Rockland Trust Co. Sells 2,195 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Rockland Trust Co. trimmed its position in Illinois Tool Works Inc. (NYSE:ITW) by 51.5% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 2,068 shares of the industrial products company’s stock after selling 2,195 shares during the period. Rockland Trust Co.’s holdings in Illinois Tool Works were worth $542,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Security National Bank acquired a new stake in Illinois Tool Works in the fourth quarter worth about $28,000. Fairscale Capital LLC bought a new stake in shares of Illinois Tool Works during the second quarter worth approximately $30,000. Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works in the first quarter valued at approximately $34,000. Financial Connections Group Inc. bought a new position in Illinois Tool Works in the second quarter valued at approximately $30,000. Finally, Rise Advisors LLC acquired a new stake in Illinois Tool Works during the 1st quarter worth $35,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Stock Down 0.6 %

NYSE:ITW traded down $1.58 during trading hours on Friday, reaching $258.41. 624,279 shares of the stock were exchanged, compared to its average volume of 1,093,373. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15. The firm has a 50 day moving average of $249.00 and a 200 day moving average of $248.14. The stock has a market cap of $77.11 billion, a PE ratio of 25.48, a PEG ratio of 4.09 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The company had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. During the same quarter in the prior year, the firm posted $2.41 EPS. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, equities analysts expect that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.32%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date is Monday, September 30th. Illinois Tool Works’s payout ratio is 59.17%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Truist Financial cut their price target on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Stifel Nicolaus decreased their price target on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a report on Wednesday, July 31st. Barclays dropped their price objective on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 31st. Jefferies Financial Group lowered their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Finally, StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $250.22.

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.