First National Trust Co Sells 1,357 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• First National Trust Co reduced its position in Illinois Tool Works Inc. by 15.5%, owning 7,409 shares valued at approximately $1.84 million after selling 1,357 shares in the first quarter.
• Several institutional investors significantly increased their stakes in Illinois Tool Works, with GAMMA Investing LLC growing its position by over 26,372.8% during the same period.
• The company announced a quarterly dividend of $1.50, representing an annualized dividend yield of 2.37%, and reported strong earnings with a net margin of 21.37% in the last quarter.

First National Trust Co lowered its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 15.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,409 shares of the industrial products company's stock after selling 1,357 shares during the quarter. First National Trust Co's holdings in Illinois Tool Works were worth $1,838,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Northern Trust Corp grew its holdings in Illinois Tool Works by 3.9% in the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock valued at $3,465,570,000 after buying an additional 508,188 shares during the last quarter. Geode Capital Management LLC grew its holdings in Illinois Tool Works by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 6,392,021 shares of the industrial products company's stock valued at $1,620,491,000 after buying an additional 99,753 shares during the last quarter. Capital Research Global Investors grew its holdings in Illinois Tool Works by 1.8% in the 4th quarter. Capital Research Global Investors now owns 4,132,493 shares of the industrial products company's stock valued at $1,047,837,000 after buying an additional 71,934 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Illinois Tool Works by 26,372.8% during the 1st quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock worth $5,123,080,000 after purchasing an additional 2,057,872 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Illinois Tool Works by 11.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,059,119 shares of the industrial products company's stock worth $522,110,000 after purchasing an additional 209,671 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.

Illinois Tool Works Price Performance

ITW traded down $4.06 during trading on Friday, hitting $251.91. The company's stock had a trading volume of 1,236,431 shares, compared to its average volume of 992,529. The firm's 50 day moving average price is $251.13 and its two-hundred day moving average price is $250.14. The company has a quick ratio of 1.16, a current ratio of 1.59 and a debt-to-equity ratio of 2.40. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The stock has a market capitalization of $73.81 billion, a price-to-earnings ratio of 22.08, a price-to-earnings-growth ratio of 5.68 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates of $2.56 by $0.02. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the previous year, the company posted $2.54 earnings per share. The firm's quarterly revenue was up .6% on a year-over-year basis. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be paid a $1.61 dividend. This represents a $6.44 dividend on an annualized basis and a yield of 2.6%. This is a boost from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's payout ratio is presently 52.59%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ITW shares. Wells Fargo & Company lifted their price objective on Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a report on Thursday. Bank of America lowered Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective on the stock. in a report on Wednesday, May 7th. Truist Financial lowered Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price objective on the stock. in a report on Thursday. Citigroup lifted their price objective on Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Finally, Robert W. Baird raised their target price 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. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $259.08.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 872 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was purchased at an average cost of $241.16 per share, with a total value of $210,291.52. Following the completion of the purchase, the director owned 122,884 shares in the company, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 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.