Mechanics Bank Trust Department Cuts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Mechanics Bank Trust Department lowered its position in Illinois Tool Works Inc. (NYSE:ITW) by 5.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,915 shares of the industrial products company’s stock after selling 240 shares during the quarter. Mechanics Bank Trust Department’s holdings in Illinois Tool Works were worth $993,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. True Wealth Design LLC boosted its stake 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 buying an additional 106 shares in the last quarter. Fairscale Capital LLC bought a new position in shares of Illinois Tool Works during the second quarter valued at approximately $30,000. Catalyst Capital Advisors LLC bought a new position in shares of Illinois Tool Works during the third quarter valued at approximately $32,000. Northwest Investment Counselors LLC bought a new position in shares of Illinois Tool Works during the third quarter valued at approximately $35,000. Finally, Financial Management Professionals Inc. raised its holdings in shares of Illinois Tool Works by 28.0% during the third quarter. Financial Management Professionals Inc. now owns 215 shares of the industrial products company’s stock valued at $56,000 after acquiring an additional 47 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ITW. Wells Fargo & Company decreased their target price on Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating for the company in a report on Tuesday, January 7th. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their price objective for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Jefferies Financial Group increased their price objective on Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Barclays decreased their price objective on Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating for the company in a report on Wednesday, January 8th. Finally, Citigroup decreased their price objective on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and an average price target of $270.11.

Illinois Tool Works Stock Up 0.2 %

ITW stock opened at $256.50 on Monday. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $279.13. The business’s 50-day moving average is $264.26 and its two-hundred day moving average is $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. The company has a market cap of $75.74 billion, a price-to-earnings ratio of 22.19, a P/E/G ratio of 3.55 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share 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 the consensus estimate of $4.02 billion. During the same quarter in the prior year, the company earned $2.55 earnings per share. Illinois Tool Works’s revenue was down 1.6% on a year-over-year basis. As a group, analysts forecast that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st were issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.34%. The ex-dividend date was Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is presently 51.90%.

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.