OLD National Bancorp IN Lowers Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

OLD National Bancorp IN reduced its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,819 shares of the industrial products company’s stock after selling 272 shares during the period. OLD National Bancorp IN’s holdings in Illinois Tool Works were worth $1,616,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ITW. Turtle Creek Wealth Advisors LLC purchased a new position in Illinois Tool Works during the fourth quarter valued at $26,000. Frazier Financial Advisors LLC purchased a new position in shares of Illinois Tool Works in the 4th quarter worth about $26,000. Security National Bank bought a new position in Illinois Tool Works in the 4th quarter worth about $28,000. Rakuten Securities Inc. purchased a new stake in Illinois Tool Works during the 4th quarter valued at about $29,000. Finally, Christopher J. Hasenberg Inc bought a new stake in Illinois Tool Works during the 1st quarter valued at about $32,000. Institutional investors own 79.77% of the company’s stock.

Insider Buying and Selling

In other news, Director David Byron Smith, Jr. purchased 775 shares of the stock in a transaction on Thursday, June 13th. The shares were acquired at an average price of $238.82 per share, with a total value of $185,085.50. Following the completion of the acquisition, the director now directly owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.88% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. boosted their price target on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Barclays dropped their price objective on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 31st. Stifel Nicolaus lowered their target price on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research note on Wednesday, July 31st. Finally, Jefferies Financial Group reduced their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $250.75.

Illinois Tool Works Stock Performance

NYSE ITW traded down $0.61 during trading hours on Friday, hitting $239.16. 652,488 shares of the company’s stock traded hands, compared to its average volume of 1,168,759. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The firm has a market capitalization of $71.37 billion, a P/E ratio of 23.59, a P/E/G ratio of 3.80 and a beta of 1.10. 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 business’s fifty day moving average price is $240.94 and its two-hundred day moving average price is $250.53.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $4.08 billion. During the same quarter in the previous year, the firm posted $2.41 EPS. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. Equities research analysts predict that Illinois Tool Works Inc. will post 10.25 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, September 30th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.51%. Illinois Tool Works’s payout ratio is 59.17%.

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.