Eastern Bank Decreases Stake in Illinois Tool Works Inc. (NYSE:ITW)

Eastern Bank trimmed its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 1.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 8,042 shares of the industrial products company’s stock after selling 93 shares during the period. Eastern Bank’s holdings in Illinois Tool Works were worth $2,039,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Fairscale Capital LLC purchased a new position in shares of Illinois Tool Works during the second quarter valued at approximately $30,000. True Wealth Design LLC grew its position in Illinois Tool Works by 1,060.0% in 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 purchased a new stake in Illinois Tool Works during the 3rd quarter valued at $32,000. Northwest Investment Counselors LLC bought a new position in shares of Illinois Tool Works during the 3rd quarter valued at $35,000. Finally, Meeder Asset Management Inc. boosted its stake in shares of Illinois Tool Works by 261.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after buying an additional 115 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

ITW opened at $249.41 on Tuesday. The company has a 50 day simple moving average of $265.62 and a two-hundred day simple moving average of $255.18. 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 has a market cap of $73.65 billion, a P/E ratio of 21.58, a PEG ratio of 4.22 and a beta of 1.11. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13.

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

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Tuesday, December 31st were paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.41%. The ex-dividend date was Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.90%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Truist Financial increased their target price on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Jefferies Financial Group increased their price objective on shares of Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Stifel Nicolaus increased their price target on shares of Illinois Tool Works from $262.00 to $268.00 and gave the stock a “hold” rating in a research report on Wednesday, December 11th. Finally, Barclays cut their price objective on shares of Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $270.11.

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.