Penobscot Investment Management Company Inc. Trims Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Penobscot Investment Management Company Inc. trimmed its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 0.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 28,047 shares of the industrial products company’s stock after selling 191 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Illinois Tool Works were worth $6,956,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Prudent Man Investment Management Inc. bought a new position in Illinois Tool Works in the fourth quarter worth approximately $25,000. Ameriflex Group Inc. bought a new position in Illinois Tool Works in the fourth quarter worth approximately $26,000. Redwood Park Advisors LLC bought a new position in Illinois Tool Works in the fourth quarter worth approximately $26,000. Glass Jacobson Investment Advisors llc grew its stake in Illinois Tool Works by 336.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 84 shares in the last quarter. Finally, Millstone Evans Group LLC bought a new position in Illinois Tool Works in the fourth quarter worth approximately $31,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ITW has been the topic of several research analyst reports. Barclays dropped their price objective on Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Robert W. Baird increased their price objective on Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a research note on Thursday, May 1st. Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price objective on the stock. in a research note on Wednesday, May 7th. Stifel Nicolaus increased their target price on Illinois Tool Works from $227.00 to $233.00 and gave the company a “hold” rating in a research report on Thursday, May 1st. Finally, Evercore ISI dropped their target price on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating on the stock in a research report on Monday, May 19th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and an average price target of $253.42.

Illinois Tool Works Stock Performance

Shares of ITW opened at $246.00 on Thursday. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The stock has a fifty day moving average price of $243.16 and a 200-day moving average price of $250.48. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25. The firm has a market cap of $72.08 billion, a PE ratio of 21.64, a P/E/G ratio of 5.29 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The firm had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the prior year, the business posted $2.44 EPS. The business’s revenue for the quarter was down 3.4% compared to the same quarter last year. Equities 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be issued a dividend of $1.50 per share. The ex-dividend date is Monday, June 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.44%. Illinois Tool Works’s dividend payout ratio is presently 52.77%.

Insider Activity

In other news, Director David Byron Smith, Jr. bought 872 shares of Illinois Tool Works stock in a transaction that occurred on Monday, June 2nd. The stock was bought at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the purchase, the director now directly owns 122,884 shares of the company’s stock, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.88% of the company’s stock.

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.