Illinois Tool Works Inc. (NYSE:ITW) Position Trimmed by Amalgamated Bank

Posted by Thomas Dobrow on May 26th, 2023

Amalgamated Bank trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW – Get Rating) by 2.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 78,803 shares of the industrial products company’s stock after selling 1,622 shares during the quarter. Amalgamated Bank’s holdings in Illinois Tool Works were worth $17,360,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new stake in Illinois Tool Works in the 4th quarter worth approximately $33,000. Red Tortoise LLC acquired a new stake in Illinois Tool Works in the 4th quarter worth $33,000. Standard Family Office LLC acquired a new stake in Illinois Tool Works in the 3rd quarter worth $39,000. Old North State Trust LLC acquired a new stake in Illinois Tool Works in the 3rd quarter worth $42,000. Finally, Riverpoint Wealth Management Holdings LLC acquired a new stake in shares of Illinois Tool Works during the 4th quarter valued at about $45,000. 79.83% of the stock is currently owned by institutional investors.

Illinois Tool Works Trading Up 0.6 %

Shares of NYSE ITW traded up $1.37 during mid-day trading on Friday, hitting $223.26. The stock had a trading volume of 151,437 shares, compared to its average volume of 1,084,886. The company has a debt-to-equity ratio of 1.78, a quick ratio of 0.84 and a current ratio of 1.20. Illinois Tool Works Inc. has a 1 year low of $173.52 and a 1 year high of $253.37. The business has a 50 day moving average price of $232.13 and a two-hundred day moving average price of $229.93. The firm has a market cap of $67.85 billion, a P/E ratio of 22.19, a price-to-earnings-growth ratio of 3.35 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW – Get Rating) last released its quarterly earnings results on Tuesday, May 2nd. The industrial products company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.23 by $0.10. The business had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.98 billion. Illinois Tool Works had a net margin of 19.27% and a return on equity of 92.13%. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.11 earnings per share. On average, equities analysts anticipate that Illinois Tool Works Inc. will post 9.65 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 13th. Stockholders of record on Friday, June 30th will be issued a dividend of $1.31 per share. This represents a $5.24 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Thursday, June 29th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 52.40%.

Analyst Ratings Changes

Several equities analysts recently issued reports on ITW shares. Stifel Nicolaus cut their price target on shares of Illinois Tool Works from $240.00 to $236.00 in a report on Wednesday, May 3rd. Credit Suisse Group increased their price objective on Illinois Tool Works from $259.00 to $282.00 and gave the stock an “outperform” rating in a report on Friday, February 3rd. UBS Group increased their price target on shares of Illinois Tool Works from $213.00 to $245.00 and gave the company a “neutral” rating in a research note on Thursday, February 9th. 3M restated a “maintains” rating on shares of Illinois Tool Works in a research note on Wednesday, May 3rd. Finally, Wells Fargo & Company lowered their price target on shares of Illinois Tool Works from $250.00 to $227.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 13th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Illinois Tool Works has an average rating of “Hold” and an average price target of $228.21.

About Illinois Tool Works

(Get Rating)

Illinois Tool Works, Inc engages in the manufacture of industrial products and equipment. It operates through the following segments: Automotive OEM, Test and Measurement and Electronics, Food Equipment, Polymers and Fluids, Welding, Construction Products, and Specialty Products. The Automotive OEM segment produces components and fasteners for automotive-related applications.