Commerzbank Aktiengesellschaft FI Has $2.62 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

Commerzbank Aktiengesellschaft FI cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 4.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,279 shares of the industrial products company’s stock after selling 466 shares during the quarter. Commerzbank Aktiengesellschaft FI’s holdings in Illinois Tool Works were worth $2,620,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Baron Wealth Management LLC increased its position in Illinois Tool Works by 4.5% in the 4th quarter. Baron Wealth Management LLC now owns 910 shares of the industrial products company’s stock worth $231,000 after purchasing an additional 39 shares during the last quarter. Mitchell Mcleod Pugh & Williams Inc. grew its stake in shares of Illinois Tool Works by 2.5% in the 3rd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 1,614 shares of the industrial products company’s stock valued at $423,000 after buying an additional 40 shares in the last quarter. Sigma Planning Corp increased its holdings in Illinois Tool Works by 0.9% in the third quarter. Sigma Planning Corp now owns 4,639 shares of the industrial products company’s stock worth $1,216,000 after buying an additional 41 shares during the last quarter. Harbour Investments Inc. raised its position in Illinois Tool Works by 1.1% during the third quarter. Harbour Investments Inc. now owns 3,652 shares of the industrial products company’s stock valued at $957,000 after acquiring an additional 41 shares in the last quarter. Finally, TrinityPoint Wealth LLC lifted its stake in Illinois Tool Works by 1.0% in the third quarter. TrinityPoint Wealth LLC now owns 4,208 shares of the industrial products company’s stock valued at $1,103,000 after acquiring an additional 43 shares during the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. JPMorgan Chase & Co. cut their price target on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Evercore ISI reduced their price target on Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating for the company in a research report on Wednesday, February 19th. Jefferies Financial Group increased their price objective on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a report on Friday, December 6th. Finally, Truist Financial boosted their target price on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $269.30.

Illinois Tool Works Stock Performance

ITW opened at $261.96 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The stock’s 50 day moving average price is $257.09 and its two-hundred day moving average price is $259.57. The firm has a market capitalization of $76.89 billion, a P/E ratio of 22.35, a price-to-earnings-growth ratio of 4.56 and a beta of 1.11. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. On average, equities analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s payout ratio is presently 51.19%.

Insider Buying and Selling

In other Illinois Tool Works news, Director Ernest Scott Santi sold 70,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total value of $18,431,000.00. Following the completion of the transaction, the director now owns 260,224 shares of the company’s stock, valued at $68,516,979.20. This represents a 21.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.88% of the stock is owned by company insiders.

Illinois Tool Works Profile

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.