Bank OZK Decreases Stock Holdings in Illinois Tool Works Inc. $ITW

Bank OZK trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.6% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 2,207 shares of the industrial products company’s stock after selling 182 shares during the period. Bank OZK’s holdings in Illinois Tool Works were worth $547,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Ameriflex Group Inc. purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at about $26,000. von Borstel & Associates Inc. purchased a new stake in shares of Illinois Tool Works during the first quarter valued at about $26,000. Park Square Financial Group LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at about $35,000. Olde Wealth Management LLC purchased a new stake in shares of Illinois Tool Works during the first quarter valued at about $49,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of Illinois Tool Works by 167.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 211 shares of the industrial products company’s stock valued at $52,000 after buying an additional 132 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. purchased 872 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were purchased at an average cost of $241.16 per share, with a total value of $210,291.52. Following the completion of the acquisition, the director owned 122,884 shares of the company’s stock, valued at approximately $29,634,705.44. This represents a 0.71% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on ITW. Truist Financial lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating and set a $283.00 price objective for the company. in a research report on Thursday, July 31st. Robert W. Baird increased their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a “neutral” rating in a research report on Thursday, May 1st. Wells Fargo & Company increased their price objective on shares of Illinois Tool Works from $235.00 to $250.00 and gave the company an “underweight” rating in a research report on Thursday, July 31st. Bank of America lowered shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price objective for the company. in a research report on Wednesday, May 7th. Finally, UBS Group increased their price objective on shares of Illinois Tool Works from $243.00 to $255.00 and gave the company a “neutral” rating in a research report on Thursday, July 31st. Three analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works currently has a consensus rating of “Hold” and an average target price of $259.33.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $259.45 on Tuesday. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The company’s 50 day moving average is $254.08 and its 200 day moving average is $250.04. The company has a current ratio of 1.59, a quick ratio of 1.15 and a debt-to-equity ratio of 2.40. The company has a market cap of $75.63 billion, a PE ratio of 22.74, a price-to-earnings-growth ratio of 5.58 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.56 by $0.02. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The firm had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the prior year, the firm posted $2.54 earnings per share. The firm’s quarterly revenue was up .6% compared to the same quarter last year. On average, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be issued a dividend of $1.61 per share. This represents a $6.44 dividend on an annualized basis and a yield of 2.5%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Tuesday, September 30th. Illinois Tool Works’s payout ratio is currently 52.59%.

About Illinois Tool Works

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.