WASHINGTON TRUST Co Has $432,000 Holdings in Illinois Tool Works Inc. (NYSE:ITW)

WASHINGTON TRUST Co grew its position in Illinois Tool Works Inc. (NYSE:ITW) by 6.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,649 shares of the industrial products company’s stock after acquiring an additional 95 shares during the quarter. WASHINGTON TRUST Co’s holdings in Illinois Tool Works were worth $432,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Cibc World Market Inc. increased its holdings in shares of Illinois Tool Works by 3.7% during the 1st quarter. Cibc World Market Inc. now owns 9,666 shares of the industrial products company’s stock valued at $2,024,000 after acquiring an additional 348 shares during the last quarter. Cetera Investment Advisers increased its holdings in shares of Illinois Tool Works by 4.2% during the 1st quarter. Cetera Investment Advisers now owns 9,070 shares of the industrial products company’s stock valued at $1,899,000 after acquiring an additional 368 shares during the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Illinois Tool Works by 54.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 2,859 shares of the industrial products company’s stock valued at $599,000 after acquiring an additional 1,011 shares during the last quarter. Zions Bancorporation N.A. increased its holdings in shares of Illinois Tool Works by 9.9% during the 1st quarter. Zions Bancorporation N.A. now owns 2,407 shares of the industrial products company’s stock valued at $504,000 after acquiring an additional 217 shares during the last quarter. Finally, Covestor Ltd increased its holdings in shares of Illinois Tool Works by 70.7% during the 1st quarter. Covestor Ltd now owns 746 shares of the industrial products company’s stock valued at $156,000 after acquiring an additional 309 shares during the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Wells Fargo & Company lowered Illinois Tool Works from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $277.00 to $240.00 in a report on Tuesday, February 6th. Barclays increased their target price on Illinois Tool Works from $215.00 to $224.00 and gave the company an “underweight” rating in a research note on Monday, February 5th. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $260.00 to $235.00 in a research note on Wednesday, January 10th. Citigroup increased their target price on Illinois Tool Works from $244.00 to $256.00 and gave the company a “neutral” rating in a research note on Monday, December 11th. Finally, Truist Financial began coverage on Illinois Tool Works in a research note on Thursday, March 14th. They set a “buy” rating and a $301.00 target price for the company. Five equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Illinois Tool Works currently has an average rating of “Hold” and an average target price of $245.50.

Insider Buying and Selling

In related news, EVP Sharon Szafranski sold 801 shares of Illinois Tool Works stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.42, for a total transaction of $205,392.42. Following the completion of the sale, the executive vice president now directly owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Illinois Tool Works news, EVP Sharon Szafranski sold 801 shares of Illinois Tool Works stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $256.42, for a total transaction of $205,392.42. Following the transaction, the executive vice president now directly owns 5,870 shares in the company, valued at $1,505,185.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total value of $9,851,485.02. Following the transaction, the chief financial officer now owns 46,404 shares in the company, valued at $12,299,844.24. The disclosure for this sale can be found here. Insiders sold a total of 189,471 shares of company stock valued at $48,712,316 over the last three months. Company insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

ITW stock traded up $0.03 during midday trading on Thursday, reaching $268.24. 284,256 shares of the company’s stock traded hands, compared to its average volume of 1,283,474. The company has a 50-day simple moving average of $259.83 and a two-hundred day simple moving average of $247.89. Illinois Tool Works Inc. has a 1-year low of $217.06 and a 1-year high of $271.15. The company has a market cap of $80.13 billion, a price-to-earnings ratio of 27.54, a PEG ratio of 4.56 and a beta of 1.13. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, beating the consensus estimate of $2.41 by $0.01. The company had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The business’s revenue for the quarter was up .3% on a year-over-year basis. During the same period last year, the firm earned $2.34 EPS. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Friday, March 29th will be paid a dividend of $1.40 per share. The ex-dividend date is Wednesday, March 27th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.09%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 57.49%.

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.