Grove Bank & Trust Has $661,000 Position in Illinois Tool Works Inc. (NYSE:ITW)

Grove Bank & Trust reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 2.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,523 shares of the industrial products company’s stock after selling 53 shares during the period. Grove Bank & Trust’s holdings in Illinois Tool Works were worth $661,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Capital Research Global Investors increased its holdings in shares of Illinois Tool Works by 1.2% in the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock valued at $1,171,006,000 after purchasing an additional 51,654 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Illinois Tool Works by 2.4% in the second quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company’s stock worth $640,425,000 after acquiring an additional 62,645 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Illinois Tool Works by 9.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after acquiring an additional 133,853 shares during the last quarter. Guinness Asset Management LTD lifted its holdings in shares of Illinois Tool Works by 4.6% in the third quarter. Guinness Asset Management LTD now owns 802,886 shares of the industrial products company’s stock worth $210,447,000 after acquiring an additional 35,145 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Illinois Tool Works by 7.3% in the second quarter. ProShare Advisors LLC now owns 742,941 shares of the industrial products company’s stock worth $176,047,000 after acquiring an additional 50,753 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ITW has been the subject of several recent research reports. JPMorgan Chase & Co. upped their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Stifel Nicolaus decreased their target price on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research report on Wednesday, July 31st. Truist Financial increased their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Wells Fargo & Company increased their price target on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $255.22.

Illinois Tool Works Stock Up 0.4 %

Shares of ITW traded up $0.95 during trading hours on Monday, reaching $261.54. The stock had a trading volume of 157,076 shares, compared to its average volume of 1,076,259. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. The firm has a 50-day simple moving average of $250.13 and a 200 day simple moving average of $247.50. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The company has a market capitalization of $78.04 billion, a price-to-earnings ratio of 25.70, a P/E/G ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. During the same period last year, the business earned $2.41 EPS. The business’s revenue was down 1.2% on a year-over-year basis. Equities research analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is presently 59.17%.

Illinois Tool Works Company 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.