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

M&T Bank Corp trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 6.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 115,182 shares of the industrial products company’s stock after selling 7,549 shares during the period. M&T Bank Corp’s holdings in Illinois Tool Works were worth $30,173,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of ITW. Briaud Financial Planning Inc purchased a new position in shares of Illinois Tool Works in the third quarter valued at $25,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $26,000. Financial Connections Group Inc. purchased a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $28,000. Bruce G. Allen Investments LLC acquired a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $29,000. Finally, Rakuten Securities Inc. purchased a new stake in Illinois Tool Works in the 4th quarter valued at approximately $29,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 0.8 %

Shares of NYSE:ITW traded up $1.88 during trading on Friday, reaching $243.92. 929,954 shares of the stock were exchanged, compared to its average volume of 1,218,462. The firm’s 50-day moving average price is $258.75 and its 200 day moving average price is $251.73. The firm has a market cap of $72.87 billion, a price-to-earnings ratio of 24.06, a price-to-earnings-growth ratio of 3.55 and a beta of 1.14. Illinois Tool Works Inc. has a 12-month low of $217.06 and a 12-month high of $271.15. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.97 and a current ratio of 1.32.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.35 by $0.09. The company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. Illinois Tool Works’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.33 earnings per share. On average, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.35 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were paid a $1.40 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.30%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 55.23%.

Insider Activity at Illinois Tool Works

In other news, Chairman Ernest Scott Santi sold 50,000 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total value of $12,722,000.00. Following the completion of the transaction, the chairman now directly owns 221,015 shares in the company, valued at $56,235,056.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Randall J. Scheuneman sold 5,827 shares of Illinois Tool Works stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.29, for a total value of $1,493,401.83. Following the completion of the sale, the chief accounting officer now owns 8,870 shares in the company, valued at $2,273,292.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the transaction, the chairman now owns 221,015 shares in the company, valued at $56,235,056.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 139,471 shares of company stock worth $35,970,816. 0.88% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ITW. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $260.00 to $235.00 in a research report on Wednesday, January 10th. Stifel Nicolaus boosted their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Wells Fargo & Company reduced their price objective on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research note on Wednesday. Truist Financial boosted their price target on Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Citigroup raised their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $257.78.

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.