Sanibel Captiva Trust Company Inc. Sells 3,306 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Sanibel Captiva Trust Company Inc. decreased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 6.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 45,990 shares of the industrial products company’s stock after selling 3,306 shares during the quarter. Sanibel Captiva Trust Company Inc.’s holdings in Illinois Tool Works were worth $11,406,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Prudent Man Investment Management Inc. bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $25,000. Redwood Park Advisors LLC acquired a new position in shares of Illinois Tool Works in the fourth quarter valued at $26,000. Ameriflex Group Inc. bought a new position in Illinois Tool Works in the fourth quarter worth $26,000. Glass Jacobson Investment Advisors llc boosted its stake in Illinois Tool Works by 336.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock worth $28,000 after buying an additional 84 shares in the last quarter. Finally, Millstone Evans Group LLC bought a new stake in Illinois Tool Works in the 4th quarter valued at $31,000. Institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on ITW. Deutsche Bank Aktiengesellschaft raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target for the company in a research report on Wednesday, February 19th. Citigroup dropped their target price on Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Bank of America lowered Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price target on the stock. in a research note on Wednesday, May 7th. Robert W. Baird boosted their target price on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a “neutral” rating in a research note on Thursday, May 1st. Finally, Truist Financial dropped their target price on shares of Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and an average target price of $253.42.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. purchased 872 shares of the business’s stock in a transaction dated Monday, June 2nd. The stock was bought at an average price of $241.16 per share, with a total value of $210,291.52. Following the acquisition, the director now owns 122,884 shares in the company, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $247.28 on Tuesday. The company has a fifty day moving average price of $239.53 and a 200 day moving average price of $252.82. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13. The firm has a market cap of $72.45 billion, a PE ratio of 21.10, a PEG ratio of 4.56 and a beta of 1.10. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.34 by $0.04. The firm had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.83 billion. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The business’s revenue was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.44 EPS. Research analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date is Monday, June 30th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 52.77%.

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.