Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Community Bank N.A.

Community Bank N.A. reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 0.8% in the fourth quarter, HoldingsChannel reports. The fund owned 20,237 shares of the industrial products company’s stock after selling 165 shares during the quarter. Community Bank N.A.’s holdings in Illinois Tool Works were worth $5,301,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Illinois Tool Works by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock worth $6,035,292,000 after purchasing an additional 1,238,239 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Illinois Tool Works by 1.9% in the 3rd quarter. Northern Trust Corp now owns 12,829,189 shares of the industrial products company’s stock worth $2,954,691,000 after purchasing an additional 244,145 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Illinois Tool Works by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,899,522 shares of the industrial products company’s stock worth $1,578,299,000 after purchasing an additional 97,568 shares in the last quarter. Stifel Financial Corp raised its holdings in shares of Illinois Tool Works by 1.3% in the 3rd quarter. Stifel Financial Corp now owns 1,742,605 shares of the industrial products company’s stock worth $401,352,000 after purchasing an additional 22,238 shares in the last quarter. Finally, Alecta Tjanstepension Omsesidigt raised its holdings in shares of Illinois Tool Works by 150.0% in the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock worth $294,671,000 after purchasing an additional 675,000 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Chairman Ernest Scott Santi sold 50,000 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the completion of the sale, the chairman now directly owns 221,015 shares of the company’s stock, valued at approximately $56,235,056.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total value of $9,851,485.02. Following the completion of the sale, the chief financial officer now directly owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the completion of the sale, the chairman now directly owns 221,015 shares of the company’s stock, valued at $56,235,056.60. The disclosure for this sale can be found here. In the last three months, insiders sold 189,471 shares of company stock valued at $48,712,316. Company insiders own 1.26% of the company’s stock.

Wall Street Analyst Weigh In

ITW has been the topic of a number of research reports. Bank of America downgraded shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. Stifel Nicolaus boosted their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Barclays boosted their price target on shares of Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a report on Tuesday, April 2nd. Citigroup boosted their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Finally, Truist Financial assumed coverage on shares of Illinois Tool Works in a research note on Thursday, March 14th. They issued a “buy” rating and a $301.00 price objective on the stock. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $257.00.

Illinois Tool Works Stock Up 0.4 %

ITW stock traded up $1.07 during trading hours on Wednesday, hitting $251.71. The company’s stock had a trading volume of 1,252,463 shares, compared to its average volume of 1,246,599. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10. The company has a market capitalization of $75.20 billion, a PE ratio of 25.84, a price-to-earnings-growth ratio of 3.67 and a beta of 1.13. Illinois Tool Works Inc. has a 12 month low of $217.06 and a 12 month high of $271.15. The stock has a 50 day moving average price of $260.33 and a two-hundred day moving average price of $251.30.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.01. The business had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $4.01 billion. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. Illinois Tool Works’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.34 EPS. On average, equities research analysts expect that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend was Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio is currently 57.49%.

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.