First Western Trust Bank Has $331,000 Holdings in Illinois Tool Works Inc. (NYSE:ITW)

First Western Trust Bank lowered its stake in Illinois Tool Works Inc. (NYSE:ITW) by 18.1% in the second quarter, Holdings Channel.com reports. The institutional investor owned 1,398 shares of the industrial products company’s stock after selling 308 shares during the quarter. First Western Trust Bank’s holdings in Illinois Tool Works were worth $331,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Capital Research Global Investors lifted its position 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 worth $1,171,006,000 after buying an additional 51,654 shares during the last quarter. Norges Bank acquired a new stake in shares of Illinois Tool Works in the fourth quarter worth about $818,408,000. Fisher Asset Management LLC lifted its position in shares of Illinois Tool Works by 4.2% in the fourth quarter. Fisher Asset Management LLC now owns 2,949,029 shares of the industrial products company’s stock worth $772,469,000 after buying an additional 119,921 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Illinois Tool Works by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,350,363 shares of the industrial products company’s stock worth $353,715,000 after buying an additional 26,089 shares during the last quarter. Finally, Schroder Investment Management Group lifted its position in shares of Illinois Tool Works by 11.0% in the fourth quarter. Schroder Investment Management Group now owns 1,001,113 shares of the industrial products company’s stock worth $262,232,000 after buying an additional 99,175 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on ITW shares. Wells Fargo & Company boosted their price objective on Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 31st. Evercore ISI cut their price objective on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Truist Financial cut their price objective on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. boosted their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $250.22.

Insider Activity

In related news, Director David Byron Smith, Jr. acquired 775 shares of the stock in a transaction dated Thursday, June 13th. The shares were bought at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the purchase, the director now owns 121,506 shares in the company, valued at approximately $29,018,062.92. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Trading Down 0.7 %

Shares of ITW opened at $243.06 on Friday. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month high of $271.15. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The firm has a market capitalization of $72.53 billion, a price-to-earnings ratio of 23.97, a P/E/G ratio of 4.03 and a beta of 1.10. The stock’s 50-day moving average price is $243.05 and its 200 day moving average price is $248.92.

Illinois Tool Works (NYSE:ITW) last released 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 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. The company’s revenue was down 1.2% compared to the same quarter last year. As a group, research analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be paid a $1.50 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

About Illinois Tool Works

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.