Bank of New York Mellon Corp Has $608.55 Million Stock Holdings in Illinois Tool Works Inc. $ITW

Bank of New York Mellon Corp boosted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.3% in the third quarter, Holdings Channel.com reports. 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’s holdings in Illinois Tool Works were worth $608,552,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ITW. Rockline Wealth Management LLC grew its stake in shares of Illinois Tool Works by 1.3% in the 3rd quarter. Rockline Wealth Management LLC now owns 18,438 shares of the industrial products company’s stock valued at $4,808,000 after buying an additional 230 shares in the last quarter. EPG Wealth Management LLC lifted its stake in Illinois Tool Works by 7.0% in the third quarter. EPG Wealth Management LLC now owns 4,166 shares of the industrial products company’s stock valued at $1,086,000 after acquiring an additional 273 shares during the last quarter. Phoenix Financial Ltd. grew its position in Illinois Tool Works by 33.7% in the third quarter. Phoenix Financial Ltd. now owns 1,768 shares of the industrial products company’s stock worth $462,000 after acquiring an additional 446 shares in the last quarter. Paragon Private Wealth Management LLC increased its stake in shares of Illinois Tool Works by 10.6% during the 3rd quarter. Paragon Private Wealth Management LLC now owns 6,098 shares of the industrial products company’s stock worth $1,590,000 after purchasing an additional 584 shares during the last quarter. Finally, KPP Advisory Services LLC raised its holdings in shares of Illinois Tool Works by 10.7% during the 3rd quarter. KPP Advisory Services LLC now owns 1,643 shares of the industrial products company’s stock valued at $428,000 after purchasing an additional 159 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Illinois Tool Works news, Director Pamela B. Strobel sold 1,521 shares of the stock in a transaction 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.88% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ITW has been the subject of a number of recent research reports. The Goldman Sachs Group cut shares of Illinois Tool Works from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $258.00 to $230.00 in a report on Tuesday, December 16th. Deutsche Bank Aktiengesellschaft upped their price target on Illinois Tool Works from $265.00 to $268.00 and gave the stock a “hold” rating in a research note on Thursday, October 2nd. Robert W. Baird set a $265.00 price objective on Illinois Tool Works in a research note 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 stock from $220.00 to $255.00 in a research report on Tuesday, November 18th. Finally, Barclays lifted their price target on shares of Illinois Tool Works from $243.00 to $244.00 and gave the company an “underweight” rating in a research report on Monday, October 27th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat, Illinois Tool Works presently has an average rating of “Reduce” and an average price target of $261.08.

Illinois Tool Works Stock Down 0.1%

Shares of ITW stock opened at $258.47 on Thursday. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $278.13. The company has a quick ratio of 1.11, a current ratio of 1.53 and a debt-to-equity ratio of 2.39. The firm has a market cap of $74.98 billion, a PE ratio of 25.07, a price-to-earnings-growth ratio of 13.85 and a beta of 1.15. The stock has a 50 day moving average of $252.62 and a 200-day moving average of $254.86.

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.