Citigroup Inc. Sells 32,837 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Citigroup Inc. lessened its holdings in Illinois Tool Works Inc. (NYSE:ITWFree Report) by 9.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 321,408 shares of the industrial products company’s stock after selling 32,837 shares during the quarter. Citigroup Inc. owned about 0.11% of Illinois Tool Works worth $74,024,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Cibc World Market Inc. raised its position in shares of Illinois Tool Works by 3.7% in the 1st quarter. Cibc World Market Inc. now owns 9,666 shares of the industrial products company’s stock worth $2,024,000 after purchasing an additional 348 shares during the last quarter. Cetera Investment Advisers raised its holdings in Illinois Tool Works by 4.2% in the first quarter. Cetera Investment Advisers now owns 9,070 shares of the industrial products company’s stock worth $1,899,000 after buying an additional 368 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in Illinois Tool Works by 54.7% in the first quarter. Sequoia Financial Advisors LLC now owns 2,859 shares of the industrial products company’s stock worth $599,000 after buying an additional 1,011 shares during the last quarter. Zions Bancorporation N.A. grew its holdings in shares of Illinois Tool Works by 9.9% during the first quarter. Zions Bancorporation N.A. now owns 2,407 shares of the industrial products company’s stock valued at $504,000 after buying an additional 217 shares during the last quarter. Finally, Covestor Ltd increased its position in shares of Illinois Tool Works by 70.7% during the first quarter. Covestor Ltd now owns 746 shares of the industrial products company’s stock valued at $156,000 after acquiring an additional 309 shares in the last quarter. Hedge funds and other institutional investors own 79.56% of the company’s stock.

Wall Street Analysts Forecast Growth

ITW has been the topic of several analyst reports. Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $260.00 to $235.00 in a research report on Wednesday, January 10th. Wells Fargo & Company cut Illinois Tool Works from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $277.00 to $240.00 in a research report on Tuesday, February 6th. Citigroup lifted their price objective on Illinois Tool Works from $244.00 to $256.00 and gave the stock a “neutral” rating in a report on Monday, December 11th. Barclays lifted their price objective on Illinois Tool Works from $215.00 to $224.00 and gave the stock an “underweight” rating in a report on Monday, February 5th. Finally, JPMorgan Chase & Co. reduced their price objective on Illinois Tool Works from $265.00 to $255.00 and set an “overweight” rating for the company in a report on Monday, October 16th. Five investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $239.33.

View Our Latest Analysis on ITW

Insider Buying and Selling

In other news, Chairman Ernest Scott Santi sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the sale, the chairman now directly owns 221,015 shares of the company’s stock, valued at approximately $56,235,056.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.88% of the stock is owned by insiders.

Illinois Tool Works Trading Up 0.5 %

Illinois Tool Works stock opened at $255.75 on Friday. Illinois Tool Works Inc. has a 52-week low of $217.06 and a 52-week high of $267.12. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10. The company has a market cap of $76.95 billion, a P/E ratio of 26.26, a P/E/G ratio of 4.39 and a beta of 1.15. The business has a 50-day simple moving average of $256.70 and a two-hundred day simple moving average of $244.20.

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 for the quarter, beating analysts’ consensus estimates of $2.41 by $0.01. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The firm had revenue of $3.98 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same period in the previous year, the firm earned $2.34 EPS. The business’s quarterly revenue was up .3% on a year-over-year basis. Analysts predict that Illinois Tool Works Inc. will post 10.12 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Friday, March 29th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.19%. 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 worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

See Also

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

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