Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Central Bank & Trust Co.

Central Bank & Trust Co. cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 22.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,397 shares of the industrial products company’s stock after selling 679 shares during the quarter. Central Bank & Trust Co.’s holdings in Illinois Tool Works were worth $643,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth $26,000. Frazier Financial Advisors LLC acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth $26,000. Security National Bank acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth $28,000. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth $28,000. Finally, Bruce G. Allen Investments LLC acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth $29,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Trading Down 1.2 %

Shares of NYSE ITW traded down $2.93 during midday trading on Friday, hitting $240.40. The stock had a trading volume of 1,813,650 shares, compared to its average volume of 922,801. The company has a fifty day moving average price of $244.72 and a 200 day moving average price of $254.20. The company has a market capitalization of $71.74 billion, a price-to-earnings ratio of 23.71, a PEG ratio of 3.62 and a beta of 1.11. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. Illinois Tool Works Inc. has a 1-year low of $217.50 and a 1-year high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping the consensus estimate of $2.35 by $0.09. The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. Illinois Tool Works’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.33 EPS. On average, analysts predict that Illinois Tool Works Inc. will post 10.22 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be issued a dividend of $1.40 per share. The ex-dividend date is Friday, June 28th. This represents a $5.60 annualized dividend and a yield of 2.33%. Illinois Tool Works’s dividend payout ratio is presently 55.23%.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 775 shares of the company’s stock in a transaction on 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 acquisition, the director now directly owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.88% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Citigroup raised their target price on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Wells Fargo & Company reduced their target price on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a report on Wednesday, May 1st. Stifel Nicolaus raised their target price on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Barclays reduced their target price on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a report on Tuesday, June 4th. Finally, StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Friday. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $256.44.

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.