Central Bank & Trust Co. Decreases Stake in Illinois Tool Works Inc. (NYSE:ITW)

Central Bank & Trust Co. trimmed its position in Illinois Tool Works Inc. (NYSE:ITW) by 27.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,737 shares of the industrial products company’s stock after selling 660 shares during the period. Central Bank & Trust Co.’s holdings in Illinois Tool Works were worth $412,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Marshall Financial Group LLC lifted its position in Illinois Tool Works by 6.4% during the second quarter. Marshall Financial Group LLC now owns 4,491 shares of the industrial products company’s stock valued at $1,064,000 after purchasing an additional 269 shares during the period. Everpar Advisors LLC lifted its holdings in shares of Illinois Tool Works by 11.5% in the 2nd quarter. Everpar Advisors LLC now owns 2,824 shares of the industrial products company’s stock valued at $669,000 after buying an additional 291 shares during the period. Brookstone Capital Management boosted its stake in shares of Illinois Tool Works by 26.8% in the second quarter. Brookstone Capital Management now owns 5,105 shares of the industrial products company’s stock worth $1,296,000 after buying an additional 1,078 shares during the last quarter. Blue Trust Inc. grew its holdings in Illinois Tool Works by 16.3% during the second quarter. Blue Trust Inc. now owns 6,783 shares of the industrial products company’s stock worth $1,607,000 after acquiring an additional 953 shares during the period. Finally, Outlook Wealth Advisors LLC purchased a new position in Illinois Tool Works during the second quarter valued at approximately $298,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of NYSE:ITW traded up $0.68 during midday trading on Monday, hitting $242.62. The company had a trading volume of 182,877 shares, compared to its average volume of 1,150,216. The business’s 50-day simple moving average is $240.80 and its 200-day simple moving average is $249.56. The stock has a market cap of $72.40 billion, a price-to-earnings ratio of 23.78, a price-to-earnings-growth ratio of 3.80 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.94. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. The business had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period last year, the company earned $2.41 EPS. On average, research analysts predict 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 declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be paid a $1.50 dividend. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date is Monday, September 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.47%. Illinois Tool Works’s dividend payout ratio is 59.17%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ITW. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Wells Fargo & Company raised their price target on shares of Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research report on Wednesday, July 31st. Jefferies Financial Group decreased their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Finally, Barclays reduced their price target on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $250.22.

Insider Activity

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 775 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was bought at an average cost of $238.82 per share, for a total transaction 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.88% of the company’s stock.

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.