Grove Bank & Trust Increases Position in Illinois Tool Works Inc. (NYSE:ITW)

Grove Bank & Trust increased its position in Illinois Tool Works Inc. (NYSE:ITW) by 2.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 2,581 shares of the industrial products company’s stock after buying an additional 58 shares during the period. Grove Bank & Trust’s holdings in Illinois Tool Works were worth $654,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nikulski Financial Inc. raised its holdings in Illinois Tool Works by 3.6% during the third quarter. Nikulski Financial Inc. now owns 1,108 shares of the industrial products company’s stock worth $290,000 after purchasing an additional 39 shares in the last quarter. Mitchell Mcleod Pugh & Williams Inc. raised its stake in Illinois Tool Works by 2.5% during the 3rd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 1,614 shares of the industrial products company’s stock worth $423,000 after acquiring an additional 40 shares in the last quarter. Sigma Planning Corp lifted its position in Illinois Tool Works by 0.9% in the third quarter. Sigma Planning Corp now owns 4,639 shares of the industrial products company’s stock valued at $1,216,000 after acquiring an additional 41 shares during the last quarter. Harbour Investments Inc. grew its holdings in shares of Illinois Tool Works by 1.1% during the third quarter. Harbour Investments Inc. now owns 3,652 shares of the industrial products company’s stock worth $957,000 after purchasing an additional 41 shares during the last quarter. Finally, Procyon Advisors LLC increased its position in shares of Illinois Tool Works by 2.7% during the third quarter. Procyon Advisors LLC now owns 1,609 shares of the industrial products company’s stock worth $422,000 after purchasing an additional 43 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analysts Set New Price Targets

ITW has been the subject of a number of research analyst reports. Citigroup decreased their target price on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research report on Monday, January 13th. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. Truist Financial increased their price target on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Wells Fargo & Company lowered their price objective on shares of Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating on the stock in a research report on Tuesday, January 7th. Finally, Stifel Nicolaus upped their target price on shares of Illinois Tool Works from $262.00 to $268.00 and gave the company a “hold” rating in a report on Wednesday, December 11th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and an average target price of $270.11.

Illinois Tool Works Stock Performance

NYSE ITW opened at $256.50 on Monday. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The business’s 50 day moving average is $264.26 and its two-hundred day moving average is $255.59. The stock has a market capitalization of $75.74 billion, a price-to-earnings ratio of 22.19, a PEG ratio of 3.55 and a beta of 1.11. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $279.13.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.12. The firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. Illinois Tool Works’s revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.55 earnings per share. Research analysts expect that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st were issued a $1.50 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.34%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.90%.

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.