Gulf International Bank UK Ltd Sells 7,027 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• Gulf International Bank UK Ltd reduced its holdings in Illinois Tool Works Inc. by 29.6%, owning 16,751 shares valued at approximately $4.15 million following the sale of 7,027 shares.
• Illinois Tool Works announced an increase in its quarterly dividend from $1.50 to $1.61 per share, reflecting a 2.4% yield and a payout ratio of 56.44%.
• Wells Fargo & Company has raised its target price for Illinois Tool Works shares from $235 to $250, while analysts generally maintain a consensus rating of "Hold" for the stock.

Gulf International Bank UK Ltd decreased its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 29.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 16,751 shares of the industrial products company's stock after selling 7,027 shares during the quarter. Gulf International Bank UK Ltd's holdings in Illinois Tool Works were worth $4,154,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ameriflex Group Inc. acquired a new position in Illinois Tool Works in the 4th quarter worth approximately $26,000. von Borstel & Associates Inc. acquired a new position in Illinois Tool Works in the 1st quarter worth approximately $26,000. Park Square Financial Group LLC acquired a new position in Illinois Tool Works in the 4th quarter worth approximately $35,000. Olde Wealth Management LLC acquired a new position in Illinois Tool Works in the 1st quarter worth approximately $49,000. Finally, Orion Capital Management LLC acquired a new position in Illinois Tool Works in the 4th quarter worth approximately $64,000. Institutional investors and hedge funds own 79.77% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on ITW. Barclays raised their price objective on shares of Illinois Tool Works from $240.00 to $243.00 and gave the stock an "equal weight" rating in a research note on Monday, August 4th. Stifel Nicolaus boosted their price target on shares of Illinois Tool Works from $255.00 to $261.00 and gave the company a "hold" rating in a report on Thursday, July 31st. Truist Financial cut shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price target on the stock. in a report on Thursday, July 31st. Robert W. Baird boosted their price target on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Finally, UBS Group upped their target price on Illinois Tool Works from $243.00 to $255.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $259.33.

Insider Activity

In other news, Director David Byron Smith, Jr. bought 872 shares of the company's stock in a transaction that occurred on 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 acquisition, the director directly owned 122,884 shares of the company's stock, valued at $29,634,705.44. The trade was a 0.71% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Down 1.5%

Shares of ITW stock traded down $4.06 on Friday, hitting $258.43. The company's stock had a trading volume of 1,115,058 shares, compared to its average volume of 1,044,403. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. 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 fifty day moving average price is $253.84 and its 200-day moving average price is $250.10. The stock has a market capitalization of $75.33 billion, a price-to-earnings ratio of 22.65, a P/E/G ratio of 5.58 and a beta of 1.09.

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

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be paid a $1.61 dividend. This represents a $6.44 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 30th. This is a boost from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's dividend payout ratio (DPR) is presently 52.59%.

Illinois Tool Works Company 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.