Tobam Sells 112 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Tobam trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.8% during the second quarter, Holdings Channel.com reports. The firm owned 1,324 shares of the industrial products company’s stock after selling 112 shares during the period. Tobam’s holdings in Illinois Tool Works were worth $314,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in Illinois Tool Works during the fourth quarter worth approximately $818,408,000. Corient Private Wealth LLC boosted its position in shares of Illinois Tool Works by 122.7% during the 4th 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. Confluence Investment Management LLC bought a new stake in Illinois Tool Works during the 1st quarter worth approximately $65,747,000. Pinebridge Investments L.P. grew its stake in Illinois Tool Works by 380.7% in the 4th quarter. Pinebridge Investments L.P. now owns 261,590 shares of the industrial products company’s stock valued at $68,521,000 after purchasing an additional 207,167 shares during the period. Finally, Guinness Asset Management LTD boosted its position in Illinois Tool Works by 30.7% during the second quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock worth $181,926,000 after purchasing an additional 180,458 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analysts Set New Price Targets

ITW has been the subject of several research analyst reports. Wells Fargo & Company increased their price objective on Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a report on Wednesday, July 31st. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Truist Financial reduced their target price on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Finally, Barclays cut their target price on shares of 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. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and a consensus target price of $250.22.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 775 shares of the company’s stock in a transaction on Thursday, June 13th. The stock was acquired at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the purchase, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock traded up $1.30 during midday trading on Friday, hitting $251.74. 273,944 shares of the company traded hands, compared to its average volume of 1,122,422. The firm’s fifty day moving average price is $241.98 and its 200-day moving average price is $249.12. The stock has a market cap of $75.12 billion, a price-to-earnings ratio of 24.86, a PEG ratio of 3.80 and a beta of 1.10. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.94 and a current ratio of 1.30.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.09. The firm had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business’s revenue was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.41 EPS. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.25 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.38%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date is Monday, September 30th. Illinois Tool Works’s payout ratio is presently 59.17%.

Illinois Tool Works 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.