Somerset Trust Co Has $4.93 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Somerset Trust Co reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.6% during the 3rd quarter, Holdings Channel.com reports. The firm owned 18,823 shares of the industrial products company’s stock after selling 114 shares during the quarter. Illinois Tool Works comprises about 1.8% of Somerset Trust Co’s holdings, making the stock its 17th largest position. Somerset Trust Co’s holdings in Illinois Tool Works were worth $4,933,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Financial Connections Group Inc. bought a new stake in shares of Illinois Tool Works in the second quarter worth about $30,000. Fairscale Capital LLC acquired a new stake in shares of Illinois Tool Works during the second quarter worth $30,000. Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works in the 1st quarter worth $34,000. General Partner Inc. acquired a new stake in shares of Illinois Tool Works in the 1st quarter valued at about $35,000. Finally, Rise Advisors LLC bought a new stake in shares of Illinois Tool Works in the first quarter valued at about $35,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ITW has been the topic of several research reports. Stifel Nicolaus cut their target price on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research note on Wednesday, July 31st. Evercore ISI decreased their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Barclays cut their price target on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 31st. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Finally, Truist Financial boosted their price target on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $255.22.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $257.98 on Thursday. The business has a fifty day moving average price of $249.50 and a two-hundred day moving average price of $247.75. The stock has a market capitalization of $76.98 billion, a PE ratio of 25.44, a P/E/G ratio of 4.09 and a beta of 1.10. 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 fifty-two week low of $217.50 and a fifty-two week high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. During the same quarter in the previous year, the firm earned $2.41 earnings per share. Illinois Tool Works’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, equities analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be given a dividend of $1.50 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Monday, September 30th. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

Illinois Tool Works 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.