Whittier Trust Co. of Nevada Inc. Sells 488 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Whittier Trust Co. of Nevada Inc. trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,076 shares of the industrial products company’s stock after selling 488 shares during the quarter. Whittier Trust Co. of Nevada Inc.’s holdings in Illinois Tool Works were worth $3,335,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Frazier Financial Advisors LLC bought a new stake in Illinois Tool Works during the fourth quarter valued at approximately $26,000. Security National Bank purchased a new position in Illinois Tool Works during the fourth quarter valued at approximately $28,000. Christopher J. Hasenberg Inc purchased a new position in Illinois Tool Works during the first quarter valued at approximately $32,000. Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works during the first quarter valued at approximately $34,000. Finally, Financial Connections Group Inc. purchased a new position in Illinois Tool Works during the second quarter valued at approximately $30,000. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Stock Up 0.9 %

Shares of ITW stock traded up $2.22 during trading hours on Thursday, reaching $250.78. 186,411 shares of the stock were exchanged, compared to its average volume of 1,125,177. The business’s fifty day moving average is $241.82 and its two-hundred day moving average is $249.12. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.94. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month high of $271.15. The firm has a market capitalization of $74.83 billion, a P/E ratio of 24.72, a P/E/G ratio of 3.80 and a beta of 1.10.

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

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a $1.50 dividend. The ex-dividend date is Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.39%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio (DPR) is currently 59.17%.

Insider Activity

In related news, Director David Byron Smith, Jr. acquired 775 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was purchased at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the transaction, the director now 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 this link. Company insiders own 0.88% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on ITW. Jefferies Financial Group lowered their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Wells Fargo & Company upped their price target on shares of Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. upped their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Stifel Nicolaus dropped 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 report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and an average price target of $250.22.

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.