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Logan Capital Management Inc. holds a $1.67 million stake in Illinois Tool Works Inc. (NYSE:ITW)


Logan Capital Management Inc. reduced its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW – Free Report) by 3.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC) on Form 13F. The fund owned 6,369 shares of the industrial products company after selling 260 shares during the same period. Logan Capital Management Inc.'s holdings in Illinois Tool Works were worth $1,668,000, according to the most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in ITW. Norges Bank acquired a new position in shares of Illinois Tool Works in the fourth quarter valued at about $818,408,000. Vanguard Group Inc. increased its position in shares of Illinois Tool Works by 5.0% in the third quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company's stock valued at $6,035,292,000 after acquiring an additional 1,238,239 shares in the last quarter. Alecta Tjanstepension Omsesidigt increased its position in shares of Illinois Tool Works by 150.0% in the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company's stock valued at $294,671,000 after acquiring an additional 675,000 shares in the last quarter. Corient Private Wealth LLC increased its stake in shares of Illinois Tool Works by 122.7% in the 4th quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company's stock worth $164,927,000 after purchasing an additional 346,919 shares during the period. Finally, International Assets Investment Management LLC increased its stake in Illinois Tool Works by 23,183.6% in the 4th quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company's stock worth $82,579,000 after purchasing an additional 313,906 shares during the period. 79.77% of the shares are owned by institutional investors.

Wall Street analysts predict growth

Several brokerage firms have recently commented on ITW. Truist Financial increased their price target on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Barclays decreased their price target on Illinois Tool Works from $229.00 to $217.00 and gave the company an “underweight” rating in a research report on Tuesday, June 4th. Wells Fargo & Company reduced their price target on Illinois Tool Works from $255.00 to $244.00 and gave the company an “underweight” rating in a research report on Wednesday, May 1st. Stifel Nicolaus increased their price target on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Finally, Citigroup raised their price target on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8. Four research analysts have rated the stock with a sell rating, three have given a hold rating, and three have given a buy rating. According to MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and an average price target of $256.44.

Read our latest stock analysis on Illinois Tool Works

Insider activities at Illinois Tool Works

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock on Thursday, March 14. The shares were sold at an average price of $265.06, for a total value of $9,851,485.02. Following the transaction, the chief financial officer now directly owns 46,404 shares of the company's stock, valued at approximately $12,299,844.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC's website. 1.26% of the shares are currently owned by company insiders.

Illinois Tool Works share price development

NYSE:ITW opened at $239.37 on Tuesday. The company has a market cap of $71.43 billion, a price-to-earnings ratio of 23.61, a PEG ratio of 3.57 and a beta of 1.11. The company has a 50-day moving average of $248.52 and a 200-day moving average of $254.50. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. Illinois Tool Works Inc. has a 1-year low of $217.50 and a 1-year high of $271.15.

Illinois Tool Works (NYSE:ITW – Get Free Report) last announced its quarterly results on Tuesday, April 30. The industrial products company reported earnings per share (EPS) of $2.44 for the quarter, beating analysts' consensus estimates of $2.35 by $0.09. The company had revenue of $3.97 billion for the quarter, compared to analyst expectations of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company's revenue declined 1.1% year-over-year. In the same quarter last year, the company posted earnings per share of $2.33. On average, sell-side analysts forecast that Illinois Tool Works Inc. will post earnings per share of $10.22 for the current fiscal year.

Dividend announcement for Illinois Tool Works

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11. Shareholders of record on Friday, June 28th will receive a dividend of $1.40. This represents an annualized dividend of $5.60 and a dividend yield of 2.34%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works' dividend payout ratio (DPR) is currently 55.23%.

About Illinois Tool Works

(Free report)

Illinois Tool Works Inc. manufactures and distributes industrial products and equipment in the United States and internationally. The company operates in seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Building Products and Specialty Products.

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Institutional ownership by quarter for Illinois Tool Works (NYSE:ITW)



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