Bremer Bank National Association Trims Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Bremer Bank National Association cut its position in Illinois Tool Works Inc. (NYSE:ITW) by 51.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 901 shares of the industrial products company’s stock after selling 965 shares during the quarter. Bremer Bank National Association’s holdings in Illinois Tool Works were worth $214,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. Frazier Financial Advisors LLC bought a new stake in shares of Illinois Tool Works during the 4th quarter valued at about $26,000. Security National Bank purchased a new position in Illinois Tool Works in the 4th quarter worth approximately $28,000. Rakuten Securities Inc. bought a new position in shares of Illinois Tool Works in the 4th quarter worth $29,000. Christopher J. Hasenberg Inc purchased a new stake in shares of Illinois Tool Works during the 1st quarter valued at $32,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Illinois Tool Works during the 1st quarter worth $34,000. 79.77% of the stock is owned by institutional investors.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. acquired 775 shares of the stock in a transaction on Thursday, June 13th. The stock was acquired at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the acquisition, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.88% of the company’s stock.

Analyst Ratings Changes

ITW has been the topic of a number of research reports. Barclays lowered their price target on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 31st. JPMorgan Chase & Co. upped their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Jefferies Financial Group cut their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Finally, StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $250.75.

Illinois Tool Works Trading Down 0.0 %

Illinois Tool Works stock traded down $0.10 during trading hours on Wednesday, reaching $238.66. The stock had a trading volume of 546,001 shares, compared to its average volume of 1,159,203. The company has a fifty day simple moving average of $240.84 and a 200-day simple moving average of $250.05. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The stock has a market cap of $71.22 billion, a PE ratio of 23.55, a PEG ratio of 3.80 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.94.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The business had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. Illinois Tool Works’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.41 EPS. Analysts forecast that Illinois Tool Works Inc. will post 10.25 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a $1.50 dividend. The ex-dividend date is Monday, September 30th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a yield of 2.51%. Illinois Tool Works’s dividend payout ratio is 59.17%.

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.