Adirondack Trust Co. Decreases Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Adirondack Trust Co. decreased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 16.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,008 shares of the industrial products company’s stock after selling 196 shares during the quarter. Adirondack Trust Co.’s holdings in Illinois Tool Works were worth $264,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Illinois Tool Works during the 4th quarter worth approximately $26,000. Frazier Financial Advisors LLC purchased a new stake in Illinois Tool Works in the 4th quarter valued at approximately $26,000. Financial Connections Group Inc. purchased a new stake in Illinois Tool Works in the 4th quarter valued at approximately $28,000. Security National Bank purchased a new stake in Illinois Tool Works in the 4th quarter valued at approximately $28,000. Finally, Bruce G. Allen Investments LLC purchased a new stake in Illinois Tool Works in the 4th quarter valued at approximately $29,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. purchased 775 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was purchased at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the acquisition, the director now owns 121,506 shares in the company, valued at $29,018,062.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.26% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on ITW. Wells Fargo & Company reduced their target price on 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. Truist Financial upped their target price on Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Stifel Nicolaus upped their target price on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, June 13th. Finally, Barclays reduced their price target on 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. Four analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $256.44.

Illinois Tool Works Trading Up 0.6 %

ITW stock opened at $240.48 on Wednesday. The company has a market cap of $71.76 billion, a price-to-earnings ratio of 23.72, a PEG ratio of 3.55 and a beta of 1.11. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The business has a fifty day simple moving average of $245.64 and a 200-day simple moving average of $254.36. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15.

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

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be issued a dividend of $1.40 per share. The ex-dividend date is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.33%. Illinois Tool Works’s payout ratio is 55.23%.

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.