Whittier Trust Co. Sells 738 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Whittier Trust Co. reduced its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 38,502 shares of the industrial products company’s stock after selling 738 shares during the quarter. Whittier Trust Co.’s holdings in Illinois Tool Works were worth $9,123,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of ITW. PEAK6 Investments LLC increased its position in Illinois Tool Works by 17.5% in the first quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock worth $253,000 after buying an additional 140 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in Illinois Tool Works in the first quarter worth $1,147,000. Norden Group LLC increased its position in Illinois Tool Works by 1,889.1% in the first quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock worth $7,103,000 after buying an additional 25,144 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its position in Illinois Tool Works by 6.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock worth $55,821,000 after buying an additional 12,065 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its position in Illinois Tool Works by 78.3% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 36,921 shares of the industrial products company’s stock worth $9,907,000 after buying an additional 16,216 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ITW. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Jefferies Financial Group dropped their price objective on 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. Evercore ISI dropped their price objective on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Finally, Truist Financial dropped their price objective on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $250.22.

Illinois Tool Works Trading Up 0.8 %

Shares of NYSE ITW traded up $1.89 during midday trading on Thursday, reaching $250.45. The company had a trading volume of 131,870 shares, compared to its average volume of 1,124,850. Illinois Tool Works Inc. has a one year low of $217.50 and a one year high of $271.15. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The firm’s fifty day moving average price is $241.82 and its 200-day moving average price is $249.12. The stock has a market cap of $74.73 billion, a PE ratio of 24.72, a price-to-earnings-growth ratio of 3.80 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share 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 company had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. During the same quarter in the previous year, the company posted $2.41 EPS. Illinois Tool Works’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, equities research analysts anticipate that Illinois Tool Works Inc. will post 10.25 earnings per share for the current 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 dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date is Monday, September 30th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is currently 59.17%.

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 purchased at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the acquisition, the director now 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 accessible through this hyperlink. 0.88% of the stock is 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.