Illinois Tool Works Inc. (NYSE:ITW) Holdings Reduced by M&T Bank Corp

M&T Bank Corp lowered its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 6.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 47,369 shares of the industrial products company's stock after selling 3,268 shares during the period. M&T Bank Corp's holdings in Illinois Tool Works were worth $11,747,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. F M Investments LLC raised its holdings in shares of Illinois Tool Works by 4.9% during the 4th quarter. F M Investments LLC now owns 896 shares of the industrial products company's stock valued at $227,000 after buying an additional 42 shares during the period. Trust Co of the South grew its position in Illinois Tool Works by 2.9% in the first quarter. Trust Co of the South now owns 1,478 shares of the industrial products company's stock valued at $367,000 after acquiring an additional 42 shares in the last quarter. Harbour Investments Inc. raised its stake in shares of Illinois Tool Works by 1.2% during the fourth quarter. Harbour Investments Inc. now owns 3,696 shares of the industrial products company's stock valued at $937,000 after purchasing an additional 44 shares during the period. Integrated Advisors Network LLC lifted its position in shares of Illinois Tool Works by 0.8% during the fourth quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company's stock worth $1,504,000 after purchasing an additional 45 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators boosted its stake in shares of Illinois Tool Works by 3.3% in the first quarter. Deseret Mutual Benefit Administrators now owns 1,431 shares of the industrial products company's stock valued at $355,000 after purchasing an additional 46 shares during the period. Hedge funds and other institutional investors own 79.77% of the company's stock.

Insider Activity

In related news, Director David Byron Smith, Jr. acquired 872 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was purchased at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the purchase, the director directly owned 122,884 shares in the company, valued at $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.88% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Robert W. Baird lifted their price target on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. Wells Fargo & Company lifted their target price on Illinois Tool Works from $230.00 to $235.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 1st. Evercore ISI reduced their price target on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a report on Monday, May 19th. Barclays lifted their price objective on Illinois Tool Works from $237.00 to $240.00 and gave the stock an "equal weight" rating in a report on Wednesday. Finally, UBS Group reduced their target price on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of "Hold" and an average price target of $252.83.

Illinois Tool Works Stock Performance

ITW stock traded down $2.41 during trading on Friday, hitting $259.71. 745,703 shares of the company's stock traded hands, compared to its average volume of 998,111. The stock has a market capitalization of $76.10 billion, a price-to-earnings ratio of 22.84, a price-to-earnings-growth ratio of 5.50 and a beta of 1.09. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The stock has a fifty day moving average price of $247.49 and a two-hundred day moving average price of $249.48. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share 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 net margin of 21.37% and a return on equity of 92.77%. The company's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.44 EPS. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Monday, June 30th were given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend was Monday, June 30th. Illinois Tool Works's payout ratio is 52.77%.

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.