Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. lowered its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,263 shares of the industrial products company’s stock after selling 100 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Illinois Tool Works were worth $1,081,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Fairscale Capital LLC acquired a new position in Illinois Tool Works in the second quarter worth $30,000. True Wealth Design LLC raised its position in shares of Illinois Tool Works by 1,060.0% during the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 106 shares during the period. Catalyst Capital Advisors LLC acquired a new position in Illinois Tool Works during the 3rd quarter valued at approximately $32,000. Northwest Investment Counselors LLC bought a new stake in Illinois Tool Works in the third quarter valued at $35,000. Finally, Meeder Asset Management Inc. boosted its holdings in shares of Illinois Tool Works by 261.4% during the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 115 shares during the period. Institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Truist Financial boosted their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Barclays raised Illinois Tool Works from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $230.00 to $270.00 in a report on Thursday, December 5th. Evercore ISI lowered Illinois Tool Works from an “in-line” rating to an “underperform” rating and boosted their price target for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. Stifel Nicolaus lifted their price objective on shares of Illinois Tool Works from $262.00 to $268.00 and gave the company a “hold” rating in a research note on Wednesday, December 11th. Finally, StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Three analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $268.50.

Illinois Tool Works Stock Performance

Shares of ITW opened at $250.31 on Tuesday. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. The firm’s 50 day moving average is $267.01 and its 200-day moving average is $254.89. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $279.13. The stock has a market capitalization of $73.92 billion, a P/E ratio of 21.65, a P/E/G ratio of 4.22 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.12. The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.55 earnings per share. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.40%. Illinois Tool Works’s payout ratio is presently 51.90%.

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.