Illinois Tool Works Inc. (NYSE:ITW) Position Trimmed by Bank & Trust Co

Bank & Trust Co cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,392 shares of the industrial products company’s stock after selling 241 shares during the quarter. Illinois Tool Works comprises approximately 2.2% of Bank & Trust Co’s investment portfolio, making the stock its 9th biggest holding. Bank & Trust Co’s holdings in Illinois Tool Works were worth $2,635,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Franklin Resources Inc. lifted its holdings in shares of Illinois Tool Works by 41.0% during the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock worth $358,321,000 after purchasing an additional 398,676 shares during the period. Wolverine Asset Management LLC acquired a new position in shares of Illinois Tool Works in the 3rd quarter valued at about $1,179,000. Daiwa Securities Group Inc. grew its holdings in Illinois Tool Works by 11.8% during the third quarter. Daiwa Securities Group Inc. now owns 36,938 shares of the industrial products company’s stock worth $9,680,000 after acquiring an additional 3,903 shares during the period. Handelsbanken Fonder AB raised its position in Illinois Tool Works by 7.3% during the third quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company’s stock valued at $37,999,000 after acquiring an additional 9,825 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in Illinois Tool Works by 318.9% in the third quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company’s stock valued at $106,352,000 after acquiring an additional 308,935 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of ITW stock traded down $0.07 during trading hours on Tuesday, reaching $250.29. The company had a trading volume of 192,612 shares, compared to its average volume of 645,759. The stock has a fifty day moving average of $267.01 and a 200-day moving average of $254.89. The company has a market capitalization of $73.91 billion, a price-to-earnings ratio of 21.65, a PEG ratio of 4.22 and a beta of 1.11. 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 Inc. has a 12-month low of $232.77 and a 12-month high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced 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. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the previous year, the company earned $2.55 earnings per share. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, equities analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.90%.

Analyst Ratings Changes

Several research firms have recently weighed in on ITW. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Stifel Nicolaus raised their target price on Illinois Tool Works from $262.00 to $268.00 and gave the company a “hold” rating in a research report on Wednesday, December 11th. Robert W. Baird increased their price target on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Jefferies Financial Group lifted their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Finally, Citigroup increased their price objective on shares of Illinois Tool Works from $266.00 to $279.00 and gave the company a “neutral” rating in a report on Monday, December 9th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $268.50.

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.