Parsons Capital Management Inc. RI Sells 317 Shares of Illinois Tool Works Inc. (ITW)

Parsons Capital Management Inc. RI reduced its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 8.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 3,285 shares of the industrial products company’s stock after selling 317 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Illinois Tool Works were worth $416,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of ITW. Focused Wealth Management Inc bought a new stake in Illinois Tool Works in the 4th quarter valued at about $38,000. Toth Financial Advisory Corp lifted its position in Illinois Tool Works by 100.0% in the 4th quarter. Toth Financial Advisory Corp now owns 350 shares of the industrial products company’s stock valued at $44,000 after purchasing an additional 175 shares during the last quarter. Legacy Financial Advisors Inc. lifted its position in Illinois Tool Works by 101.1% in the 4th quarter. Legacy Financial Advisors Inc. now owns 374 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 188 shares during the last quarter. Moody National Bank Trust Division lifted its position in Illinois Tool Works by 100.0% in the 4th quarter. Moody National Bank Trust Division now owns 420 shares of the industrial products company’s stock valued at $54,000 after purchasing an additional 210 shares during the last quarter. Finally, NuWave Investment Management LLC lifted its position in Illinois Tool Works by 3,530.8% in the 4th quarter. NuWave Investment Management LLC now owns 472 shares of the industrial products company’s stock valued at $60,000 after purchasing an additional 459 shares during the last quarter. Institutional investors own 76.28% of the company’s stock.

Several analysts recently weighed in on ITW shares. Morgan Stanley downgraded shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $131.00 to $115.00 in a research report on Tuesday, December 18th. Seaport Global Securities downgraded shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and cut their price objective for the company from $170.00 to $132.00 in a research report on Thursday, October 25th. Credit Suisse Group reiterated a “hold” rating and issued a $131.00 price objective on shares of Illinois Tool Works in a research report on Friday, December 7th. Wells Fargo & Co set a $145.00 price objective on shares of Illinois Tool Works and gave the company a “buy” rating in a research report on Thursday, October 25th. Finally, Citigroup set a $148.00 price objective on shares of Illinois Tool Works and gave the company a “buy” rating in a research report on Thursday, October 25th. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $137.93.

Illinois Tool Works stock opened at $135.72 on Friday. The stock has a market cap of $45.03 billion, a price-to-earnings ratio of 17.86, a P/E/G ratio of 2.21 and a beta of 1.19. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.26 and a current ratio of 1.63. Illinois Tool Works Inc. has a 52 week low of $117.75 and a 52 week high of $171.83.

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

In other Illinois Tool Works news, CFO Michael M. Larsen sold 58,736 shares of the firm’s stock in a transaction dated Tuesday, December 11th. The shares were sold at an average price of $132.91, for a total transaction of $7,806,601.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Sundaram Nagarajan sold 18,651 shares of the firm’s stock in a transaction dated 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 directly owns 44,954 shares in the company, valued at approximately $6,192,413.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 200,772 shares of company stock worth $26,864,670. 0.82% of the stock is owned by corporate insiders.

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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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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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