Northwest Bank & Trust Co Has $75,000 Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Northwest Bank & Trust Co cut its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 46.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 287 shares of the industrial products company’s stock after selling 250 shares during the quarter. Northwest Bank & Trust Co’s holdings in Illinois Tool Works were worth $75,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Capital Research Global Investors boosted its position 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 worth $1,171,006,000 after acquiring an additional 51,654 shares during the last quarter. Fisher Asset Management LLC increased its position in Illinois Tool Works by 4.2% during the 4th 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 period. Legal & General Group Plc increased its position in 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 worth $640,425,000 after buying an additional 62,645 shares during the period. Dimensional Fund Advisors LP increased its position 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 purchasing an additional 133,853 shares during the period. Finally, Guinness Asset Management LTD increased its position in shares of Illinois Tool Works by 30.7% in the second 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 period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ITW has been the topic of a number of recent analyst reports. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Jefferies Financial Group cut their price objective on 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. JPMorgan Chase & Co. lifted their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Truist Financial lifted their target price on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Wells Fargo & Company boosted their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus price target of $255.22.

Illinois Tool Works Stock Performance

ITW stock traded down $0.49 during midday trading on Thursday, hitting $257.49. The company’s stock had a trading volume of 119,648 shares, compared to its average volume of 1,080,635. The stock’s 50-day moving average price is $249.50 and its 200 day moving average price is $247.75. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15. The stock has a market cap of $76.84 billion, a price-to-earnings ratio of 25.44, a PEG ratio of 4.09 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results 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 firm had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter in the prior year, the firm earned $2.41 EPS. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, equities analysts forecast that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders 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 dividend on an annualized basis and a yield of 2.33%. 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.