Bank of Montreal Can Raises Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Bank of Montreal Can grew its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 8.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 600,986 shares of the industrial products company's stock after purchasing an additional 45,658 shares during the period. Bank of Montreal Can owned approximately 0.20% of Illinois Tool Works worth $152,386,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Prudent Man Investment Management Inc. acquired a new position in Illinois Tool Works in the 4th quarter valued at about $25,000. Sugar Maple Asset Management LLC purchased a new stake in shares of Illinois Tool Works during the 4th quarter valued at approximately $28,000. Millstone Evans Group LLC acquired a new position in Illinois Tool Works in the fourth quarter valued at approximately $31,000. Atlantic Private Wealth LLC purchased a new position in Illinois Tool Works in the fourth quarter worth approximately $32,000. Finally, Ulland Investment Advisors LLC acquired a new stake in Illinois Tool Works during the fourth quarter worth $33,000. Institutional investors and hedge funds own 79.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Barclays lowered their price target on Illinois Tool Works from $252.00 to $240.00 and set an "equal weight" rating for the company in a report on Thursday. Truist Financial increased their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. UBS Group reduced their price target on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Citigroup lowered their price objective on shares of Illinois Tool Works from $279.00 to $265.00 and set a "neutral" rating for the company in a research report on Monday, January 13th. Finally, JPMorgan Chase & Co. cut their target price on Illinois Tool Works from $300.00 to $295.00 and set an "overweight" rating on the stock in a research report on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works currently has a consensus rating of "Hold" and a consensus target price of $264.09.

Insider Buying and Selling

In other Illinois Tool Works news, Director Ernest Scott Santi sold 70,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total value of $18,431,000.00. Following the transaction, the director now directly owns 260,224 shares in the company, valued at $68,516,979.20. This represents a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Michael M. Larsen sold 41,472 shares of the business's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the sale, the chief financial officer now owns 50,502 shares of the company's stock, valued at $13,698,667.50. This represents a 45.09 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 159,925 shares of company stock worth $42,973,845. Corporate insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Up 2.5 %

Shares of NYSE ITW traded up $5.59 during mid-day trading on Friday, hitting $232.40. The company had a trading volume of 1,451,463 shares, compared to its average volume of 1,006,739. The company has a market capitalization of $68.18 billion, a PE ratio of 19.83, a price-to-earnings-growth ratio of 4.56 and a beta of 1.12. The business's 50-day simple moving average is $252.30 and its 200 day simple moving average is $258.93. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. On average, analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Stockholders of record on Monday, March 31st were given a dividend of $1.50 per share. The ex-dividend date was Monday, March 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.58%. Illinois Tool Works's dividend payout ratio (DPR) is currently 51.19%.

Illinois Tool Works 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.