Associated Banc Corp Has $4.79 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

Associated Banc Corp reduced its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 8.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 19,314 shares of the industrial products company's stock after selling 1,756 shares during the period. Associated Banc Corp's holdings in Illinois Tool Works were worth $4,790,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of ITW. Brighton Jones LLC increased its stake in shares of Illinois Tool Works by 5.3% during the 4th quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company's stock worth $1,399,000 after purchasing an additional 277 shares during the last quarter. Waterloo Capital L.P. acquired a new position in shares of Illinois Tool Works during the 4th quarter worth about $359,000. Federated Hermes Inc. increased its stake in shares of Illinois Tool Works by 1,899.3% during the 4th quarter. Federated Hermes Inc. now owns 224,921 shares of the industrial products company's stock worth $57,031,000 after purchasing an additional 213,671 shares during the last quarter. FMR LLC boosted its holdings in shares of Illinois Tool Works by 6.3% during the 4th quarter. FMR LLC now owns 1,061,654 shares of the industrial products company's stock worth $269,193,000 after buying an additional 63,195 shares during the period. Finally, Bank of Montreal Can boosted its holdings in shares of Illinois Tool Works by 8.2% during the 4th quarter. Bank of Montreal Can now owns 600,986 shares of the industrial products company's stock worth $152,386,000 after buying an additional 45,658 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Wells Fargo & Company lifted their target price on shares of Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a report on Thursday, July 31st. Robert W. Baird lifted their target price on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a report on Thursday, May 1st. Evercore ISI reduced their target price on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a report on Monday, May 19th. Barclays lifted their target price on shares of Illinois Tool Works from $240.00 to $243.00 and gave the stock an "equal weight" rating in a report on Monday. Finally, Citigroup lifted their target price on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $259.33.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. purchased 872 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was bought at an average price of $241.16 per share, with a total value of $210,291.52. Following the acquisition, the director owned 122,884 shares in the company, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Performance

NYSE ITW opened at $255.94 on Wednesday. The firm has a 50-day moving average price of $251.54 and a two-hundred day moving average price of $250.10. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40. The company has a market capitalization of $74.61 billion, a P/E ratio of 22.43, a P/E/G ratio of 5.47 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates of $2.56 by $0.02. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the prior year, the firm posted $2.54 EPS. The firm's quarterly revenue was up .6% on a year-over-year basis. Analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $1.61 per share. This is a boost from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.5%. Illinois Tool Works's payout ratio is currently 52.59%.

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.

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