Illinois Tool Works Inc. (NYSE:ITW) Shares Bought by Nixon Peabody Trust Co.

Nixon Peabody Trust Co. lifted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 3.4% in the first quarter, HoldingsChannel reports. The fund owned 3,337 shares of the industrial products company’s stock after purchasing an additional 109 shares during the quarter. Nixon Peabody Trust Co.’s holdings in Illinois Tool Works were worth $828,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Romano Brothers AND Company lifted its stake in shares of Illinois Tool Works by 1.1% in the 1st quarter. Romano Brothers AND Company now owns 20,680 shares of the industrial products company’s stock worth $5,129,000 after acquiring an additional 221 shares during the period. Crestmont Private Wealth LLC lifted its stake in shares of Illinois Tool Works by 11.0% in the 1st quarter. Crestmont Private Wealth LLC now owns 2,927 shares of the industrial products company’s stock worth $726,000 after acquiring an additional 290 shares during the period. RFG Advisory LLC lifted its stake in shares of Illinois Tool Works by 45.3% in the 1st quarter. RFG Advisory LLC now owns 5,078 shares of the industrial products company’s stock worth $1,259,000 after acquiring an additional 1,583 shares during the period. Merit Financial Group LLC lifted its stake in shares of Illinois Tool Works by 13.9% in the 1st quarter. Merit Financial Group LLC now owns 9,384 shares of the industrial products company’s stock worth $2,327,000 after acquiring an additional 1,142 shares during the period. Finally, Mitchell & Pahl Private Wealth LLC lifted its stake in shares of Illinois Tool Works by 3.9% in the 1st quarter. Mitchell & Pahl Private Wealth LLC now owns 8,195 shares of the industrial products company’s stock worth $2,032,000 after acquiring an additional 310 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ITW has been the subject of a number of research analyst reports. Truist Financial reduced their price target on shares of Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Citigroup cut their target price on shares of Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. UBS Group cut their target price on shares of 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. Stifel Nicolaus increased their target price on shares of Illinois Tool Works from $227.00 to $233.00 and gave the company a “hold” rating in a research note on Thursday, May 1st. Finally, Wall Street Zen lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $253.42.

Insiders Place Their Bets

In other news, CEO Christopher A. O’herlihy sold 48,453 shares of Illinois Tool Works stock in a transaction on Friday, March 7th. The shares were sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the transaction, the chief executive officer now directly owns 55,113 shares of the company’s stock, valued at $15,120,802.68. This trade represents a 46.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Michael M. Larsen sold 41,472 shares of Illinois Tool Works stock in a transaction on Friday, March 7th. The stock was sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the transaction, the chief financial officer now directly owns 50,502 shares in the company, valued at approximately $13,698,667.50. This represents a 45.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock opened at $245.44 on Wednesday. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90. The firm’s 50-day moving average price is $239.70 and its two-hundred day moving average price is $253.56. The stock has a market capitalization of $71.91 billion, a price-to-earnings ratio of 20.94, a P/E/G ratio of 4.56 and a beta of 1.12.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. The business had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.83 billion. During the same period in the prior year, the firm earned $2.44 earnings per share. Illinois Tool Works’s revenue was down 3.4% compared to the same quarter last year. On average, equities analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works’s dividend payout ratio is presently 52.77%.

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.