Illinois Tool Works Inc. (NYSE:ITW) Stock Position Decreased by M&T Bank Corp

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M&T Bank Corp trimmed its stake in Illinois Tool Works Inc. (NYSE:ITW) by 3.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 51,557 shares of the industrial products company’s stock after selling 2,092 shares during the quarter. M&T Bank Corp’s holdings in Illinois Tool Works were worth $9,015,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the company. Elmwood Wealth Management Inc. purchased a new stake in shares of Illinois Tool Works during the first quarter valued at $27,000. Watson Rebecca purchased a new stake in Illinois Tool Works during the second quarter valued at about $43,000. JJJ Advisors Inc. acquired a new position in shares of Illinois Tool Works in the second quarter worth about $46,000. Tarbox Family Office Inc. increased its position in shares of Illinois Tool Works by 32.5% in the second quarter. Tarbox Family Office Inc. now owns 273 shares of the industrial products company’s stock worth $48,000 after acquiring an additional 67 shares in the last quarter. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Illinois Tool Works during the first quarter valued at approximately $51,000. 78.81% of the stock is currently owned by institutional investors.

ITW stock opened at $184.99 on Friday. The firm has a market cap of $58.44 billion, a PE ratio of 23.99, a PEG ratio of 4.63 and a beta of 1.16. Illinois Tool Works Inc. has a 1 year low of $115.94 and a 1 year high of $190.85. The company has a fifty day simple moving average of $175.28 and a 200 day simple moving average of $168.07. The company has a current ratio of 2.71, a quick ratio of 2.13 and a debt-to-equity ratio of 3.37.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Friday, July 31st. The industrial products company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.31. The company had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Illinois Tool Works had a return on equity of 87.33% and a net margin of 18.06%. The business’s quarterly revenue was down 29.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.91 earnings per share. As a group, analysts forecast that Illinois Tool Works Inc. will post 5.27 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $1.07 per share. The ex-dividend date was Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a yield of 2.31%. Illinois Tool Works’s payout ratio is currently 55.23%.

A number of equities analysts recently commented on the stock. Zacks Investment Research raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $187.00 price objective for the company in a research note on Thursday, May 28th. Robert W. Baird raised their target price on Illinois Tool Works from $138.00 to $156.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Credit Suisse Group dropped their price target on Illinois Tool Works from $151.00 to $150.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 6th. Northcoast Research raised Illinois Tool Works from a “sell” rating to a “neutral” rating in a research note on Friday, May 8th. Finally, Morgan Stanley cut Illinois Tool Works from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $165.00 to $156.00 in a research note on Monday, July 13th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have assigned a buy rating to the company. Illinois Tool Works presently has a consensus rating of “Hold” and an average price target of $160.81.

In other news, CEO Ernest Scott Santi purchased 6,300 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was bought at an average cost of $158.42 per share, for a total transaction of $998,046.00. Following the completion of the acquisition, the chief executive officer now directly owns 141,994 shares of the company’s stock, valued at $22,494,689.48. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Richard H. Lenny purchased 1,575 shares of the stock in a transaction dated Wednesday, May 6th. The stock was acquired at an average cost of $159.19 per share, for a total transaction of $250,724.25. The disclosure for this purchase can be found here. Company insiders own 0.79% of the company’s stock.

Illinois Tool Works Company Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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