Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Comerica Bank

Comerica Bank lessened its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 81,655 shares of the industrial products company’s stock after selling 895 shares during the quarter. Comerica Bank’s holdings in Illinois Tool Works were worth $21,911,000 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. Global Retirement Partners LLC raised its stake in shares of Illinois Tool Works by 16.6% during the 4th quarter. Global Retirement Partners LLC now owns 2,063 shares of the industrial products company’s stock worth $523,000 after buying an additional 293 shares during the last quarter. Miracle Mile Advisors LLC raised its stake in Illinois Tool Works by 139.3% in the 4th quarter. Miracle Mile Advisors LLC now owns 5,453 shares of the industrial products company’s stock valued at $1,428,000 after purchasing an additional 3,174 shares during the last quarter. Essex Savings Bank raised its stake in Illinois Tool Works by 14.5% in the 4th quarter. Essex Savings Bank now owns 4,214 shares of the industrial products company’s stock valued at $1,104,000 after purchasing an additional 535 shares during the last quarter. Ascent Wealth Partners LLC raised its stake in Illinois Tool Works by 1.0% in the 4th quarter. Ascent Wealth Partners LLC now owns 27,572 shares of the industrial products company’s stock valued at $7,222,000 after purchasing an additional 276 shares during the last quarter. Finally, Pinnacle Financial Partners Inc raised its stake in Illinois Tool Works by 2.0% in the 4th quarter. Pinnacle Financial Partners Inc now owns 3,045 shares of the industrial products company’s stock valued at $798,000 after purchasing an additional 61 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Activity at Illinois Tool Works

In other news, Director David Byron Smith, Jr. purchased 775 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The shares were acquired at an average cost of $238.82 per share, with a total value of $185,085.50. Following the transaction, the director now owns 121,506 shares in the company, valued at approximately $29,018,062.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Down 2.2 %

NYSE ITW traded down $5.46 on Thursday, reaching $241.82. The company had a trading volume of 483,295 shares, compared to its average volume of 1,171,865. The firm has a market capitalization of $72.16 billion, a PE ratio of 24.39, a P/E/G ratio of 3.74 and a beta of 1.10. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15. The firm has a 50-day moving average of $240.85 and a 200-day moving average of $251.19. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.94.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The company had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same period in the prior year, the company posted $2.41 EPS. Illinois Tool Works’s quarterly revenue was down 1.2% on a year-over-year basis. On average, equities research analysts anticipate that Illinois Tool Works Inc. will post 10.3 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 11th. Investors of record on Friday, June 28th were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.32%. The ex-dividend date was Friday, June 28th. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Analysts Set New Price Targets

ITW has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday. Citigroup lifted their price target on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Truist Financial lowered their price target on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a report on Wednesday. Stifel Nicolaus lowered their price target on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a report on Wednesday. Finally, Wells Fargo & Company lifted their price target on Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a report on Wednesday. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $253.00.

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.