Fifth Third Bancorp Sells 3,637 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Fifth Third Bancorp reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 313,953 shares of the industrial products company’s stock after selling 3,637 shares during the period. Fifth Third Bancorp owned 0.11% of Illinois Tool Works worth $79,606,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Pensionfund Sabic increased its stake in shares of Illinois Tool Works by 37.0% in the fourth quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company’s stock worth $1,876,000 after purchasing an additional 2,000 shares during the period. Franklin Resources Inc. increased its position in Illinois Tool Works by 41.0% during the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock worth $358,321,000 after acquiring an additional 398,676 shares during the period. Clark & Stuart Inc acquired a new position in Illinois Tool Works during the 4th quarter valued at $1,729,000. Czech National Bank grew its position in Illinois Tool Works by 5.9% in the 4th quarter. Czech National Bank now owns 58,265 shares of the industrial products company’s stock worth $14,774,000 after purchasing an additional 3,227 shares during the last quarter. Finally, Wolverine Asset Management LLC bought a new position in shares of Illinois Tool Works during the 3rd quarter worth about $1,179,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ITW has been the subject of several research reports. Citigroup reduced their target price on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research note on Monday, January 13th. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Wednesday. Barclays cut their price target on shares of Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 8th. Jefferies Financial Group boosted 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. Finally, Evercore ISI lowered shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and boosted their price target for the company from $246.00 to $255.00 in a research report on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $269.89.

Illinois Tool Works Price Performance

Shares of ITW stock opened at $259.83 on Friday. The firm has a market cap of $76.73 billion, a price-to-earnings ratio of 22.48, a PEG ratio of 3.60 and a beta of 1.11. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $279.13. 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 stock has a 50-day moving average price of $263.22 and a 200 day moving average price of $256.12.

Illinois Tool Works (NYSE:ITW) last released its earnings results 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 net margin of 21.66% and a return on equity of 97.06%. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the previous year, the business earned $2.55 EPS. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. Research analysts expect that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

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.