First National Bank of Mount Dora Trust Investment Services Cuts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

First National Bank of Mount Dora Trust Investment Services reduced its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.3% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 19,406 shares of the industrial products company’s stock after selling 51 shares during the period. First National Bank of Mount Dora Trust Investment Services’ holdings in Illinois Tool Works were worth $5,086,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of ITW. Nikulski Financial Inc. increased its holdings in shares of Illinois Tool Works by 3.6% in the third quarter. Nikulski Financial Inc. now owns 1,108 shares of the industrial products company’s stock valued at $290,000 after purchasing an additional 39 shares during the period. Steele Capital Management Inc. increased 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 worth $206,000 after purchasing an additional 40 shares during the period. EP Wealth Advisors LLC raised its stake in shares of Illinois Tool Works by 1.0% during the 1st quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock worth $1,178,000 after buying an additional 42 shares in the last quarter. Procyon Advisors LLC lifted its holdings 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 valued at $422,000 after buying an additional 43 shares during the period. Finally, Proficio Capital Partners LLC grew its holdings in Illinois Tool Works by 3.0% during the first 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 during the period. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 0.7 %

NYSE ITW traded up $1.76 during trading hours on Monday, hitting $264.84. 93,903 shares of the company’s stock were exchanged, compared to its average volume of 1,060,462. The business’s 50 day moving average is $255.59 and its 200-day moving average is $247.39. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.92 and a current ratio of 1.36. Illinois Tool Works Inc. has a 12-month low of $227.66 and a 12-month high of $271.15. The firm has a market capitalization of $78.21 billion, a P/E ratio of 22.76, a price-to-earnings-growth ratio of 3.97 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.53 by $0.12. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. Illinois Tool Works’s revenue was down 1.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.55 earnings per share. As a group, analysts anticipate that Illinois Tool Works Inc. will post 10.63 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $1.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.27%. Illinois Tool Works’s dividend payout ratio is presently 51.90%.

Analyst Upgrades and Downgrades

Several brokerages have commented on ITW. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Truist Financial lifted their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Wells Fargo & Company upped their price target on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Stifel Nicolaus boosted their target price on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. Finally, Robert W. Baird lifted their price target on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $256.40.

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.