Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Webster Bank N. A.

Webster Bank N. A. lessened its stake in Illinois Tool Works Inc. (NYSE:ITW) by 3.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,955 shares of the industrial products company’s stock after selling 243 shares during the quarter. Webster Bank N. A.’s holdings in Illinois Tool Works were worth $2,135,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ITW. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at $26,000. Frazier Financial Advisors LLC purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at $26,000. Security National Bank purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at $28,000. Financial Connections Group Inc. purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at $28,000. Finally, Bruce G. Allen Investments LLC purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at $29,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of NYSE ITW traded up $0.96 during midday 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. Illinois Tool Works Inc. has a 1-year low of $217.50 and a 1-year high of $271.15. The firm’s fifty day moving average price is $243.51 and its 200-day moving average price is $253.82. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32. The firm has a market cap of $70.71 billion, a P/E ratio of 23.36, a P/E/G ratio of 3.53 and a beta of 1.11.

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

Illinois Tool Works Announces Dividend

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

Wall Street Analysts Forecast Growth

ITW has been the topic of a number of research reports. Stifel Nicolaus raised their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Truist Financial lifted their price target on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Wells Fargo & Company dropped their price target on shares of 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. Barclays dropped their price target on shares of 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. Finally, StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Friday, June 21st. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $256.44.

Insider Activity

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

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.