CENTRAL TRUST Co Trims Position in Illinois Tool Works Inc. (NYSE:ITW)

CENTRAL TRUST Co decreased its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 6.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,235 shares of the industrial products company’s stock after selling 613 shares during the quarter. CENTRAL TRUST Co’s holdings in Illinois Tool Works were worth $2,478,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Tokio Marine Asset Management Co. Ltd. increased its holdings in shares of Illinois Tool Works by 1.4% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock worth $1,590,000 after buying an additional 84 shares during the last quarter. Rockline Wealth Management LLC acquired a new stake in Illinois Tool Works during the 4th quarter worth approximately $4,180,000. Wesbanco Bank Inc. raised its holdings in Illinois Tool Works by 23.4% in the third quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock valued at $1,401,000 after buying an additional 1,152 shares during the period. Ziegler Capital Management LLC acquired a new position in Illinois Tool Works during the fourth quarter valued at approximately $224,000. Finally, Tyche Wealth Partners LLC purchased a new stake in Illinois Tool Works during the fourth quarter worth approximately $2,972,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW traded down $0.09 on Wednesday, reaching $248.70. 974,972 shares of the company’s stock were exchanged, compared to its average volume of 1,197,664. Illinois Tool Works Inc. has a fifty-two week low of $217.06 and a fifty-two week high of $271.15. The business’s 50-day moving average is $255.62 and its two-hundred day moving average is $253.99. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The firm has a market capitalization of $74.21 billion, a price-to-earnings ratio of 24.53, a PEG ratio of 3.71 and a beta of 1.14.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. The business had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The business’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.33 EPS. As a group, equities research analysts forecast that Illinois Tool Works Inc. will post 10.24 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.25%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Stifel Nicolaus upped their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Barclays reduced their price target on Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating on the stock in a research report on Thursday, May 2nd. Truist Financial raised their price target on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Finally, Wells Fargo & Company cut their price target on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. Four analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $257.78.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $265.06, for a total value of $9,851,485.02. Following the completion of the transaction, the chief financial officer now owns 46,404 shares in the company, valued at approximately $12,299,844.24. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.26% of the stock is currently owned by insiders.

Illinois Tool Works Company 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.