Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by M&T Bank Corp

M&T Bank Corp decreased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 8.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 58,840 shares of the industrial products company’s stock after selling 5,526 shares during the period. M&T Bank Corp’s holdings in Illinois Tool Works were worth $15,420,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ITW. Financial Connections Group Inc. bought a new position in Illinois Tool Works in the 2nd quarter valued at about $30,000. Fairscale Capital LLC acquired a new stake in shares of Illinois Tool Works during the second quarter worth $30,000. True Wealth Design LLC lifted its stake in Illinois Tool Works by 1,060.0% during the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after buying an additional 106 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new position in Illinois Tool Works during the 3rd quarter worth approximately $32,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Illinois Tool Works in the 3rd quarter worth about $35,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

Shares of ITW stock opened at $273.79 on Wednesday. The firm’s 50 day moving average is $266.20 and its 200-day moving average is $251.93. Illinois Tool Works Inc. has a 1 year low of $232.77 and a 1 year high of $279.13. 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 firm has a market capitalization of $80.85 billion, a price-to-earnings ratio of 23.68, a PEG ratio of 4.24 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (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 company’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.55 EPS. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a $1.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.19%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.90%.

Analysts Set New Price Targets

ITW has been the topic of a number of research reports. Wells Fargo & Company upped their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Stifel Nicolaus lifted their target price on shares of Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. Robert W. Baird upped their price target on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their target price for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. Finally, Truist Financial increased their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works has an average rating of “Hold” and an average target price of $267.30.

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.