Fifth Third Bancorp Sells 8,310 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Fifth Third Bancorp decreased its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 2.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 305,643 shares of the industrial products company’s stock after selling 8,310 shares during the period. Fifth Third Bancorp owned about 0.10% of Illinois Tool Works worth $75,803,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Prudent Man Investment Management Inc. acquired a new position in shares of Illinois Tool Works during the fourth quarter worth $25,000. Ameriflex Group Inc. acquired a new position in shares of Illinois Tool Works during the fourth quarter worth $26,000. Redwood Park Advisors LLC acquired a new position in shares of Illinois Tool Works during the fourth quarter worth $26,000. Glass Jacobson Investment Advisors llc increased its position in shares of Illinois Tool Works by 336.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 84 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new position in shares of Illinois Tool Works during the fourth quarter worth $31,000. Institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ITW shares. Barclays dropped their price objective 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. Citigroup lowered their price target 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. Bank of America downgraded shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price objective for the company. in a research report on Wednesday, May 7th. Robert W. Baird upped 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 report on Thursday, May 1st. Finally, UBS Group reduced their price target on shares of Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus target price of $253.42.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. purchased 872 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was acquired at an average cost of $241.16 per share, with a total value of $210,291.52. Following the acquisition, the director now owns 122,884 shares in the company, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.88% of the stock is currently owned by insiders.

Illinois Tool Works Trading Down 1.0%

Shares of Illinois Tool Works stock opened at $246.51 on Thursday. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. The company has a market capitalization of $72.23 billion, a P/E ratio of 21.03, a PEG ratio of 4.56 and a beta of 1.10. The company’s fifty day moving average is $240.15 and its two-hundred day moving average is $252.75.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share 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 the consensus estimate of $3.83 billion. During the same quarter in the previous year, the firm earned $2.44 earnings per share. The business’s quarterly revenue was down 3.4% compared to the same quarter last year. Analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

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

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.