First National Bank & Trust Co. of Newtown Sells 120 Shares of Illinois Tool Works Inc. (NYSE:ITW)

First National Bank & Trust Co. of Newtown lowered its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,914 shares of the industrial products company’s stock after selling 120 shares during the period. First National Bank & Trust Co. of Newtown’s holdings in Illinois Tool Works were worth $454,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Kornitzer Capital Management Inc. KS increased its position in shares of Illinois Tool Works by 4.3% in the fourth quarter. Kornitzer Capital Management Inc. KS now owns 2,202 shares of the industrial products company’s stock worth $577,000 after purchasing an additional 90 shares during the period. abrdn plc boosted its holdings in shares of Illinois Tool Works by 70.4% during the 4th quarter. abrdn plc now owns 123,826 shares of the industrial products company’s stock worth $32,435,000 after buying an additional 51,170 shares in the last quarter. Signaturefd LLC grew its stake in Illinois Tool Works by 1.8% in the fourth quarter. Signaturefd LLC now owns 6,622 shares of the industrial products company’s stock valued at $1,735,000 after acquiring an additional 120 shares during the period. Handelsbanken Fonder AB raised its position in shares of Illinois Tool Works by 18.6% during the fourth quarter. Handelsbanken Fonder AB now owns 128,808 shares of the industrial products company’s stock worth $33,740,000 after purchasing an additional 20,180 shares during the period. Finally, Nikulski Financial Inc. grew its position in Illinois Tool Works by 8.7% in the 4th quarter. Nikulski Financial Inc. now owns 1,017 shares of the industrial products company’s stock valued at $266,000 after purchasing an additional 81 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

Shares of ITW traded down $0.78 during trading hours on Thursday, reaching $245.85. 595,339 shares of the company’s stock traded hands, compared to its average volume of 1,142,681. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 2.17. The firm’s 50 day simple moving average is $241.11 and its 200-day simple moving average is $249.36. The stock has a market cap of $73.36 billion, a PE ratio of 24.25, a price-to-earnings-growth 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.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, beating the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The firm had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter last year, the company posted $2.41 EPS. The business’s quarterly revenue was down 1.2% on a year-over-year basis. Equities analysts expect that Illinois Tool Works Inc. will post 10.25 EPS for the current year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.44%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio (DPR) is currently 59.17%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on ITW shares. StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Wells Fargo & Company increased their target price 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 lowered their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Finally, Barclays cut 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 analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $250.22.

Insiders Place Their Bets

In related news, Director David Byron Smith, Jr. purchased 775 shares of the firm’s stock in a transaction on Thursday, June 13th. The shares were acquired at an average cost of $238.82 per share, with a total value of $185,085.50. Following the purchase, the director now directly owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.88% of the stock is currently owned by insiders.

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.