Independence Bank of Kentucky Has $1.19 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Independence Bank of Kentucky increased its position in shares of Illinois Tool Works Inc. (NYSE:ITWFree Report) by 2.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,548 shares of the industrial products company’s stock after buying an additional 105 shares during the quarter. Independence Bank of Kentucky’s holdings in Illinois Tool Works were worth $1,191,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ITW. Briaud Financial Planning Inc bought a new position in Illinois Tool Works during the third quarter worth about $25,000. Bruce G. Allen Investments LLC bought a new position in Illinois Tool Works during the fourth quarter worth about $29,000. Quarry LP lifted its stake in Illinois Tool Works by 52.7% during the first quarter. Quarry LP now owns 142 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 49 shares during the period. Arlington Trust Co LLC bought a new position in Illinois Tool Works during the third quarter worth about $38,000. Finally, Union Savings Bank bought a new position in shares of Illinois Tool Works in the second quarter valued at approximately $39,000. Institutional investors own 79.77% of the company’s stock.

Insiders Place Their Bets

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction 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 completion of the sale, the chief financial officer now owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction 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 completion of the sale, the chief financial officer now owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Sharon Szafranski sold 801 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.42, for a total transaction of $205,392.42. Following the completion of the transaction, the executive vice president now directly owns 5,870 shares of the company’s stock, valued at approximately $1,505,185.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 189,471 shares of company stock valued at $48,712,316. Company insiders own 0.88% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ITW shares. Citigroup lifted their target price 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 lifted their target price on shares of Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a research note on Tuesday. Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and cut their target price for the company from $260.00 to $235.00 in a research note on Wednesday, January 10th. Wells Fargo & Company cut shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $277.00 to $240.00 in a research note on Tuesday, February 6th. Finally, Truist Financial began coverage on shares of Illinois Tool Works in a research note on Thursday, March 14th. They issued a “buy” rating and a $301.00 target price for the company. Five 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $246.10.

Get Our Latest Stock Report on Illinois Tool Works

Illinois Tool Works Stock Performance

ITW stock opened at $264.25 on Thursday. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97. The company has a 50 day moving average price of $261.08 and a 200 day moving average price of $249.00. Illinois Tool Works Inc. has a fifty-two week low of $217.06 and a fifty-two week high of $271.15. The stock has a market capitalization of $78.94 billion, a PE ratio of 27.13, a price-to-earnings-growth ratio of 4.53 and a beta of 1.13.

Illinois Tool Works (NYSE:ITWGet Free Report) last released its earnings results on Thursday, February 1st. The industrial products company reported $2.42 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 firm had revenue of $3.98 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the previous year, the business earned $2.34 EPS. The business’s quarterly revenue was up .3% compared to the same quarter last year. Analysts forecast that Illinois Tool Works Inc. will post 10.12 EPS for the current year.

Illinois Tool Works Announces Dividend

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

Illinois Tool Works Company Profile

(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.

See Also

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

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