Stock Yards Bank & Trust Co. Cuts Stake in Illinois Tool Works Inc. (ITW)

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Stock Yards Bank & Trust Co. lessened its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 1.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,943 shares of the industrial products company’s stock after selling 236 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Illinois Tool Works were worth $1,858,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Venturi Wealth Management LLC bought a new stake in Illinois Tool Works during the fourth quarter worth $318,000. Pinnacle Bank bought a new stake in Illinois Tool Works during the fourth quarter worth $201,000. Massmutual Trust Co. FSB ADV raised its position in Illinois Tool Works by 35.7% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 1,845 shares of the industrial products company’s stock worth $234,000 after acquiring an additional 485 shares in the last quarter. Douglas Lane & Associates LLC raised its position in Illinois Tool Works by 1.8% during the fourth quarter. Douglas Lane & Associates LLC now owns 116,094 shares of the industrial products company’s stock worth $14,708,000 after acquiring an additional 2,089 shares in the last quarter. Finally, Headinvest LLC raised its position in Illinois Tool Works by 100.0% during the fourth quarter. Headinvest LLC now owns 3,720 shares of the industrial products company’s stock worth $471,000 after acquiring an additional 1,860 shares in the last quarter. 78.66% of the stock is currently owned by institutional investors and hedge funds.

NYSE:ITW opened at $156.60 on Thursday. Illinois Tool Works Inc. has a one year low of $117.75 and a one year high of $160.21. The firm has a market capitalization of $51.05 billion, a price-to-earnings ratio of 20.73, a P/E/G ratio of 2.54 and a beta of 1.19. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.26 and a current ratio of 1.63.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Friday, February 1st. The industrial products company reported $1.83 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.82 by $0.01. Illinois Tool Works had a net margin of 17.35% and a return on equity of 69.48%. The firm had revenue of $3.58 billion for the quarter, compared to the consensus estimate of $3.61 billion. During the same period in the previous year, the company earned $1.70 earnings per share. The company’s quarterly revenue was down 1.4% on a year-over-year basis. On average, analysts predict that Illinois Tool Works Inc. will post 7.96 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 10th. Shareholders of record on Friday, March 29th were issued a $1.00 dividend. The ex-dividend date was Thursday, March 28th. This represents a $4.00 annualized dividend and a dividend yield of 2.55%. Illinois Tool Works’s dividend payout ratio is currently 52.63%.

In related news, Vice Chairman Christopher A. O’herlihy sold 43,554 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $145.79, for a total value of $6,349,737.66. Following the transaction, the insider now directly owns 71,927 shares in the company, valued at $10,486,237.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sundaram Nagarajan sold 18,651 shares of the company’s stock in a transaction dated Monday, February 4th. The shares were sold at an average price of $137.75, for a total transaction of $2,569,175.25. Following the completion of the transaction, the insider now owns 44,954 shares in the company, valued at $6,192,413.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 128,970 shares of company stock worth $18,348,472. Corporate insiders own 0.87% of the company’s stock.

Several research firms have issued reports on ITW. Zacks Investment Research lowered shares of Illinois Tool Works from a “hold” rating to a “sell” rating in a research report on Monday, April 8th. BMO Capital Markets dropped their price target on shares of Illinois Tool Works from $145.00 to $140.00 and set a “market perform” rating on the stock in a research report on Monday, February 25th. Citigroup lowered shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and set a $144.00 price target on the stock. in a research report on Monday, January 14th. Stifel Nicolaus upped their price target on shares of Illinois Tool Works from $137.00 to $145.00 and gave the stock a “hold” rating in a research report on Tuesday. Finally, Credit Suisse Group reaffirmed a “hold” rating and set a $124.00 price target on shares of Illinois Tool Works in a research report on Tuesday, January 22nd. Six research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $136.60.

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Illinois Tool Works Company Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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