Somerset Trust Co Has $4.93 Million Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Somerset Trust Co decreased its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.6% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 18,823 shares of the industrial products company’s stock after selling 114 shares during the period. Illinois Tool Works comprises about 1.8% of Somerset Trust Co’s investment portfolio, making the stock its 17th biggest holding. Somerset Trust Co’s holdings in Illinois Tool Works were worth $4,933,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital Research Global Investors grew its stake in Illinois Tool Works by 1.2% during the 1st 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 acquiring an additional 51,654 shares in the last quarter. Fisher Asset Management LLC grew its stake in 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 valued at $772,469,000 after purchasing an additional 119,921 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Illinois Tool Works by 2.4% during the 2nd quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company’s stock valued at $640,425,000 after buying an additional 62,645 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Illinois Tool Works by 9.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock valued at $361,998,000 after acquiring an additional 133,853 shares in the last quarter. Finally, Guinness Asset Management LTD increased its stake in shares of Illinois Tool Works by 30.7% during the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock worth $181,926,000 after purchasing an additional 180,458 shares during the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Up 0.9 %

ITW opened at $257.98 on Thursday. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. The company has a market capitalization of $76.98 billion, a P/E ratio of 25.44, a P/E/G ratio of 4.09 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The firm’s fifty day moving average price is $249.50 and its two-hundred day moving average price is $247.75.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The firm had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. During the same quarter in the prior year, the business posted $2.41 earnings per share. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.18 EPS 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. Shareholders of record on Monday, September 30th will be issued a dividend of $1.50 per share. The ex-dividend date is Monday, September 30th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.33%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 59.17%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Jefferies Financial Group reduced their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Wells Fargo & Company upped their target price on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research report on Monday. Truist Financial lifted their price target 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. Evercore ISI lowered their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Finally, Barclays decreased their price target on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $255.22.

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.