First United Bank & Trust Sells 46 Shares of Illinois Tool Works Inc. (NYSE:ITW)

First United Bank & Trust cut its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,351 shares of the industrial products company’s stock after selling 46 shares during the period. First United Bank & Trust’s holdings in Illinois Tool Works were worth $1,327,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC grew its position in 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. Kestra Private Wealth Services LLC increased its holdings in shares of Illinois Tool Works by 14.2% during the fourth quarter. Kestra Private Wealth Services LLC now owns 10,475 shares of the industrial products company’s stock worth $2,656,000 after buying an additional 1,306 shares in the last quarter. Sapient Capital LLC raised its stake in shares of Illinois Tool Works by 1.1% in the fourth quarter. Sapient Capital LLC now owns 5,589 shares of the industrial products company’s stock valued at $1,426,000 after acquiring an additional 60 shares during the last quarter. Essex Financial Services Inc. boosted its holdings in shares of Illinois Tool Works by 5.7% in the 4th quarter. Essex Financial Services Inc. now owns 2,355 shares of the industrial products company’s stock worth $597,000 after acquiring an additional 128 shares in the last quarter. Finally, Stonebridge Financial Group LLC bought a new stake in Illinois Tool Works during the 4th quarter worth approximately $49,000. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Stock Down 1.0%

Shares of ITW opened at $246.51 on Thursday. The company has a market capitalization of $72.23 billion, a PE ratio of 21.03, a PEG ratio of 4.56 and a beta of 1.10. The stock’s 50-day moving average price is $240.15 and its two-hundred day moving average price is $252.75. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) 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 firm had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same period in the previous year, the firm earned $2.44 EPS. The business’s revenue for the quarter was down 3.4% compared to the same quarter last year. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on ITW shares. Deutsche Bank Aktiengesellschaft upgraded Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price for the company in a research note on Wednesday, February 19th. UBS Group decreased 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. Evercore ISI reduced their price objective on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating on the stock in a report on Monday, May 19th. Barclays lowered their target price on Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating for the company in a research note on Thursday, May 1st. Finally, Truist Financial decreased their price target on Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Three investment 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. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $253.42.

Insider Buying and Selling

In other news, Director David Byron Smith, Jr. acquired 872 shares of the business’s stock in a transaction dated Monday, June 2nd. The stock was purchased at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the transaction, the director now directly owns 122,884 shares in the company, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.88% of the stock is owned by insiders.

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.