Farmers Trust Co. Cuts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Farmers Trust Co. trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 6.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,372 shares of the industrial products company’s stock after selling 98 shares during the period. Farmers Trust Co.’s holdings in Illinois Tool Works were worth $360,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Capital Research Global Investors lifted its holdings in shares of Illinois Tool Works by 1.2% in the 1st quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock worth $1,171,006,000 after acquiring an additional 51,654 shares during the last quarter. Fisher Asset Management LLC boosted its position in Illinois Tool Works by 4.2% during the fourth quarter. Fisher Asset Management LLC now owns 2,949,029 shares of the industrial products company’s stock valued at $772,469,000 after buying an additional 119,921 shares during the period. Legal & General Group Plc grew its stake in shares of Illinois Tool Works by 2.4% during the second quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company’s stock valued at $640,425,000 after buying an additional 62,645 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Illinois Tool Works by 9.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after buying an additional 133,853 shares during the period. Finally, Schroder Investment Management Group lifted its stake in shares of Illinois Tool Works by 11.0% in the 4th quarter. Schroder Investment Management Group now owns 1,001,113 shares of the industrial products company’s stock valued at $262,232,000 after acquiring an additional 99,175 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Down 0.7 %

ITW opened at $260.11 on Friday. The stock has a market cap of $77.62 billion, a PE ratio of 25.65, a PEG ratio of 4.09 and a beta of 1.10. The business has a 50 day moving average of $248.78 and a 200-day moving average of $248.18. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last announced its 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. The firm had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. 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 posted $2.41 EPS. Equities research 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 announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a dividend of $1.50 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date is Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.31%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 59.17%.

Wall Street Analyst Weigh In

ITW has been the topic of a number of analyst reports. Barclays decreased their price target 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. Truist Financial dropped their price target on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Stifel Nicolaus lowered their price objective on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research note on Wednesday, July 31st. Wells Fargo & Company raised their target price on Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 31st. Finally, Argus raised Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average 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.