Trust Co. of Virginia VA Trims Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Trust Co. of Virginia VA trimmed its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 21.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,277 shares of the industrial products company’s stock after selling 889 shares during the quarter. Trust Co. of Virginia VA’s holdings in Illinois Tool Works were worth $879,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Westfield Capital Management Co. LP grew its stake in Illinois Tool Works by 93.5% in the third quarter. Westfield Capital Management Co. LP now owns 30,918 shares of the industrial products company’s stock worth $7,121,000 after purchasing an additional 14,936 shares in the last quarter. Qube Research & Technologies Ltd grew its stake in Illinois Tool Works by 316.1% in the third quarter. Qube Research & Technologies Ltd now owns 329,548 shares of the industrial products company’s stock worth $75,898,000 after purchasing an additional 250,349 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in Illinois Tool Works by 92.8% in the third quarter. Tower Research Capital LLC TRC now owns 15,230 shares of the industrial products company’s stock worth $3,508,000 after purchasing an additional 7,330 shares in the last quarter. Bank of Nova Scotia grew its stake in Illinois Tool Works by 38.6% in the third quarter. Bank of Nova Scotia now owns 34,401 shares of the industrial products company’s stock worth $7,923,000 after purchasing an additional 9,582 shares in the last quarter. Finally, CWA Asset Management Group LLC grew its stake in Illinois Tool Works by 17.7% in the third quarter. CWA Asset Management Group LLC now owns 3,557 shares of the industrial products company’s stock worth $819,000 after purchasing an additional 534 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Up 0.4 %

NYSE ITW traded up $0.96 during trading on Friday, hitting $236.96. The company’s stock had a trading volume of 3,403,554 shares, compared to its average volume of 1,001,118. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. The company has a market cap of $70.71 billion, a PE ratio of 23.36, a P/E/G ratio of 3.53 and a beta of 1.11. The business’s 50 day simple moving average is $243.51 and its 200-day simple moving average is $253.82. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.09. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the company earned $2.33 earnings per share. On average, equities analysts anticipate that Illinois Tool Works Inc. will post 10.22 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s payout ratio is 55.23%.

Analyst Ratings Changes

Several brokerages recently issued reports on ITW. Barclays dropped their price objective on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research note on Tuesday, June 4th. Truist Financial increased their target price on Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Friday, June 21st. Citigroup increased their target price on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, Stifel Nicolaus increased their target price on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $256.44.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 775 shares of Illinois Tool Works stock in a transaction dated Thursday, June 13th. The stock was purchased at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the purchase, the director now directly owns 121,506 shares in the company, valued at approximately $29,018,062.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.88% of the company’s stock.

About Illinois Tool Works

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.