Grove Bank & Trust Raises Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Grove Bank & Trust lifted its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 2.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,581 shares of the industrial products company’s stock after purchasing an additional 58 shares during the quarter. Grove Bank & Trust’s holdings in Illinois Tool Works were worth $654,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Fairscale Capital LLC purchased a new position in shares of Illinois Tool Works in the 2nd quarter worth $30,000. True Wealth Design LLC grew its position in Illinois Tool Works by 1,060.0% in the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 106 shares in the last quarter. Catalyst Capital Advisors LLC bought a new stake in Illinois Tool Works during the third quarter worth approximately $32,000. Northwest Investment Counselors LLC purchased a new stake in Illinois Tool Works during the third quarter valued at approximately $35,000. Finally, Financial Management Professionals Inc. lifted its stake in shares of Illinois Tool Works by 28.0% in the 3rd quarter. Financial Management Professionals Inc. now owns 215 shares of the industrial products company’s stock valued at $56,000 after purchasing an additional 47 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ITW shares. Truist Financial boosted their target price on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Barclays reduced their target price on shares of Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 8th. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Robert W. Baird raised their price objective on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Finally, Citigroup dropped their target price on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research report on Monday, January 13th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $270.11.

Illinois Tool Works Stock Up 0.2 %

Shares of NYSE ITW opened at $256.50 on Monday. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $279.13. The firm has a market capitalization of $75.74 billion, a price-to-earnings ratio of 22.19, a PEG ratio of 3.55 and a beta of 1.11. The stock has a 50 day moving average price of $264.26 and a 200 day moving average price of $255.59. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.12. The business had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.55 EPS. Sell-side analysts expect that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st were given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend was Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is 51.90%.

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.