Community Bank N.A. Has $4.99 Million Stake in Illinois Tool Works Inc. (NYSE:ITW)

Community Bank N.A. reduced its position in Illinois Tool Works Inc. (NYSE:ITW) by 1.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,697 shares of the industrial products company’s stock after selling 210 shares during the period. Community Bank N.A.’s holdings in Illinois Tool Works were worth $4,994,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ITW. Raymond James Financial Inc. bought a new position in shares of Illinois Tool Works in the 4th quarter worth $203,949,000. Proficio Capital Partners LLC lifted its holdings in shares of Illinois Tool Works by 36,632.9% in the 4th quarter. Proficio Capital Partners LLC now owns 438,591 shares of the industrial products company’s stock worth $111,209,000 after purchasing an additional 437,397 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Illinois Tool Works by 41.0% in the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock worth $358,321,000 after purchasing an additional 398,676 shares in the last quarter. National Bank of Canada FI lifted its holdings in shares of Illinois Tool Works by 318.9% in the 3rd quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company’s stock worth $106,352,000 after purchasing an additional 308,935 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Illinois Tool Works by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company’s stock worth $1,645,972,000 after purchasing an additional 167,422 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Christopher A. O’herlihy sold 48,453 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $274.36, for a total value of $13,293,565.08. Following the sale, the chief executive officer now directly owns 55,113 shares of the company’s stock, valued at $15,120,802.68. This represents a 46.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael M. Larsen sold 41,472 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $271.25, for a total value of $11,249,280.00. Following the completion of the sale, the chief financial officer now directly owns 50,502 shares in the company, valued at approximately $13,698,667.50. The trade was a 45.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 159,925 shares of company stock valued at $42,973,845 over the last ninety days. Company insiders own 0.88% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on ITW. Barclays set a $260.00 price objective on Illinois Tool Works and gave the company an “equal weight” rating in a research note on Monday, March 10th. Wells Fargo & Company dropped their price objective on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research note on Thursday, February 6th. JPMorgan Chase & Co. lowered their target price on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Truist Financial lifted their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works currently has an average rating of “Hold” and a consensus price target of $269.10.

Illinois Tool Works Price Performance

ITW opened at $251.05 on Friday. 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 Inc. has a 52-week low of $232.77 and a 52-week high of $279.13. The stock has a market capitalization of $73.68 billion, a PE ratio of 21.42, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. The stock’s 50 day moving average price is $258.48 and its 200-day moving average price is $260.46.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. On average, equities research analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 annualized dividend and a yield of 2.39%. Illinois Tool Works’s payout ratio is 51.19%.

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.