US Bancorp DE Sells 10,839 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• US Bancorp DE reduced its stake in Illinois Tool Works Inc. by 3.9%, selling 10,839 shares and holding a total of 264,074 shares valued at $65.49 million.
• Illinois Tool Works recently announced an increase in its quarterly dividend to $1.61 per share, which represents an annualized dividend of $6.44 and a yield of 2.6%.
• Analysts have set new price targets for Illinois Tool Works, with UBS Group raising it to $255, while the average target price among analysts stands at $259.08.

US Bancorp DE cut its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 3.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 264,074 shares of the industrial products company's stock after selling 10,839 shares during the quarter. US Bancorp DE owned about 0.09% of Illinois Tool Works worth $65,493,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Redwood Park Advisors LLC bought a new stake in shares of Illinois Tool Works in the fourth quarter valued at $26,000. Ameriflex Group Inc. purchased a new position in shares of Illinois Tool Works in the fourth quarter valued at $26,000. von Borstel & Associates Inc. purchased a new position in shares of Illinois Tool Works in the first quarter valued at $26,000. Glass Jacobson Investment Advisors llc grew its position in shares of Illinois Tool Works by 336.0% in 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. Finally, Park Square Financial Group LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter valued at $35,000. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Price Performance

ITW opened at $251.91 on Friday. The stock has a 50-day moving average price of $251.13 and a 200-day moving average price of $250.14. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The company has a current ratio of 1.59, a quick ratio of 1.16 and a debt-to-equity ratio of 2.40. The stock has a market capitalization of $73.81 billion, a P/E ratio of 22.08, a PEG ratio of 5.68 and a beta of 1.09.

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 (EPS) 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 firm had revenue of $4.05 billion during the quarter, compared to analysts' expectations of $4.01 billion. During the same period in the prior year, the business earned $2.54 EPS. The company's revenue for the quarter was up .6% compared to the same quarter last year. Equities analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders 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 dividend yield of 2.6%. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's payout ratio is 52.59%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ITW. UBS Group lifted their price target on Illinois Tool Works from $243.00 to $255.00 and gave the company a "neutral" rating in a research report on Thursday. Barclays lifted their price target on Illinois Tool Works from $237.00 to $240.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 9th. Stifel Nicolaus lifted their price target on Illinois Tool Works from $255.00 to $261.00 and gave the company a "hold" rating in a research report on Thursday. Truist Financial cut Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price target for the company. in a research report on Thursday. Finally, Citigroup boosted their target price on Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a research report on Monday, July 14th. Three research 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's stock. Based on data from MarketBeat, Illinois Tool Works presently has an average rating of "Hold" and an average target price of $259.08.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 872 shares of Illinois Tool Works stock in a transaction 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 owned 122,884 shares of the company's stock, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.88% of the company's stock.

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.

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