AE Wealth Management LLC Has $2.38 Million Stock Holdings in Illinois Tool Works Inc. $ITW

AE Wealth Management LLC boosted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 128.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,128 shares of the industrial products company’s stock after purchasing an additional 5,131 shares during the period. AE Wealth Management LLC’s holdings in Illinois Tool Works were worth $2,380,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ITW. Brendel Financial Advisors LLC lifted its holdings in Illinois Tool Works by 1,328.6% in the 3rd quarter. Brendel Financial Advisors LLC now owns 13,929 shares of the industrial products company’s stock worth $3,632,000 after purchasing an additional 12,954 shares during the last quarter. Davis Capital Management acquired a new stake in shares of Illinois Tool Works in the third quarter worth $1,162,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Illinois Tool Works by 20.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 37,423 shares of the industrial products company’s stock worth $9,727,000 after buying an additional 6,240 shares during the period. Illinois Municipal Retirement Fund grew its stake in Illinois Tool Works by 39.5% in the 2nd quarter. Illinois Municipal Retirement Fund now owns 67,439 shares of the industrial products company’s stock valued at $16,674,000 after buying an additional 19,102 shares during the last quarter. Finally, Level Four Advisory Services LLC raised its holdings in Illinois Tool Works by 16.3% in the 2nd quarter. Level Four Advisory Services LLC now owns 11,680 shares of the industrial products company’s stock worth $2,888,000 after acquiring an additional 1,638 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Trading Down 0.6%

Shares of Illinois Tool Works stock opened at $261.27 on Monday. The company’s fifty day moving average price is $253.33 and its two-hundred day moving average price is $254.92. The firm has a market capitalization of $75.79 billion, a PE ratio of 25.34, a price-to-earnings-growth ratio of 13.99 and a beta of 1.15. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $278.13. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.53 and a quick ratio of 1.11.

Analyst Ratings Changes

ITW has been the subject of a number of recent analyst reports. Barclays upped their price target on shares of Illinois Tool Works from $243.00 to $244.00 and gave the company an “underweight” rating in a report on Monday, October 27th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Illinois Tool Works in a report on Wednesday. Truist Financial cut their price target on Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating for the company in a report on Monday, October 27th. Robert W. Baird set a $265.00 price objective on Illinois Tool Works in a research report on Monday, October 27th. Finally, Wells Fargo & Company boosted their target price on shares of Illinois Tool Works from $245.00 to $250.00 and gave the stock an “underweight” rating in a research report on Wednesday, January 7th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $261.08.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, Director Pamela B. Strobel sold 1,521 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $245.25, for a total transaction of $373,025.25. Following the completion of the transaction, the director owned 39,249 shares in the company, valued at $9,625,817.25. This trade represents a 3.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.88% of the stock is owned by company insiders.

About Illinois Tool Works

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.