Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by First National Trust Co

First National Trust Co trimmed its position in Illinois Tool Works Inc. (NYSE:ITW) by 6.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,839 shares of the industrial products company’s stock after selling 656 shares during the quarter. First National Trust Co’s holdings in Illinois Tool Works were worth $2,316,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Financial Connections Group Inc. acquired a new stake in Illinois Tool Works during the second quarter worth $30,000. Fairscale Capital LLC purchased a new position in Illinois Tool Works during the second quarter worth about $30,000. Catalyst Capital Advisors LLC acquired a new stake in shares of Illinois Tool Works during the third quarter valued at about $32,000. Northwest Investment Counselors LLC purchased a new stake in shares of Illinois Tool Works in the 3rd quarter valued at approximately $35,000. Finally, Meeder Asset Management Inc. raised its stake in shares of Illinois Tool Works by 261.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 115 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $271.20 on Wednesday. Illinois Tool Works Inc. has a 12 month low of $231.21 and a 12 month high of $277.58. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The company has a market cap of $80.09 billion, a P/E ratio of 23.46, a PEG ratio of 4.22 and a beta of 1.10. The firm has a fifty day moving average price of $258.03 and a 200 day moving average price of $248.27.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.53 by $0.12. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm’s revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.55 earnings per share. Sell-side analysts predict that Illinois Tool Works Inc. will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.21%. Illinois Tool Works’s dividend payout ratio is presently 51.90%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on ITW shares. JPMorgan Chase & Co. boosted their target price on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Stifel Nicolaus increased their target price on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Truist Financial increased their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Robert W. Baird upped their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Illinois Tool Works has an average rating of “Hold” and an average price target of $256.40.

Illinois Tool Works 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.