First Citizens Bank & Trust Co. Trims Holding in Illinois Tool Works Inc. (ITW)

First Citizens Bank & Trust Co. Trims Holding in Illinois Tool Works Inc. (ITW)

First Citizens Bank & Trust Co. cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 29.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,344 shares of the industrial products company’s stock after selling 977 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Illinois Tool Works were worth $297,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in ITW. Cardinal Capital Management grew its holdings in Illinois Tool Works by 1.0% during the 4th quarter. Cardinal Capital Management now owns 40,728 shares of the industrial products company’s stock worth $5,159,000 after acquiring an additional 413 shares during the last quarter. Ipswich Investment Management Co. Inc. grew its holdings in Illinois Tool Works by 710.2% during the 4th quarter. Ipswich Investment Management Co. Inc. now owns 19,404 shares of the industrial products company’s stock worth $2,458,000 after acquiring an additional 17,009 shares during the last quarter. DNB Asset Management AS grew its holdings in Illinois Tool Works by 7.7% during the 4th quarter. DNB Asset Management AS now owns 72,481 shares of the industrial products company’s stock worth $9,183,000 after acquiring an additional 5,153 shares during the last quarter. CX Institutional bought a new stake in Illinois Tool Works during the 4th quarter worth approximately $1,739,000. Finally, Peachtree Investment Advisors Inc. grew its holdings in Illinois Tool Works by 8.0% during the 4th quarter. Peachtree Investment Advisors Inc. now owns 18,135 shares of the industrial products company’s stock worth $2,298,000 after acquiring an additional 1,345 shares during the last quarter. 76.28% of the stock is currently owned by institutional investors.

Shares of Illinois Tool Works stock traded up $0.70 during trading on Friday, reaching $135.72. 1,739,441 shares of the company traded hands, compared to its average volume of 1,536,697. The company has a quick ratio of 1.26, a current ratio of 1.63 and a debt-to-equity ratio of 1.85. Illinois Tool Works Inc. has a 1-year low of $117.75 and a 1-year high of $171.83. The company has a market capitalization of $45.03 billion, a PE ratio of 17.86, a PEG ratio of 2.21 and a beta of 1.19.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Friday, February 1st. The industrial products company reported $1.83 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.82 by $0.01. Illinois Tool Works had a net margin of 17.35% and a return on equity of 69.48%. The company had revenue of $3.58 billion for the quarter, compared to the consensus estimate of $3.61 billion. During the same quarter in the previous year, the company earned $1.70 EPS. Illinois Tool Works’s quarterly revenue was down 1.4% compared to the same quarter last year. Sell-side analysts expect that Illinois Tool Works Inc. will post 7.97 EPS for the current fiscal year.

In related news, insider Sundaram Nagarajan sold 18,651 shares of the business’s stock in a transaction on Monday, February 4th. The shares were sold at an average price of $137.75, for a total transaction of $2,569,175.25. Following the transaction, the insider now owns 44,954 shares in the company, valued at approximately $6,192,413.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael M. Larsen sold 58,736 shares of the business’s stock in a transaction on Tuesday, December 11th. The shares were sold at an average price of $132.91, for a total transaction of $7,806,601.76. The disclosure for this sale can be found here. Insiders have sold a total of 200,772 shares of company stock worth $26,864,670 in the last quarter. 0.82% of the stock is owned by corporate insiders.

A number of equities research analysts have weighed in on the stock. Wells Fargo & Co reissued a “buy” rating and set a $150.00 target price (down from $160.00) on shares of Illinois Tool Works in a report on Wednesday, October 17th. Citigroup lowered shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and set a $144.00 price objective on the stock. in a research note on Monday, January 14th. ValuEngine raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating in a research note on Tuesday, November 13th. Deutsche Bank set a $133.00 price objective on shares of Illinois Tool Works and gave the company a “hold” rating in a research note on Monday, December 10th. Finally, Morgan Stanley set a $131.00 price objective on shares of Illinois Tool Works and gave the company a “hold” rating in a research note on Thursday, October 25th. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $137.93.

About Illinois Tool Works

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

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