Illinois Tool Works Inc. (NYSE:ITW) Shares Acquired by OLD National Bancorp IN

OLD National Bancorp IN increased its position in Illinois Tool Works Inc. (NYSE:ITW) by 8.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 6,918 shares of the industrial products company’s stock after acquiring an additional 510 shares during the period. OLD National Bancorp IN’s holdings in Illinois Tool Works were worth $1,754,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of ITW. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Illinois Tool Works by 2.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 28,266 shares of the industrial products company’s stock valued at $6,698,000 after buying an additional 596 shares during the period. EP Wealth Advisors LLC raised its position in Illinois Tool Works by 2.8% during the second quarter. EP Wealth Advisors LLC now owns 4,513 shares of the industrial products company’s stock valued at $1,069,000 after buying an additional 123 shares during the period. Truist Financial Corp raised its position in Illinois Tool Works by 2.4% during the second quarter. Truist Financial Corp now owns 67,363 shares of the industrial products company’s stock valued at $15,962,000 after buying an additional 1,583 shares during the period. Cetera Investment Advisers raised its position in Illinois Tool Works by 7.6% during the second quarter. Cetera Investment Advisers now owns 60,619 shares of the industrial products company’s stock valued at $14,364,000 after buying an additional 4,276 shares during the period. Finally, Clearbridge Investments LLC raised its position in Illinois Tool Works by 2.2% during the second quarter. Clearbridge Investments LLC now owns 437,391 shares of the industrial products company’s stock valued at $103,644,000 after buying an additional 9,513 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of ITW stock opened at $259.88 on Friday. The stock has a 50 day moving average of $262.55 and a two-hundred day moving average of $256.86. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $279.13. The company has a market capitalization of $76.74 billion, a P/E ratio of 22.48, a P/E/G ratio of 3.60 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter last year, the company earned $2.55 EPS. The company’s quarterly revenue was down 1.6% on a year-over-year basis. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Analyst Upgrades and Downgrades

ITW has been the topic of several recent analyst reports. Citigroup dropped their price target on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research report on Monday, January 13th. Truist Financial upped their target price on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Wells Fargo & Company dropped their target price on Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating on the stock in a research report on Tuesday, January 7th. Evercore ISI lowered Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their target price for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. Finally, Barclays lowered their price objective on Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $269.89.

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.