Grove Bank & Trust Trims Position in Illinois Tool Works Inc. (NYSE:ITW)

Grove Bank & Trust cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,523 shares of the industrial products company’s stock after selling 53 shares during the period. Grove Bank & Trust’s holdings in Illinois Tool Works were worth $661,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in ITW. Steele Capital Management Inc. raised its position in Illinois Tool Works by 4.9% during the 2nd quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock valued at $206,000 after purchasing an additional 40 shares in the last quarter. EP Wealth Advisors LLC raised its position in shares of Illinois Tool Works by 1.0% in the 1st quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock worth $1,178,000 after acquiring an additional 42 shares in the last quarter. Procyon Advisors LLC raised its position in shares of Illinois Tool Works by 2.7% in the 3rd quarter. Procyon Advisors LLC now owns 1,609 shares of the industrial products company’s stock worth $422,000 after acquiring an additional 43 shares in the last quarter. Proficio Capital Partners LLC raised its position in shares of Illinois Tool Works by 3.0% in the 1st quarter. Proficio Capital Partners LLC now owns 1,490 shares of the industrial products company’s stock worth $400,000 after acquiring an additional 44 shares in the last quarter. Finally, Carson Advisory Inc. raised its position in shares of Illinois Tool Works by 3.0% in the 1st quarter. Carson Advisory Inc. now owns 1,552 shares of the industrial products company’s stock worth $417,000 after acquiring an additional 45 shares in the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on ITW. Truist Financial boosted their price target on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Evercore ISI dropped their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Barclays dropped their price target on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” 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. Finally, Wells Fargo & Company boosted their price target on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $255.22.

Illinois Tool Works Stock Performance

Shares of ITW traded up $0.95 during mid-day trading on Monday, reaching $261.54. The company had a trading volume of 157,076 shares, compared to its average volume of 1,076,259. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The stock has a market capitalization of $78.04 billion, a P/E ratio of 25.70, a PEG ratio of 4.10 and a beta of 1.10. The stock has a 50 day moving average of $250.13 and a two-hundred day moving average of $247.50.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. Illinois Tool Works’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.41 earnings per share. On average, analysts expect that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were given a dividend of $1.50 per share. The ex-dividend date was Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.29%. 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%.

About Illinois Tool Works

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.