UMB Bank n.a. Has $5.95 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

UMB Bank n.a. cut its stake in Illinois Tool Works Inc. (NYSE:ITWFree Report) by 8.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,729 shares of the industrial products company’s stock after selling 2,091 shares during the period. UMB Bank n.a.’s holdings in Illinois Tool Works were worth $5,954,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Cornerstone Wealth Management LLC increased its stake in Illinois Tool Works by 2.8% in the fourth quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company’s stock valued at $395,000 after purchasing an additional 41 shares in the last quarter. City Holding Co. raised its stake in Illinois Tool Works by 0.5% during the 3rd quarter. City Holding Co. now owns 8,057 shares of the industrial products company’s stock worth $1,856,000 after buying an additional 44 shares during the period. Nicolet Advisory Services LLC boosted its holdings in Illinois Tool Works by 4.5% in the third quarter. Nicolet Advisory Services LLC now owns 1,066 shares of the industrial products company’s stock worth $247,000 after acquiring an additional 46 shares in the last quarter. PFG Advisors increased its holdings in shares of Illinois Tool Works by 0.7% during the fourth quarter. PFG Advisors now owns 6,655 shares of the industrial products company’s stock valued at $1,743,000 after acquiring an additional 46 shares in the last quarter. Finally, Mcdonald Partners LLC lifted its holdings in shares of Illinois Tool Works by 1.0% in the 3rd quarter. Mcdonald Partners LLC now owns 4,796 shares of the industrial products company’s stock worth $1,104,000 after purchasing an additional 47 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ITW. Citigroup boosted their price target on shares of Illinois Tool Works from $244.00 to $256.00 and gave the company a “neutral” rating in a research note on Monday, December 11th. Barclays upped their target price on shares of Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a report on Tuesday. Truist Financial initiated coverage on Illinois Tool Works in a research note on Thursday, March 14th. They set a “buy” rating and a $301.00 price target for the company. Wells Fargo & Company lowered Illinois Tool Works from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $277.00 to $240.00 in a report on Tuesday, February 6th. Finally, Stifel Nicolaus raised their target price on Illinois Tool Works from $238.00 to $239.00 and gave the company a “hold” rating in a report on Tuesday, January 23rd. Five equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus price target of $246.10.

Read Our Latest Report on ITW

Insider Activity

In related news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $254.83, for a total value of $12,741,500.00. Following the completion of the sale, the chairman now owns 221,015 shares of the company’s stock, valued at approximately $56,321,252.45. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $254.83, for a total value of $12,741,500.00. Following the completion of the transaction, the chairman now owns 221,015 shares in the company, valued at $56,321,252.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the sale, the chief financial officer now owns 46,404 shares in the company, valued at $12,299,844.24. The disclosure for this sale can be found here. Insiders have sold 189,471 shares of company stock valued at $48,712,316 in the last 90 days. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of ITW opened at $263.93 on Wednesday. Illinois Tool Works Inc. has a 12 month low of $217.06 and a 12 month high of $271.15. The company has a market capitalization of $78.85 billion, a price-to-earnings ratio of 27.10, a PEG ratio of 4.56 and a beta of 1.13. The stock has a 50 day moving average of $260.97 and a 200 day moving average of $248.89. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10.

Illinois Tool Works (NYSE:ITWGet Free Report) last posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.41 by $0.01. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The business had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter last year, the company posted $2.34 earnings per share. The firm’s quarterly revenue was up .3% compared to the same quarter last year. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Shareholders of record on Friday, March 29th will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date is Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio is currently 57.49%.

About Illinois Tool Works

(Free Report)

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

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