Fifth Third Bancorp Sells 8,310 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Fifth Third Bancorp lessened its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 305,643 shares of the industrial products company's stock after selling 8,310 shares during the quarter. Fifth Third Bancorp owned 0.10% of Illinois Tool Works worth $75,803,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of ITW. Sivia Capital Partners LLC acquired a new position in Illinois Tool Works in the 1st quarter worth about $214,000. EP Wealth Advisors LLC increased its holdings in Illinois Tool Works by 42.2% in the 4th quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company's stock worth $1,450,000 after purchasing an additional 1,698 shares in the last quarter. MOKAN Wealth Management Inc. acquired a new position in Illinois Tool Works in the 4th quarter worth about $1,096,000. Sovran Advisors LLC bought a new position in Illinois Tool Works during the 4th quarter worth $398,000. Finally, Roxbury Financial LLC bought a new position in Illinois Tool Works during the 4th quarter worth $615,000. Institutional investors and hedge funds own 79.77% of the company's stock.

Illinois Tool Works Stock Down 0.3%

ITW stock traded down $0.73 during mid-day trading on Thursday, reaching $245.89. 650,994 shares of the company traded hands, compared to its average volume of 1,011,001. The stock has a market cap of $72.05 billion, a price-to-earnings ratio of 20.98, a P/E/G ratio of 4.56 and a beta of 1.10. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The firm's 50 day moving average price is $240.15 and its 200 day moving average price is $252.75.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.34 by $0.04. The business had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.83 billion. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The company's quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.44 EPS. As a group, equities research analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.44%. Illinois Tool Works's payout ratio is presently 52.77%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ITW. Evercore ISI lowered their target price on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a research report on Monday, May 19th. Robert W. Baird lifted their price objective on Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. UBS Group lowered their price objective on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Deutsche Bank Aktiengesellschaft raised Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 price objective for the company in a research report on Wednesday, February 19th. Finally, Stifel Nicolaus lifted their price objective on Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $253.42.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 872 shares of the business's stock in a transaction dated Monday, June 2nd. The shares were purchased at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the purchase, the director now directly owns 122,884 shares of the company's stock, valued at approximately $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.88% of the company's stock.

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.