Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by National Bank of Canada FI

Key Points

• National Bank of Canada FI has reduced its holdings in Illinois Tool Works Inc. by 40.3%, selling 60,137 shares, leaving them with 89,090 shares valued at about $22.1 million.
• Illinois Tool Works announced a quarterly dividend increase to $1.61 per share, effectively raising the annualized dividend to $6.44 with a yield of 2.5%.
• The company reported a net margin of 21.31% and revenue of $4.05 billion in its latest quarter, surpassing analysts' expectations.

National Bank of Canada FI trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 40.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 89,090 shares of the industrial products company's stock after selling 60,137 shares during the quarter. National Bank of Canada FI's holdings in Illinois Tool Works were worth $22,095,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Ameriflex Group Inc. bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $26,000. von Borstel & Associates Inc. bought a new stake in shares of Illinois Tool Works in the 1st quarter worth approximately $26,000. Glass Jacobson Investment Advisors llc boosted its position in shares of Illinois Tool Works by 336.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 84 shares in the last quarter. Park Square Financial Group LLC bought a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $35,000. Finally, Olde Wealth Management LLC purchased a new position in Illinois Tool Works during the first quarter valued at $49,000. 79.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. acquired 872 shares of Illinois Tool Works stock in a transaction on Monday, June 2nd. The stock was acquired at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the purchase, the director owned 122,884 shares of the company's stock, valued at approximately $29,634,705.44. This represents a 0.71% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Down 0.8%

NYSE ITW traded down $2.06 during midday trading on Friday, hitting $260.43. 232,283 shares of the company traded hands, compared to its average volume of 1,088,690. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. The company has a market cap of $75.92 billion, a PE ratio of 22.84, a price-to-earnings-growth ratio of 5.77 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 company's 50-day simple moving average is $253.62 and its 200-day simple moving average is $250.15.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $4.05 billion during the quarter, compared to analysts' expectations of $4.01 billion. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%. The business's quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the firm earned $2.54 EPS. As a group, equities research analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be given a dividend of $1.61 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.44 dividend on an annualized basis and a yield of 2.5%. This is an increase 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 equities analysts have recently weighed in on the company. Citigroup raised their price target on Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a report on Monday, July 14th. UBS Group upped their price target 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. Robert W. Baird upped their price objective on Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. Barclays increased their price target on Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a research note on Monday, August 4th. Finally, Stifel Nicolaus raised their price objective on Illinois Tool Works from $255.00 to $261.00 and gave the company a "hold" rating in a research note on Thursday, July 31st. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works currently has an average rating of "Hold" and an average price target of $259.33.

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.