Rockland Trust Co. Has $1.14 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Rockland Trust Co. decreased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,263 shares of the industrial products company’s stock after selling 62 shares during the period. Rockland Trust Co.’s holdings in Illinois Tool Works were worth $1,144,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. Turtle Creek Wealth Advisors LLC bought a new position in Illinois Tool Works during the fourth quarter valued at about $26,000. Frazier Financial Advisors LLC bought a new position in Illinois Tool Works during the fourth quarter valued at about $26,000. Financial Connections Group Inc. bought a new position in Illinois Tool Works during the fourth quarter valued at about $28,000. Security National Bank bought a new position in Illinois Tool Works during the fourth quarter valued at about $28,000. Finally, Bruce G. Allen Investments LLC bought a new position in Illinois Tool Works during the fourth quarter valued at about $29,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

ITW has been the topic of several recent research reports. Truist Financial raised their target price on Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Barclays dropped their price objective 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. StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Friday. Wells Fargo & Company dropped their price objective 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. Finally, Stifel Nicolaus lifted their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works has an average rating of “Hold” and a consensus target price of $256.44.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 775 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The stock was acquired at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the acquisition, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.88% of the stock is currently owned by company insiders.

Illinois Tool Works Trading Down 1.2 %

Shares of ITW opened at $240.40 on Friday. 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 stock’s 50-day moving average price is $244.72 and its 200 day moving average price is $254.20. The firm has a market capitalization of $71.74 billion, a price-to-earnings ratio of 23.71, a P/E/G ratio of 3.62 and a beta of 1.11. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month 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 earnings per share for the quarter, beating analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The company had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the previous year, the business earned $2.33 earnings per share. The company’s quarterly revenue was down 1.1% on a year-over-year basis. As a group, research analysts predict that Illinois Tool Works Inc. will post 10.22 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be issued a $1.40 dividend. The ex-dividend date of this dividend 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 dividend payout ratio is 55.23%.

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.