Illinois Tool Works Inc. (NYSE:ITW) Shares Purchased by Montecito Bank & Trust

Montecito Bank & Trust raised its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 10.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,295 shares of the industrial products company’s stock after buying an additional 420 shares during the period. Montecito Bank & Trust’s holdings in Illinois Tool Works were worth $1,152,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Tokio Marine Asset Management Co. Ltd. increased its stake in Illinois Tool Works by 1.4% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock valued at $1,590,000 after buying an additional 84 shares during the period. Rockline Wealth Management LLC acquired a new position in shares of Illinois Tool Works in the 4th quarter worth approximately $4,180,000. Nomura Asset Management Co. Ltd. grew its stake in shares of Illinois Tool Works by 6.0% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock worth $55,821,000 after purchasing an additional 12,065 shares during the last quarter. Wesbanco Bank Inc. grew its stake in shares of Illinois Tool Works by 23.4% in the 3rd quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock worth $1,401,000 after purchasing an additional 1,152 shares during the last quarter. Finally, Ziegler Capital Management LLC acquired a new position in shares of Illinois Tool Works in the fourth quarter worth about $224,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. bought 775 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The shares were acquired at an average price of $238.82 per share, with a total value of $185,085.50. Following the completion of the transaction, the director now owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.88% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on ITW. Citigroup raised their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Barclays decreased their target price on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a report on Tuesday, June 4th. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, June 13th. Truist Financial raised their price target on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Finally, Stifel Nicolaus raised their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a report on Wednesday, April 17th. Four equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and a consensus price target of $256.44.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW traded up $2.90 during trading on Thursday, reaching $243.39. The stock had a trading volume of 679,666 shares, compared to its average volume of 1,170,154. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The firm has a market capitalization of $72.63 billion, a price-to-earnings ratio of 23.72, a P/E/G ratio of 3.57 and a beta of 1.11. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The stock has a fifty day simple moving average of $245.26 and a two-hundred day simple moving average of $254.26.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter last year, the firm posted $2.33 earnings per share. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, analysts anticipate that Illinois Tool Works Inc. will post 10.22 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 55.23%.

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.