Stock Yards Bank & Trust Co. Cuts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Stock Yards Bank & Trust Co. cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 2.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,569 shares of the industrial products company’s stock after selling 496 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Illinois Tool Works were worth $4,357,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Illinois Tool Works by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 26,326,996 shares of the industrial products company’s stock worth $6,675,473,000 after acquiring an additional 94,601 shares during the last quarter. Northern Trust Corp increased its holdings in Illinois Tool Works by 3.9% in the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company’s stock valued at $3,465,570,000 after buying an additional 508,188 shares during the last quarter. Geode Capital Management LLC increased its holdings in Illinois Tool Works by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 6,392,021 shares of the industrial products company’s stock valued at $1,620,491,000 after buying an additional 99,753 shares during the last quarter. Capital Research Global Investors increased its holdings in Illinois Tool Works by 1.8% in the fourth quarter. Capital Research Global Investors now owns 4,132,493 shares of the industrial products company’s stock valued at $1,047,837,000 after buying an additional 71,934 shares during the last quarter. Finally, Fisher Asset Management LLC grew its holdings in shares of Illinois Tool Works by 2.9% during the fourth quarter. Fisher Asset Management LLC now owns 3,443,251 shares of the industrial products company’s stock valued at $873,071,000 after purchasing an additional 95,925 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Down 1.9%

NYSE ITW opened at $241.23 on Friday. 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 company has a market capitalization of $70.68 billion, a PE ratio of 20.58, a price-to-earnings-growth ratio of 4.56 and a beta of 1.10. The firm’s fifty day simple moving average is $241.11 and its 200-day simple moving average is $252.30.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates 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 period in the prior year, the business posted $2.44 earnings per share. Illinois Tool Works’s revenue for the quarter was down 3.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Monday, June 30th. Illinois Tool Works’s dividend payout ratio is presently 52.77%.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ITW shares. Robert W. Baird upped their target price on Illinois Tool Works from $239.00 to $244.00 and gave the company a “neutral” rating in a report on Thursday, May 1st. Deutsche Bank Aktiengesellschaft upgraded Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price objective for the company in a research report on Wednesday, February 19th. Citigroup reduced their price objective on Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Evercore ISI reduced their price objective on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating for the company in a research report on Monday, May 19th. Finally, Truist Financial cut their target price on Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $253.42.

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.