tool Works during the 4th quarter worth $708,259,000. Morgan Stanley grew its stake in Illinois Tool Works by 59.2% in the 4th quarter. Morgan Stanley now owns 4,591,278 shares of the industrial products company’s stock valued at $1,011,459,000 after acquiring an additional 1,707,780 shares during the last quarter. Vanguard Group Inc. grew its stake in Illinois Tool Works by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock valued at $6,035,292,000 after acquiring an additional 1,238,239 shares during the last quarter. Finally, Alecta Tjanstepension Omsesidigt lifted its holdings in Illinois Tool Works by 150.0% in the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock valued at $294,671,000 after purchasing an additional 675,000 shares in the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

Shares of ITW opened at $264.25 on Thursday. Illinois Tool Works Inc. has a 1 year low of $217.06 and a 1 year high of $271.15. The company has a market cap of $78.94 billion, a price-to-earnings ratio of 27.13, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.97 and a current ratio of 1.33. The firm has a fifty day moving average of $261.08 and a 200-day moving average of $249.00.

Illinois Tool Works (NYSE:ITWGet Free Report) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.01. The company had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $4.01 billion. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.34 earnings per share. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Friday, March 29th will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.12%. The ex-dividend date is Wednesday, March 27th. Illinois Tool Works’s payout ratio is currently 57.49%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ITW shares. Citigroup lifted their price target on shares of Illinois Tool Works from $244.00 to $256.00 and gave the company a “neutral” rating in a research report on Monday, December 11th. Barclays lifted their price target on shares of Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a research note on Tuesday. Wells Fargo & Company lowered shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $277.00 to $240.00 in a research note on Tuesday, February 6th. Bank of America lowered shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. Finally, Stifel Nicolaus lifted their price target on shares of Illinois Tool Works from $238.00 to $239.00 and gave the stock a “hold” rating in a research note on Tuesday, January 23rd. Five research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $246.10.

Check Out Our Latest Research Report on ITW

Insiders Place Their Bets

In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total value of $12,722,000.00. Following the sale, the chairman now directly owns 221,015 shares in the company, valued at $56,235,056.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 5,827 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.29, for a total value of $1,493,401.83. Following the sale, the chief accounting officer now directly owns 8,870 shares in the company, valued at $2,273,292.30. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total value of $12,722,000.00. Following the sale, the chairman now owns 221,015 shares in the company, valued at approximately $56,235,056.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 189,471 shares of company stock worth $48,712,316. 0.88% of the stock is owned by corporate insiders.

About Illinois Tool Works

(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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