First National Bank of Mount Dora Trust Investment Services Sells 7,950 Shares of Illinois Tool Works Inc. (NYSE:ITW)

First National Bank of Mount Dora Trust Investment Services cut its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 23.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,922 shares of the industrial products company’s stock after selling 7,950 shares during the period. Illinois Tool Works comprises 1.9% of First National Bank of Mount Dora Trust Investment Services’ portfolio, making the stock its 22nd biggest position. First National Bank of Mount Dora Trust Investment Services’ holdings in Illinois Tool Works were worth $4,057,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Smith Shellnut Wilson LLC ADV increased its holdings in shares of Illinois Tool Works by 3.8% in the 2nd quarter. Smith Shellnut Wilson LLC ADV now owns 2,014 shares of the industrial products company’s stock valued at $304,000 after acquiring an additional 73 shares during the period. Valeo Financial Advisors LLC grew its stake in Illinois Tool Works by 10.5% during the 2nd quarter. Valeo Financial Advisors LLC now owns 788 shares of the industrial products company’s stock worth $119,000 after buying an additional 75 shares during the last quarter. Grimes & Company Inc. grew its stake in Illinois Tool Works by 1.0% during the 2nd quarter. Grimes & Company Inc. now owns 8,003 shares of the industrial products company’s stock worth $1,207,000 after buying an additional 83 shares during the last quarter. Cornerstone Advisors Inc. grew its stake in Illinois Tool Works by 11.2% during the 2nd quarter. Cornerstone Advisors Inc. now owns 836 shares of the industrial products company’s stock worth $126,000 after buying an additional 84 shares during the last quarter. Finally, Townsquare Capital LLC grew its stake in Illinois Tool Works by 4.2% during the 2nd quarter. Townsquare Capital LLC now owns 2,085 shares of the industrial products company’s stock worth $316,000 after buying an additional 84 shares during the last quarter. 77.46% of the stock is owned by institutional investors and hedge funds.

Several research analysts recently weighed in on ITW shares. Northcoast Research downgraded Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $121.00 target price on the stock. in a research note on Wednesday, June 26th. Credit Suisse Group boosted their target price on Illinois Tool Works from $124.00 to $152.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Zacks Investment Research downgraded Illinois Tool Works from a “hold” rating to a “sell” rating and set a $154.00 target price on the stock. in a research note on Tuesday, July 9th. Goldman Sachs Group downgraded Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $144.00 target price on the stock. in a research note on Monday, September 23rd. They noted that the move was a valuation call. Finally, UBS Group boosted their target price on Illinois Tool Works from $150.00 to $154.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Six research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $142.44.

Illinois Tool Works stock traded up $0.54 during trading hours on Wednesday, hitting $146.94. 4,768 shares of the stock traded hands, compared to its average volume of 1,319,544. The company has a debt-to-equity ratio of 2.52, a current ratio of 2.87 and a quick ratio of 2.30. The firm’s 50 day moving average price is $152.30 and its 200-day moving average price is $150.92. The stock has a market capitalization of $48.59 billion, a price-to-earnings ratio of 19.32, a P/E/G ratio of 2.68 and a beta of 1.22. Illinois Tool Works Inc. has a 1 year low of $117.75 and a 1 year high of $161.71.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Friday, July 26th. The industrial products company reported $2.00 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.97 by $0.03. The business had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.73 billion. Illinois Tool Works had a return on equity of 76.17% and a net margin of 17.17%. The company’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.97 EPS. Research analysts forecast that Illinois Tool Works Inc. will post 7.69 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Monday, September 30th will be paid a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 2.91%. The ex-dividend date is Friday, September 27th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.00. Illinois Tool Works’s payout ratio is presently 56.32%.

In other Illinois Tool Works news, EVP Steven L. Martindale sold 48,622 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $155.88, for a total transaction of $7,579,197.36. Following the sale, the executive vice president now owns 84,546 shares in the company, valued at approximately $13,179,030.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Michael M. Larsen sold 35,617 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $159.61, for a total value of $5,684,829.37. Following the sale, the chief financial officer now owns 38,726 shares in the company, valued at approximately $6,181,056.86. The disclosure for this sale can be found here. In the last quarter, insiders have sold 158,458 shares of company stock worth $25,172,163. Company insiders own 0.87% of the company’s stock.

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.

Further Reading: Why do company’s buyback their stock?

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

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