Illinois Tool Works Inc. $ITW Position Raised by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,333,765 shares of the industrial products company’s stock after purchasing an additional 7,372 shares during the period. Bank of New York Mellon Corp owned approximately 0.80% of Illinois Tool Works worth $608,552,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Frazier Financial Advisors LLC bought a new position in Illinois Tool Works during the second quarter valued at about $25,000. SOA Wealth Advisors LLC. boosted its position in shares of Illinois Tool Works by 90.9% during the 2nd quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 50 shares in the last quarter. Corsicana & Co. acquired a new position in shares of Illinois Tool Works in the 3rd quarter worth approximately $26,000. Vermillion & White Wealth Management Group LLC raised its holdings in shares of Illinois Tool Works by 103.3% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 124 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 63 shares in the last quarter. Finally, Twin Peaks Wealth Advisors LLC acquired a new stake in Illinois Tool Works during the second quarter valued at approximately $31,000. Institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on ITW shares. Barclays lifted their price target on shares of Illinois Tool Works from $243.00 to $244.00 and gave the stock an “underweight” rating in a research report on Monday, October 27th. Truist Financial decreased their target price on Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating on the stock in a report on Monday, October 27th. Bank of America raised Illinois Tool Works from an “underperform” rating to a “neutral” rating and upped their target price for the company from $220.00 to $255.00 in a report on Tuesday, November 18th. The Goldman Sachs Group lowered Illinois Tool Works from a “neutral” rating to a “sell” rating and decreased their price target for the company from $258.00 to $230.00 in a research report on Tuesday, December 16th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Illinois Tool Works in a report on Friday, October 31st. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $261.08.

Insider Buying and Selling at Illinois Tool Works

In other news, Director Pamela B. Strobel sold 1,521 shares of the stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $245.25, for a total value of $373,025.25. Following the completion of the sale, the director directly owned 39,249 shares of the company’s stock, valued at $9,625,817.25. This represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.88% of the stock is owned by corporate insiders.

Illinois Tool Works Stock Down 0.1%

NYSE:ITW opened at $258.47 on Thursday. The business’s fifty day moving average price is $252.62 and its 200 day moving average price is $254.86. The firm has a market capitalization of $74.98 billion, a price-to-earnings ratio of 25.07, a PEG ratio of 13.85 and a beta of 1.15. The company has a current ratio of 1.53, a quick ratio of 1.11 and a debt-to-equity ratio of 2.39. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $278.13.

Illinois Tool Works Profile

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.