Logan Capital Management Inc. Has $1.67 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

Logan Capital Management Inc. decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITWFree Report) by 3.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,369 shares of the industrial products company’s stock after selling 260 shares during the period. Logan Capital Management Inc.’s holdings in Illinois Tool Works were worth $1,668,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in ITW. Norges Bank purchased a new position in shares of Illinois Tool Works in the fourth quarter worth about $818,408,000. Vanguard Group Inc. lifted its position in shares of Illinois Tool Works by 5.0% during the third quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock worth $6,035,292,000 after acquiring an additional 1,238,239 shares in the last quarter. Alecta Tjanstepension Omsesidigt grew its position in shares of Illinois Tool Works by 150.0% in the fourth 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. Corient Private Wealth LLC raised its stake in shares of Illinois Tool Works by 122.7% during the 4th quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock valued at $164,927,000 after purchasing an additional 346,919 shares during the period. Finally, International Assets Investment Management LLC boosted its stake in Illinois Tool Works by 23,183.6% in the 4th quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock worth $82,579,000 after purchasing an additional 313,906 shares during the period. 79.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ITW. Truist Financial boosted their price objective on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Barclays lowered their price objective on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 4th. Wells Fargo & Company reduced their target price on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a research report on Wednesday, May 1st. Stifel Nicolaus raised their price target on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Finally, Citigroup boosted their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and an average price target of $256.44.

Read Our Latest Stock Analysis on Illinois Tool Works

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total value of $9,851,485.02. Following the transaction, the chief financial officer now directly owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.26% of the stock is currently owned by company insiders.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $239.37 on Tuesday. The company has a market capitalization of $71.43 billion, a price-to-earnings ratio of 23.61, a PEG ratio of 3.57 and a beta of 1.11. The business has a 50 day moving average of $248.52 and a 200 day moving average of $254.50. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. Illinois Tool Works Inc. has a 1-year low of $217.50 and a 1-year high of $271.15.

Illinois Tool Works (NYSE:ITWGet Free Report) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.35 by $0.09. The company had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The firm’s revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.33 EPS. On average, sell-side analysts predict that Illinois Tool Works Inc. will post 10.22 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

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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