16,501 Shares in Illinois Tool Works Inc. $ITW Purchased by Associated Banc Corp

Key Points

• Associated Banc Corp initiated a position in Illinois Tool Works, purchasing 16,501 shares worth approximately $4.25 million in the third quarter. Institutional investors collectively own 79.77% of the company.
• ITW reported quarterly earnings of $3.00 per share, slightly above estimates, while revenue of $4.24 billion fell short of forecasts but rose 4.5% year over year. The company declared a quarterly dividend of $1.72 per share.
• Analyst sentiment was cautious: the stock had a consensus “Reduce” rating and an average price target of $276.33, with seven Hold and five Sell ratings versus one Buy.

Associated Banc Corp bought a new position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 16,501 shares of the industrial products company's stock, valued at approximately $4,245,000.

Other hedge funds have also bought and sold shares of the company. B. Metzler seel. Sohn & Co. AG purchased a new stake in shares of Illinois Tool Works during the 2nd quarter worth about $5,017,000. Sanctuary Advisors LLC acquired a new stake in shares of Illinois Tool Works during the 2nd quarter valued at about $14,028,000. Cibc World Market Inc. purchased a new position in shares of Illinois Tool Works in the 2nd quarter valued at about $3,887,000. Sapient Capital LLC increased its stake in shares of Illinois Tool Works by 227.7% in the 2nd quarter. Sapient Capital LLC now owns 13,611 shares of the industrial products company's stock valued at $3,703,000 after purchasing an additional 9,457 shares in the last quarter. Finally, Fidelity National Financial Inc. acquired a new position in Illinois Tool Works in the 2nd quarter worth about $20,583,000. Institutional investors own 79.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. UBS Group set a $277.00 price target on shares of Illinois Tool Works in a research note on Friday, October 9th. Robert W. Baird upped their price objective on shares of Illinois Tool Works from $278.00 to $297.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. Weiss Ratings raised shares of Illinois Tool Works from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, October 28th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Illinois Tool Works from $287.00 to $281.00 and set a "hold" rating for the company in a research note on Wednesday, September 30th. Finally, Citigroup reduced their price target on shares of Illinois Tool Works from $317.00 to $310.00 and set a "neutral" rating for the company in a research report on Wednesday, October 28th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average price target of $276.33.

Insider Activity at Illinois Tool Works

In related news, Director Ernest Santi sold 41,431 shares of the business's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $287.09, for a total transaction of $11,894,425.79. Following the completion of the transaction, the director owned 266,288 shares in the company, valued at approximately $76,448,621.92. The trade was a 13.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Matteo C. Pigozzo sold 277 shares of the company's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $289.22, for a total value of $80,113.94. Following the transaction, the chief accounting officer directly owned 3,394 shares of the company's stock, valued at approximately $981,612.68. This represents a 7.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.83% of the company's stock.

Illinois Tool Works Trading Up 2.5%

Shares of ITW stock opened at $293.73 on Thursday. The company has a current ratio of 1.29, a quick ratio of 0.94 and a debt-to-equity ratio of 2.28. Illinois Tool Works Inc. has a twelve month low of $238.82 and a twelve month high of $303.15. The company's 50-day moving average price is $271.86 and its 200-day moving average price is $271.16. The stock has a market cap of $83.48 billion, a price-to-earnings ratio of 25.55, a PEG ratio of 3.15 and a beta of 0.92.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data on Tuesday, October 27th. The industrial products company reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.97 by $0.03. The company had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.26 billion. Illinois Tool Works had a return on equity of 103.35% and a net margin of 19.39%. The firm's revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the prior year, the business posted $2.81 earnings per share. As a group, equities analysts predict that Illinois Tool Works Inc. will post 11.49 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be given a $1.72 dividend. This represents a $6.88 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Thursday, December 31st. Illinois Tool Works's dividend payout ratio (DPR) is currently 61.32%.

About Illinois Tool Works

Illinois Tool Works Inc NYSE: ITW is a diversified industrial manufacturer that develops and produces specialized equipment, components, consumables and systems for customers in a range of industries. Founded in 1912 and headquartered in Glenview, Illinois, the company serves markets worldwide through a portfolio of highly engineered businesses.

ITW's operations include food equipment, automotive components, welding products, test and measurement equipment, electronics materials, polymers and fluids, construction products, and specialty products.

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