Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Truist Financial Corp

Truist Financial Corp decreased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 3.8% during the 4th quarter, Holdings Channel reports. The firm owned 67,753 shares of the industrial products company’s stock after selling 2,654 shares during the quarter. Truist Financial Corp’s holdings in Illinois Tool Works were worth $17,180,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Sugar Maple Asset Management LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $28,000. True Wealth Design LLC boosted its position 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 worth $30,000 after acquiring an additional 106 shares during the last quarter. Catalyst Capital Advisors LLC acquired a new position in Illinois Tool Works during the third quarter worth about $32,000. Ulland Investment Advisors LLC acquired a new position in Illinois Tool Works during the fourth quarter worth about $33,000. Finally, Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works during the third quarter worth about $35,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on ITW shares. Wells Fargo & Company lowered their price target on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research report on Thursday, February 6th. Citigroup lowered their price target on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research report on Monday, January 13th. Barclays decreased their target price on shares of Illinois Tool Works from $265.00 to $262.00 and set an “equal weight” rating on the stock in a report on Friday, February 7th. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price on the stock in a report on Wednesday. Finally, JPMorgan Chase & Co. decreased their target price on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $269.30.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $264.04 on Thursday. The company’s 50 day simple moving average is $257.39 and its 200-day simple moving average is $258.07. The company has a market capitalization of $77.97 billion, a price-to-earnings ratio of 22.53, a price-to-earnings-growth ratio of 4.42 and a beta of 1.11. Illinois Tool Works Inc. has a 1 year low of $232.77 and a 1 year high of $279.13. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. As a group, equities research analysts expect that Illinois Tool Works Inc. will post 10.41 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works’s payout ratio is currently 51.19%.

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.