Commerce Bank Reduces Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Commerce Bank trimmed its stake in Illinois Tool Works Inc. (NYSE:ITWGet Rating) by 3.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 184,110 shares of the industrial products company’s stock after selling 5,824 shares during the period. Commerce Bank owned 0.06% of Illinois Tool Works worth $33,259,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Western Wealth Management LLC lifted its position in Illinois Tool Works by 13.1% during the 2nd quarter. Western Wealth Management LLC now owns 3,258 shares of the industrial products company’s stock valued at $593,000 after acquiring an additional 378 shares during the period. Chilton Capital Management LLC purchased a new position in Illinois Tool Works during the 2nd quarter valued at about $44,000. IMA Wealth Inc. purchased a new position in Illinois Tool Works during the 2nd quarter valued at about $1,381,000. First Merchants Corp purchased a new position in Illinois Tool Works during the 2nd quarter valued at about $271,000. Finally, Lcnb Corp lifted its position in Illinois Tool Works by 2.3% during the 2nd quarter. Lcnb Corp now owns 2,955 shares of the industrial products company’s stock valued at $539,000 after acquiring an additional 67 shares during the period. 79.83% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $229.35 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 1.41 and a debt-to-equity ratio of 1.97. The firm has a market capitalization of $70.45 billion, a PE ratio of 26.18, a P/E/G ratio of 3.25 and a beta of 1.11. The company has a 50 day moving average price of $224.70 and a 200-day moving average price of $208.68. Illinois Tool Works Inc. has a 52 week low of $173.52 and a 52 week high of $247.00.

Illinois Tool Works (NYSE:ITWGet Rating) last posted its quarterly earnings data on Tuesday, October 25th. The industrial products company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.25 by $0.10. The company had revenue of $4.01 billion for the quarter, compared to the consensus estimate of $3.90 billion. Illinois Tool Works had a net margin of 17.49% and a return on equity of 80.65%. The firm’s revenue was up 12.8% compared to the same quarter last year. During the same quarter last year, the firm posted $2.02 earnings per share. As a group, equities research analysts expect that Illinois Tool Works Inc. will post 9.46 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 12th. Investors of record on Friday, December 30th were issued a $1.31 dividend. This represents a $5.24 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was Thursday, December 29th. Illinois Tool Works’s payout ratio is 59.82%.

Insider Buying and Selling

In other news, Director David Byron Smith, Jr. purchased 1,390 shares of the stock in a transaction on Friday, December 9th. The shares were acquired at an average price of $221.81 per share, with a total value of $308,315.90. Following the completion of the acquisition, the director now directly owns 118,994 shares of the company’s stock, valued at $26,394,059.14. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.78% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Morgan Stanley lifted their price target on shares of Illinois Tool Works from $172.00 to $174.00 and gave the company an “underweight” rating in a research report on Friday, January 6th. Credit Suisse Group raised their price objective on shares of Illinois Tool Works from $229.00 to $243.00 and gave the company an “outperform” rating in a research note on Wednesday, October 26th. Barclays raised their price objective on shares of Illinois Tool Works from $172.00 to $184.00 and gave the company an “underweight” rating in a research note on Thursday, January 5th. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday, October 26th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Illinois Tool Works from $165.00 to $171.00 in a research note on Wednesday, October 26th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus price target of $207.64.

Illinois Tool Works Company Profile

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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

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

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