CENTRAL TRUST Co Has $2.01 Million Stake in Illinois Tool Works Inc. (NYSE:ITW)

CENTRAL TRUST Co cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 10.3% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 7,658 shares of the industrial products company’s stock after selling 876 shares during the quarter. CENTRAL TRUST Co’s holdings in Illinois Tool Works were worth $2,007,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in ITW. Financial Connections Group Inc. acquired a new stake in Illinois Tool Works during the 2nd quarter valued at approximately $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 bought a new position in Illinois Tool Works during the third quarter worth $35,000. Meeder Asset Management Inc. lifted its holdings in Illinois Tool Works by 261.4% in the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after buying an additional 115 shares during the period. Finally, Valued Wealth Advisors LLC boosted its position in Illinois Tool Works by 2,162.5% during the second quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock valued at $43,000 after acquiring an additional 173 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Evercore ISI dropped their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Wells Fargo & Company raised their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Truist Financial boosted their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Jefferies Financial Group reduced their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $255.44.

Illinois Tool Works Stock Down 0.3 %

Shares of NYSE ITW opened at $255.53 on Friday. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The company has a 50-day moving average price of $253.53 and a 200-day moving average price of $247.33. The stock has a market capitalization of $76.25 billion, a P/E ratio of 25.20, a P/E/G ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a 1 year low of $219.01 and a 1 year high of $271.15.

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

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.35%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend was Monday, September 30th. Illinois Tool Works’s payout ratio is currently 59.17%.

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.