4,438 Shares in Illinois Tool Works Inc. (NYSE:ITW) Purchased by Central Pacific Bank Trust Division

Central Pacific Bank Trust Division purchased a new position in Illinois Tool Works Inc. (NYSE:ITW) in the 1st quarter, Holdings Channel.com reports. The firm purchased 4,438 shares of the industrial products company’s stock, valued at approximately $1,177,000.

Several other hedge funds also recently modified their holdings of ITW. Norges Bank acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth approximately $818,408,000. Vanguard Group Inc. increased its holdings in shares of Illinois Tool Works by 5.0% in the third quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock valued at $6,035,292,000 after purchasing an additional 1,238,239 shares in the last quarter. Alecta Tjanstepension Omsesidigt increased its holdings in shares of Illinois Tool Works by 150.0% in the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock valued at $294,671,000 after purchasing an additional 675,000 shares in the last quarter. Corient Private Wealth LLC increased its holdings in shares of Illinois Tool Works by 122.7% in the fourth quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock valued at $164,927,000 after purchasing an additional 346,919 shares in the last quarter. Finally, International Assets Investment Management LLC increased its holdings in shares of Illinois Tool Works by 23,183.6% in the fourth quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock valued at $82,579,000 after purchasing an additional 313,906 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

ITW has been the subject of a number of research reports. Stifel Nicolaus raised their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Truist Financial reduced their price target on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a research report on Tuesday, July 2nd. Barclays cut their price objective on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 4th. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Monday, July 1st. Finally, Wells Fargo & Company cut their price objective on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. Four research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $254.00.

Illinois Tool Works Stock Up 0.1 %

ITW stock traded up $0.15 during midday trading on Tuesday, hitting $234.06. The company’s stock had a trading volume of 803,337 shares, compared to its average volume of 1,180,100. The stock has a market capitalization of $69.84 billion, a P/E ratio of 23.04, a PEG ratio of 3.43 and a beta of 1.10. The company’s fifty day moving average price is $241.71 and its 200 day moving average price is $252.84. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.09. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. Illinois Tool Works’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.33 EPS. As a group, equities research analysts predict that Illinois Tool Works Inc. will post 10.19 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be paid a dividend of $1.40 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.60 annualized dividend and a dividend yield of 2.39%. Illinois Tool Works’s dividend payout ratio is presently 55.23%.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. bought 775 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, June 13th. The stock was acquired at an average price of $238.82 per share, with a total value of $185,085.50. Following the acquisition, the director now owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.26% of the stock is owned by company insiders.

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.