Central Pacific Bank Trust Division Acquires New Position in Illinois Tool Works Inc. (NYSE:ITW)

Central Pacific Bank Trust Division acquired a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 4,438 shares of the industrial products company’s stock, valued at approximately $1,177,000.

A number of other hedge funds also recently made changes to their positions in ITW. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Illinois Tool Works during the 4th quarter worth approximately $26,000. Frazier Financial Advisors LLC purchased a new stake in Illinois Tool Works during the 4th quarter valued at $26,000. Financial Connections Group Inc. purchased a new stake in Illinois Tool Works during the 4th quarter valued at $28,000. Security National Bank purchased a new stake in Illinois Tool Works during the 4th quarter valued at $28,000. Finally, Bruce G. Allen Investments LLC purchased a new stake in Illinois Tool Works during the 4th quarter valued at $29,000. 79.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on ITW. Citigroup upped their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Wells Fargo & Company dropped their price target on 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. Barclays dropped their price target on 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 Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Monday, July 1st. Finally, Stifel Nicolaus increased their price target on Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus price target of $254.00.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 775 shares of Illinois Tool Works stock in a transaction dated Thursday, June 13th. The stock was purchased at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the purchase, the director now directly owns 121,506 shares in the company, valued at approximately $29,018,062.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.26% of the company’s stock.

Illinois Tool Works Stock Up 0.1 %

Illinois Tool Works stock traded up $0.15 during midday trading on Tuesday, reaching $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’s 50-day simple moving average is $241.71 and its 200-day simple moving average is $252.84. 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 Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. 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.

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 return on equity of 97.82% and a net margin of 19.07%. The company had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period last year, the business posted $2.33 earnings per share. The firm’s revenue was down 1.1% compared to the same quarter last year. On average, sell-side analysts expect 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 $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s payout ratio is 55.23%.

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.