Miracle Mile Advisors LLC Acquires 3,174 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Miracle Mile Advisors LLC increased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITWFree Report) by 139.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,453 shares of the industrial products company’s stock after purchasing an additional 3,174 shares during the period. Miracle Mile Advisors LLC’s holdings in Illinois Tool Works were worth $1,428,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Moneta Group Investment Advisors LLC lifted its stake in Illinois Tool Works by 106,553.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 7,185,211 shares of the industrial products company’s stock valued at $1,582,902,000 after acquiring an additional 7,178,474 shares in the last quarter. Norges Bank bought a new stake in Illinois Tool Works in the 4th quarter valued at approximately $708,259,000. Morgan Stanley lifted its stake in Illinois Tool Works by 59.2% in the 4th quarter. Morgan Stanley now owns 4,591,278 shares of the industrial products company’s stock valued at $1,011,459,000 after acquiring an additional 1,707,780 shares in the last quarter. Vanguard Group Inc. lifted its stake in Illinois Tool Works by 5.0% in the 3rd 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. Finally, Alecta Tjanstepension Omsesidigt lifted its stake in Illinois Tool Works by 150.0% in the 4th 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. Institutional investors own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Truist Financial assumed coverage on Illinois Tool Works in a research note on Thursday, March 14th. They issued a “buy” rating and a $301.00 target price on the stock. Citigroup boosted their price target on Illinois Tool Works from $244.00 to $256.00 and gave the stock a “neutral” rating in a research report on Monday, December 11th. Stifel Nicolaus boosted their price target on Illinois Tool Works from $238.00 to $239.00 and gave the stock a “hold” rating in a research report on Tuesday, January 23rd. Wells Fargo & Company lowered Illinois Tool Works from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $277.00 to $240.00 in a research report on Tuesday, February 6th. Finally, Bank of America lowered Illinois Tool Works from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $260.00 to $235.00 in a research report on Wednesday, January 10th. Five equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and a consensus price target of $245.50.

Get Our Latest Stock Report on ITW

Illinois Tool Works Stock Down 1.2 %

ITW stock opened at $265.23 on Tuesday. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10. The firm has a market capitalization of $79.23 billion, a PE ratio of 27.23, a PEG ratio of 4.61 and a beta of 1.13. Illinois Tool Works Inc. has a 1-year low of $217.06 and a 1-year high of $271.15. The business’s 50 day simple moving average is $260.76 and its 200 day simple moving average is $248.53.

Illinois Tool Works (NYSE:ITWGet Free Report) last posted its earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates of $2.41 by $0.01. The business had revenue of $3.98 billion for the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The firm’s revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.34 EPS. As a group, research analysts anticipate that Illinois Tool Works Inc. will post 10.12 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Friday, March 29th will be paid a $1.40 dividend. The ex-dividend date is Wednesday, March 27th. This represents a $5.60 annualized dividend and a yield of 2.11%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 57.49%.

Insider Activity at Illinois Tool Works

In related news, EVP Sharon Szafranski sold 801 shares of the business’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.42, for a total value of $205,392.42. Following the completion of the sale, the executive vice president now directly owns 5,870 shares in the company, valued at approximately $1,505,185.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Sharon Szafranski sold 801 shares of the business’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.42, for a total value of $205,392.42. Following the completion of the sale, the executive vice president now directly owns 5,870 shares in the company, valued at approximately $1,505,185.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $254.83, for a total value of $12,741,500.00. Following the completion of the sale, the chairman now owns 221,015 shares of the company’s stock, valued at $56,321,252.45. The disclosure for this sale can be found here. Insiders sold 189,471 shares of company stock worth $48,712,316 in the last ninety days. 1.26% of the stock is owned by company insiders.

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.

Further Reading

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

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