Pinnacle Bancorp Inc. Cuts Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Pinnacle Bancorp Inc. reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,132 shares of the industrial products company’s stock after selling 65 shares during the period. Pinnacle Bancorp Inc.’s holdings in Illinois Tool Works were worth $304,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of ITW. Norges Bank purchased a new stake in Illinois Tool Works during the 4th quarter worth approximately $818,408,000. Vanguard Group Inc. boosted its holdings in shares of Illinois Tool Works by 5.0% during the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock worth $6,035,292,000 after purchasing an additional 1,238,239 shares during the last quarter. Alecta Tjanstepension Omsesidigt boosted its holdings in shares of Illinois Tool Works by 150.0% during the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock worth $294,671,000 after purchasing an additional 675,000 shares during the last quarter. Corient Private Wealth LLC boosted its holdings in shares of Illinois Tool Works by 122.7% during 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 last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of Illinois Tool Works by 23,183.6% during 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 last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Down 0.2 %

Shares of Illinois Tool Works stock traded down $0.55 during trading hours on Friday, reaching $236.84. 3,403,553 shares of the company were exchanged, compared to its average volume of 1,193,275. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15. The stock’s fifty day moving average is $243.51 and its 200 day moving average is $253.82. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32. The firm has a market cap of $70.67 billion, a PE ratio of 23.36, a PEG ratio of 3.55 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating the consensus estimate of $2.35 by $0.09. The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. Illinois Tool Works’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.33 earnings per share. As a group, equities research analysts forecast that Illinois Tool Works Inc. will post 10.22 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

Insider Activity at Illinois Tool Works

In related news, Director David Byron Smith, Jr. acquired 775 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was bought at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the purchase, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.88% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Truist Financial boosted their target price on Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Citigroup upped their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Wells Fargo & Company decreased their price objective on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a report on Wednesday, May 1st. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Friday, June 21st. Finally, Barclays decreased their price objective on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a report on Tuesday, June 4th. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $256.44.

Illinois Tool Works Company 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.