WASHINGTON TRUST Co Reduces Stake in Illinois Tool Works Inc. (NYSE:ITW)

WASHINGTON TRUST Co lessened its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,585 shares of the industrial products company’s stock after selling 95 shares during the quarter. WASHINGTON TRUST Co’s holdings in Illinois Tool Works were worth $376,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Illinois Tool Works in the fourth quarter valued at approximately $818,408,000. Corient Private Wealth LLC increased its holdings in shares of Illinois Tool Works by 122.7% in the fourth quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock valued at $164,927,000 after purchasing an additional 346,919 shares during the period. Confluence Investment Management LLC acquired a new position in shares of Illinois Tool Works in the first quarter valued at approximately $65,747,000. Pinebridge Investments L.P. increased its holdings in shares of Illinois Tool Works by 380.7% in the fourth quarter. Pinebridge Investments L.P. now owns 261,590 shares of the industrial products company’s stock valued at $68,521,000 after purchasing an additional 207,167 shares during the period. Finally, Guinness Asset Management LTD increased its holdings in shares of Illinois Tool Works by 30.7% in the second quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock valued at $181,926,000 after purchasing an additional 180,458 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 1.0 %

NYSE:ITW traded up $2.42 on Tuesday, hitting $239.04. 299,359 shares of the stock were exchanged, compared to its average volume of 1,161,128. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. The stock has a market cap of $71.33 billion, a PE ratio of 23.34, a PEG ratio of 3.80 and a beta of 1.10. The stock has a fifty day moving average of $240.88 and a 200-day moving average of $250.22.

Illinois Tool Works (NYSE:ITW) last posted its earnings results 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 return on equity of 99.74% and a net margin of 19.15%. The business had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. During the same quarter last year, the firm earned $2.41 earnings per share. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.25 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

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

Analysts Set New Price Targets

A number of research firms have recently issued reports on ITW. JPMorgan Chase & Co. boosted their target price on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Truist Financial decreased their price target on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Wells Fargo & Company lifted their price target on Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research note on Wednesday, July 31st. Finally, StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Three analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $250.75.

Insider Activity at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 775 shares of Illinois Tool Works stock in a transaction on Thursday, June 13th. The shares were bought at an average price of $238.82 per share, with a total value of $185,085.50. Following the acquisition, the director now directly owns 121,506 shares in the company, valued at approximately $29,018,062.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.88% of the stock is currently owned by company insiders.

Illinois Tool Works Company 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.