Associated Banc Corp Sells 298 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Associated Banc Corp lessened its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 1.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,218 shares of the industrial products company’s stock after selling 298 shares during the quarter. Associated Banc Corp’s holdings in Illinois Tool Works were worth $5,823,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Fairscale Capital LLC bought a new stake in shares of Illinois Tool Works in the 2nd quarter valued at $30,000. Catalyst Capital Advisors LLC acquired a new position in shares of Illinois Tool Works in the 3rd quarter valued at about $32,000. Financial Connections Group Inc. bought a new stake in shares of Illinois Tool Works during the 2nd quarter valued at about $30,000. Northwest Investment Counselors LLC acquired a new stake in Illinois Tool Works during the third quarter worth approximately $35,000. Finally, Meeder Asset Management Inc. increased its holdings in Illinois Tool Works by 261.4% in the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 115 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ITW has been the topic of a number of research analyst reports. Truist Financial increased their price target on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. boosted their target price on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Stifel Nicolaus boosted their price objective on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Finally, Robert W. Baird increased their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Four research analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and a consensus target price of $257.30.

Illinois Tool Works Price Performance

ITW opened at $276.37 on Tuesday. The firm has a 50-day moving average price of $262.63 and a 200-day moving average price of $250.02. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $277.94. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The company has a market capitalization of $81.61 billion, a price-to-earnings ratio of 23.91, a PEG ratio of 4.25 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.53 by $0.12. The business had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.55 EPS. Equities analysts expect that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s payout ratio is presently 51.90%.

About Illinois Tool Works

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.