PNC Financial Services Group Inc. Has $320.16 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

PNC Financial Services Group Inc. boosted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 1.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,262,652 shares of the industrial products company's stock after buying an additional 15,586 shares during the quarter. PNC Financial Services Group Inc. owned about 0.43% of Illinois Tool Works worth $320,158,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Sugar Maple Asset Management LLC bought a new stake in Illinois Tool Works during the fourth quarter valued at about $28,000. True Wealth Design LLC boosted its holdings in Illinois Tool Works by 1,060.0% during the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company's stock valued at $30,000 after acquiring an additional 106 shares during the period. Catalyst Capital Advisors LLC bought a new stake in Illinois Tool Works during the third quarter valued at about $32,000. Ulland Investment Advisors LLC bought a new stake in Illinois Tool Works during the fourth quarter valued at about $33,000. Finally, Hager Investment Management Services LLC bought a new stake in Illinois Tool Works during the fourth quarter valued at about $37,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

Shares of NYSE ITW traded up $9.78 during mid-day trading on Friday, hitting $274.89. 2,321,003 shares of the stock were exchanged, compared to its average volume of 1,054,398. The company has a market cap of $80.68 billion, a P/E ratio of 23.45, a PEG ratio of 4.56 and a beta of 1.13. The stock's fifty day simple moving average is $257.54 and its two-hundred day simple moving average is $260.05. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $279.13.

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

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.18%. The ex-dividend date is Monday, March 31st. Illinois Tool Works's payout ratio is 51.19%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 target price for the company in a research note on Wednesday, February 19th. Evercore ISI reduced their target price on shares of Illinois Tool Works from $255.00 to $252.00 and set an "underperform" rating for the company in a research note on Wednesday, February 19th. Jefferies Financial Group increased their target price on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a "hold" rating in a research note on Friday, December 6th. Barclays reduced their target price on shares of Illinois Tool Works from $265.00 to $262.00 and set an "equal weight" rating for the company in a research note on Friday, February 7th. Finally, Truist Financial increased their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $269.30.

Insider Transactions at Illinois Tool Works

In related news, Director Ernest Scott Santi sold 70,000 shares of the firm's 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 completion of the sale, the director now owns 260,224 shares of the company's stock, valued at $68,516,979.20. This trade 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 the SEC website. Company insiders own 0.88% of the company's stock.

Illinois Tool Works Company 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.