First Citizens Bank & Trust Co. Has $4.14 Million Holdings in Illinois Tool Works Inc. (NYSE:ITW)

First Citizens Bank & Trust Co. decreased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 6.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,796 shares of the industrial products company’s stock after selling 1,099 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Illinois Tool Works were worth $4,140,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Fairscale Capital LLC bought a new stake in Illinois Tool Works in the second quarter valued at $30,000. Northwest Investment Counselors LLC bought a new stake in Illinois Tool Works in the 1st quarter valued at about $34,000. Financial Connections Group Inc. bought a new stake in Illinois Tool Works in the 2nd quarter valued at about $30,000. Meeder Asset Management Inc. boosted its holdings in Illinois Tool Works by 261.4% in the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 115 shares in the last quarter. Finally, Financial Management Professionals Inc. grew its stake in Illinois Tool Works by 132.0% in the first quarter. Financial Management Professionals Inc. now owns 174 shares of the industrial products company’s stock valued at $47,000 after acquiring an additional 99 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on ITW shares. JPMorgan Chase & Co. upped their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Wells Fargo & Company upped their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Truist Financial raised 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. Finally, StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $255.44.

Illinois Tool Works Trading Up 0.1 %

NYSE:ITW opened at $261.03 on Friday. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The firm has a 50-day moving average price of $252.37 and a two-hundred day moving average price of $247.45. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. The firm has a market cap of $77.89 billion, a price-to-earnings ratio of 25.74, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 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 company had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. During the same period last year, the business posted $2.41 earnings per share. Illinois Tool Works’s revenue was down 1.2% on a year-over-year basis. On average, equities analysts expect that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors 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 annualized dividend and a yield of 2.30%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio is presently 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.