City Holding Co. Trims Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

City Holding Co. lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,603 shares of the industrial products company’s stock after selling 153 shares during the quarter. City Holding Co.’s holdings in Illinois Tool Works were worth $2,255,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ITW. Financial Connections Group Inc. purchased a new position in shares of Illinois Tool Works during the 2nd quarter worth approximately $30,000. Fairscale Capital LLC purchased a new position in shares of Illinois Tool Works during the second quarter worth $30,000. Northwest Investment Counselors LLC acquired a new stake in shares of Illinois Tool Works in the first quarter valued at $34,000. General Partner Inc. purchased a new stake in shares of Illinois Tool Works in the 1st quarter valued at $35,000. Finally, Rise Advisors LLC acquired a new position in Illinois Tool Works during the 1st quarter worth about $35,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $255.70 on Wednesday. The company has a market cap of $76.30 billion, a P/E ratio of 25.22, a PEG ratio of 4.09 and a beta of 1.10. The firm has a fifty day moving average price of $249.16 and a 200 day moving average price of $247.76. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 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 business had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.08 billion. During the same quarter in the prior year, the business posted $2.41 EPS. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. Sell-side 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 disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend is Monday, September 30th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is currently 59.17%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Barclays dropped their target price on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research report on Wednesday, July 31st. Jefferies Financial Group cut their target price on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Evercore ISI decreased their price target on shares of 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 raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus target price of $251.78.

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.