First National Bank of Mount Dora Trust Investment Services Decreases Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

First National Bank of Mount Dora Trust Investment Services lowered its position in Illinois Tool Works Inc. (NYSE:ITW) by 52.7% during the 1st quarter, HoldingsChannel reports. The fund owned 9,186 shares of the industrial products company’s stock after selling 10,228 shares during the period. First National Bank of Mount Dora Trust Investment Services’ holdings in Illinois Tool Works were worth $2,278,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ITW. Brighton Jones LLC raised its stake in shares of Illinois Tool Works by 5.3% in the fourth quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company’s stock valued at $1,399,000 after acquiring an additional 277 shares during the period. Strategic Financial Concepts LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at $2,710,000. Apollon Wealth Management LLC raised its stake in shares of Illinois Tool Works by 9.3% in the fourth quarter. Apollon Wealth Management LLC now owns 12,823 shares of the industrial products company’s stock valued at $3,251,000 after acquiring an additional 1,093 shares during the period. Kingsview Wealth Management LLC increased its stake in Illinois Tool Works by 2.1% in the 4th quarter. Kingsview Wealth Management LLC now owns 10,340 shares of the industrial products company’s stock worth $2,622,000 after buying an additional 214 shares during the period. Finally, Quotient Wealth Partners LLC increased its stake in Illinois Tool Works by 9.7% in the 4th quarter. Quotient Wealth Partners LLC now owns 1,142 shares of the industrial products company’s stock worth $290,000 after buying an additional 101 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 0.1%

ITW stock opened at $247.28 on Tuesday. The firm has a 50 day moving average of $239.53 and a 200 day moving average of $252.82. The stock has a market capitalization of $72.45 billion, a PE ratio of 21.10, a price-to-earnings-growth ratio of 4.56 and a beta of 1.10. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.04. The company had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.83 billion. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. Illinois Tool Works’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same period last year, the business earned $2.44 EPS. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Monday, June 30th. Illinois Tool Works’s dividend payout ratio is presently 52.77%.

Analysts Set New Price Targets

Several research analysts recently commented on ITW shares. Robert W. Baird raised their price target on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a research note on Thursday, May 1st. UBS Group reduced their price target on shares of Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price on the stock in a report on Wednesday, February 19th. Barclays dropped their target price on shares of Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. Finally, Citigroup dropped their target price on shares of Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $253.42.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 872 shares of Illinois Tool Works stock in a transaction on Monday, June 2nd. The stock was bought at an average cost of $241.16 per share, with a total value of $210,291.52. Following the transaction, the director now owns 122,884 shares of the company’s stock, valued at $29,634,705.44. This represents a 0.71% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.88% of the stock is currently owned by insiders.

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.