Bangor Savings Bank Sells 205 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Bangor Savings Bank reduced its position in Illinois Tool Works Inc. (NYSE:ITW) by 30.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 474 shares of the industrial products company’s stock after selling 205 shares during the quarter. Bangor Savings Bank’s holdings in Illinois Tool Works were worth $127,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of ITW. Norges Bank bought a new position in Illinois Tool Works during the fourth quarter worth $818,408,000. Vanguard Group Inc. boosted its stake in Illinois Tool Works by 5.0% during the third quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock worth $6,035,292,000 after acquiring an additional 1,238,239 shares in the last quarter. Alecta Tjanstepension Omsesidigt boosted its stake in Illinois Tool Works by 150.0% during the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock worth $294,671,000 after acquiring an additional 675,000 shares in the last quarter. Corient Private Wealth LLC boosted its stake in Illinois Tool Works by 122.7% during the fourth quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock worth $164,927,000 after acquiring an additional 346,919 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its stake in Illinois Tool Works by 23,183.6% during the fourth quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock worth $82,579,000 after acquiring an additional 313,906 shares in the last quarter. 79.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ITW. StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Friday. Citigroup raised their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Barclays dropped 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 note on Tuesday, June 4th. Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Finally, Wells Fargo & Company lowered their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a report on Wednesday, May 1st. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $256.44.

Insider Activity

In other news, Director David Byron Smith, Jr. acquired 775 shares of the business’s stock in a transaction dated 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 transaction, the director now owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.88% of the stock is owned by company insiders.

Illinois Tool Works Stock Performance

NYSE ITW opened at $240.40 on Monday. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The company has a 50-day simple moving average of $244.72 and a 200 day simple moving average of $254.26. 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 company has a market capitalization of $71.74 billion, a PE ratio of 23.71, a price-to-earnings-growth ratio of 3.62 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter last year, the company earned $2.33 earnings per share. The company’s revenue was down 1.1% on a year-over-year basis. On average, research analysts predict that Illinois Tool Works Inc. will post 10.22 EPS for the current year.

Illinois Tool Works Announces Dividend

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 given 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 (DPR) is currently 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.