Canandaigua National Bank & Trust Co. Sells 150 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Canandaigua National Bank & Trust Co. lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,928 shares of the industrial products company’s stock after selling 150 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Illinois Tool Works were worth $1,322,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Cornerstone Wealth Management LLC raised its position in shares of Illinois Tool Works by 2.8% during the 4th quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company’s stock valued at $395,000 after buying an additional 41 shares in the last quarter. Summit Financial LLC raised its position in shares of Illinois Tool Works by 1.6% during the 4th quarter. Summit Financial LLC now owns 2,601 shares of the industrial products company’s stock valued at $685,000 after buying an additional 41 shares in the last quarter. Catalyst Financial Partners LLC raised its position in shares of Illinois Tool Works by 2.5% during the 4th quarter. Catalyst Financial Partners LLC now owns 1,767 shares of the industrial products company’s stock valued at $463,000 after buying an additional 43 shares in the last quarter. PFG Advisors raised its position in shares of Illinois Tool Works by 0.7% during the 4th quarter. PFG Advisors now owns 6,655 shares of the industrial products company’s stock valued at $1,743,000 after buying an additional 46 shares in the last quarter. Finally, Crestwood Advisors Group LLC raised its position in shares of Illinois Tool Works by 1.3% during the 4th quarter. Crestwood Advisors Group LLC now owns 3,635 shares of the industrial products company’s stock valued at $952,000 after buying an additional 46 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ITW has been the topic of a number of recent analyst reports. Truist Financial increased their price objective on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Citigroup increased their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Barclays reduced their price objective on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 4th. Finally, StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, June 13th. Four analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and an average price target of $256.44.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 775 shares of the stock in a transaction on Thursday, June 13th. The stock was bought at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the purchase, the director now directly owns 121,506 shares in the company, valued at $29,018,062.92. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.26% of the stock is owned by insiders.

Illinois Tool Works Price Performance

NYSE ITW opened at $240.48 on Wednesday. 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’s 50 day moving average price is $245.64 and its 200-day moving average price is $254.36. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The company has a market cap of $71.76 billion, a PE ratio of 23.72, a P/E/G ratio of 3.55 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same period last year, the firm earned $2.33 earnings per share. The company’s quarterly revenue was down 1.1% on a year-over-year basis. 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 company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be paid a $1.40 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.60 annualized dividend and a yield of 2.33%. Illinois Tool Works’s dividend payout ratio (DPR) 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.