Stock Yards Bank & Trust Co. Sells 271 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Stock Yards Bank & Trust Co. decreased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,741 shares of the industrial products company’s stock after selling 271 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Illinois Tool Works were worth $4,441,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Gryphon Financial Partners LLC bought a new stake in Illinois Tool Works during the fourth quarter valued at $263,000. Jump Financial LLC bought a new stake in shares of Illinois Tool Works during the 4th quarter valued at about $309,000. Brown Advisory Inc. boosted its position in shares of Illinois Tool Works by 24.6% during the 4th quarter. Brown Advisory Inc. now owns 82,626 shares of the industrial products company’s stock valued at $21,643,000 after purchasing an additional 16,322 shares in the last quarter. TrinityPoint Wealth LLC grew its stake in Illinois Tool Works by 2.4% during the fourth quarter. TrinityPoint Wealth LLC now owns 4,068 shares of the industrial products company’s stock worth $1,065,000 after purchasing an additional 95 shares during the period. Finally, ING Groep NV increased its holdings in Illinois Tool Works by 538.3% in the fourth quarter. ING Groep NV now owns 3,485 shares of the industrial products company’s stock worth $913,000 after purchasing an additional 2,939 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of ITW opened at $255.13 on Tuesday. The firm has a market capitalization of $76.13 billion, a P/E ratio of 25.16, a P/E/G ratio of 3.93 and a beta of 1.10. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The stock has a 50 day moving average price of $244.96 and a two-hundred day moving average price of $248.26. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. During the same quarter in the prior year, the company posted $2.41 earnings per share. Illinois Tool Works’s revenue was down 1.2% compared to the same quarter last year. Equities analysts forecast that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be given a dividend of $1.50 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Monday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 59.17%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Friday. JPMorgan Chase & Co. increased their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Truist Financial cut their price objective on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Finally, Jefferies Financial Group decreased their target price on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Three analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus target price of $250.22.

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.