Cambridge Trust Co. Decreases Position in Illinois Tool Works Inc. (NYSE:ITW)

Cambridge Trust Co. reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 2.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,778 shares of the industrial products company’s stock after selling 226 shares during the period. Cambridge Trust Co.’s holdings in Illinois Tool Works were worth $2,087,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Capital Research Global Investors increased its stake in Illinois Tool Works by 1.2% in the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock valued at $1,171,006,000 after purchasing an additional 51,654 shares during the period. Norges Bank purchased a new stake in Illinois Tool Works during the 4th quarter valued at approximately $818,408,000. Fisher Asset Management LLC lifted its position in Illinois Tool Works by 4.3% during the 4th quarter. Fisher Asset Management LLC now owns 2,951,948 shares of the industrial products company’s stock worth $773,234,000 after acquiring an additional 122,840 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Illinois Tool Works by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,350,363 shares of the industrial products company’s stock valued at $353,715,000 after purchasing an additional 26,089 shares during the period. Finally, Schroder Investment Management Group raised its stake in shares of Illinois Tool Works by 11.0% during the fourth quarter. Schroder Investment Management Group now owns 1,001,113 shares of the industrial products company’s stock worth $262,232,000 after purchasing an additional 99,175 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 775 shares of the business’s stock in a transaction on Thursday, June 13th. The stock was bought at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the acquisition, the director now owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock traded up $1.59 on Friday, hitting $243.85. The company’s stock had a trading volume of 1,281,644 shares, compared to its average volume of 1,134,753. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The company has a market capitalization of $72.76 billion, a P/E ratio of 24.05, a price-to-earnings-growth ratio of 3.80 and a beta of 1.10. The firm has a fifty day moving average price of $240.94 and a 200-day moving average price of $251.06. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter last year, the business posted $2.41 EPS. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, equities research analysts expect that Illinois Tool Works Inc. will post 10.25 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on ITW. Jefferies Financial Group dropped their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a report on Wednesday. StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday. Barclays cut their target price on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research note on Wednesday. Finally, Truist Financial decreased their price target on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research note on Wednesday. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Illinois Tool Works currently has a consensus rating of “Hold” and an average target price of $248.67.

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.