Park Place Capital Corp Reduces Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Park Place Capital Corp lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 58.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 435 shares of the industrial products company’s stock after selling 616 shares during the quarter. Park Place Capital Corp’s holdings in Illinois Tool Works were worth $103,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Illinois Tool Works by 1.4% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock valued at $1,590,000 after acquiring an additional 84 shares during the last quarter. PEAK6 Investments LLC boosted its holdings in shares of Illinois Tool Works by 17.5% in the first quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock worth $253,000 after buying an additional 140 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Illinois Tool Works in the first quarter worth approximately $1,147,000. Norden Group LLC boosted its holdings in shares of Illinois Tool Works by 1,889.1% in the first quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock worth $7,103,000 after buying an additional 25,144 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its holdings in shares of Illinois Tool Works by 6.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock worth $55,821,000 after buying an additional 12,065 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock traded up $1.59 on Friday, hitting $243.85. 1,281,644 shares of the company traded hands, compared to its average volume of 1,134,753. The business has a 50-day simple moving average of $240.94 and a 200 day simple moving average of $251.05. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The stock has a market capitalization of $72.76 billion, a P/E ratio of 24.05, a price-to-earnings-growth ratio of 3.80 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.94 and a current ratio of 1.30.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, topping the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The company had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter in the previous year, the business posted $2.41 earnings per share. Illinois Tool Works’s quarterly revenue was down 1.2% on a year-over-year basis. Research analysts expect that Illinois Tool Works Inc. will post 10.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director David Byron Smith, Jr. acquired 775 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were acquired at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the transaction, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.88% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ITW has been the topic of a number of research reports. Truist Financial dropped their price objective on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a report on Wednesday. Wells Fargo & Company lifted their price target on shares of Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a report on Wednesday. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a report on Wednesday. Jefferies Financial Group lowered their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Finally, Barclays reduced their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research report on Wednesday. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $250.75.

About Illinois Tool Works

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.