Associated Banc Corp Reduces Stake in Illinois Tool Works Inc. (NYSE:ITW)

Associated Banc Corp cut its position in Illinois Tool Works Inc. (NYSE:ITWGet Rating) by 1.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,898 shares of the industrial products company’s stock after selling 338 shares during the quarter. Associated Banc Corp’s holdings in Illinois Tool Works were worth $6,392,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ITW. Eaton Vance Management boosted its position in shares of Illinois Tool Works by 25.6% in the 3rd quarter. Eaton Vance Management now owns 1,526,443 shares of the industrial products company’s stock valued at $313,942,000 after purchasing an additional 311,548 shares during the period. Neuberger Berman Group LLC lifted its position in Illinois Tool Works by 81.2% during the 3rd quarter. Neuberger Berman Group LLC now owns 580,302 shares of the industrial products company’s stock worth $119,095,000 after acquiring an additional 260,031 shares during the period. Johnson Investment Counsel Inc. lifted its position in Illinois Tool Works by 2,303.2% during the 3rd quarter. Johnson Investment Counsel Inc. now owns 211,192 shares of the industrial products company’s stock worth $43,891,000 after acquiring an additional 202,404 shares during the period. Worldquant Millennium Advisors LLC lifted its position in Illinois Tool Works by 949.1% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 146,202 shares of the industrial products company’s stock worth $30,210,000 after acquiring an additional 132,266 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in Illinois Tool Works by 4.5% during the 3rd quarter. Goldman Sachs Group Inc. now owns 2,727,000 shares of the industrial products company’s stock worth $563,479,000 after acquiring an additional 117,873 shares during the period. 79.03% of the stock is owned by hedge funds and other institutional investors.

In other Illinois Tool Works news, EVP Lei Zhang Schlitz sold 1,000 shares of the firm’s stock in a transaction on Wednesday, May 11th. The stock was sold at an average price of $205.34, for a total transaction of $205,340.00. Following the completion of the transaction, the executive vice president now owns 7,803 shares of the company’s stock, valued at $1,602,268.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.78% of the company’s stock.

NYSE ITW traded up $0.05 during mid-day trading on Friday, hitting $207.64. The stock had a trading volume of 1,492,021 shares, compared to its average volume of 1,296,402. Illinois Tool Works Inc. has a 52-week low of $195.25 and a 52-week high of $249.81. The company has a market cap of $64.67 billion, a price-to-earnings ratio of 24.40, a P/E/G ratio of 2.46 and a beta of 1.07. The company has a 50 day simple moving average of $206.25 and a 200 day simple moving average of $224.31. The company has a quick ratio of 1.24, a current ratio of 1.73 and a debt-to-equity ratio of 1.90.

Illinois Tool Works (NYSE:ITWGet Rating) last released its quarterly earnings data on Tuesday, May 3rd. The industrial products company reported $2.11 earnings per share for the quarter, beating the consensus estimate of $2.07 by $0.04. The firm had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $3.76 billion. Illinois Tool Works had a return on equity of 72.57% and a net margin of 18.08%. Illinois Tool Works’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the business posted $2.11 EPS. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 9.16 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 14th. Shareholders of record on Thursday, June 30th will be given a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a yield of 2.35%. The ex-dividend date is Wednesday, June 29th. Illinois Tool Works’s payout ratio is 57.34%.

A number of analysts have weighed in on the company. Credit Suisse Group decreased their price objective on Illinois Tool Works from $267.00 to $261.00 in a research report on Wednesday, May 4th. Barclays decreased their price objective on Illinois Tool Works from $200.00 to $192.00 in a research report on Wednesday, May 4th. Morgan Stanley cut their target price on Illinois Tool Works from $210.00 to $197.00 and set an “underweight” rating for the company in a research note on Thursday, April 7th. Deutsche Bank Aktiengesellschaft cut their target price on Illinois Tool Works from $236.00 to $226.00 and set a “hold” rating for the company in a research note on Thursday, April 14th. Finally, JPMorgan Chase & Co. raised Illinois Tool Works from a “neutral” rating to an “overweight” rating and cut their target price for the stock from $262.00 to $255.00 in a research note on Monday, March 28th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $232.64.

Illinois Tool Works Profile (Get Rating)

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

Further Reading

Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

Receive News & Ratings for Illinois Tool Works Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Illinois Tool Works and related companies with MarketBeat.com's FREE daily email newsletter.