Somerset Trust Co Buys 461 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Somerset Trust Co lifted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,284 shares of the industrial products company’s stock after purchasing an additional 461 shares during the quarter. Illinois Tool Works accounts for about 1.8% of Somerset Trust Co’s portfolio, making the stock its 16th largest position. Somerset Trust Co’s holdings in Illinois Tool Works were worth $4,890,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. State Street Corp boosted its stake in shares of Illinois Tool Works by 1.2% during the third quarter. State Street Corp now owns 12,434,001 shares of the industrial products company’s stock valued at $3,277,127,000 after purchasing an additional 149,272 shares in the last quarter. Geode Capital Management LLC raised its holdings in Illinois Tool Works by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company’s stock valued at $1,645,972,000 after buying an additional 167,422 shares during the last quarter. Fisher Asset Management LLC boosted its position in Illinois Tool Works by 4.2% during the 3rd quarter. Fisher Asset Management LLC now owns 3,347,326 shares of the industrial products company’s stock worth $877,234,000 after buying an additional 135,023 shares during the period. Legal & General Group Plc grew its holdings 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 acquiring an additional 62,645 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Illinois Tool Works by 1.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,849,448 shares of the industrial products company’s stock valued at $484,685,000 after acquiring an additional 32,656 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Stock Up 0.2 %

Illinois Tool Works stock opened at $256.50 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The company has a market capitalization of $75.74 billion, a PE ratio of 22.19, a PEG ratio of 3.55 and a beta of 1.11. The firm’s fifty day moving average is $264.57 and its 200 day moving average is $255.29. 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 analysts’ consensus estimates of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter in the prior year, the firm earned $2.55 EPS. The business’s revenue was down 1.6% on a year-over-year basis. As a group, sell-side analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st were issued a dividend of $1.50 per share. The ex-dividend date was Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.34%. Illinois Tool Works’s dividend payout ratio is 51.90%.

Analyst Ratings Changes

ITW has been the topic of several analyst reports. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Tuesday. Evercore ISI lowered Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their price target for the company from $246.00 to $255.00 in a research report on Wednesday, November 13th. Citigroup lowered their price objective 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. Truist Financial upped their target price on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, Barclays lowered their price target on shares of Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating for the company in a report on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Illinois Tool Works has an average rating of “Hold” and a consensus price target of $270.11.

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.