Independence Bank of Kentucky Decreases Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Independence Bank of Kentucky decreased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,523 shares of the industrial products company’s stock after selling 130 shares during the quarter. Independence Bank of Kentucky’s holdings in Illinois Tool Works were worth $1,131,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Flputnam Investment Management Co. lifted its stake in Illinois Tool Works by 41.6% in the 1st quarter. Flputnam Investment Management Co. now owns 7,547 shares of the industrial products company’s stock valued at $1,837,000 after buying an additional 2,216 shares in the last quarter. One Capital Management LLC acquired a new position in Illinois Tool Works in the 1st quarter valued at $249,000. Journey Advisory Group LLC raised its holdings in Illinois Tool Works by 6.5% in the 1st quarter. Journey Advisory Group LLC now owns 2,878 shares of the industrial products company’s stock valued at $701,000 after acquiring an additional 175 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Illinois Tool Works by 22.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 20,404 shares of the industrial products company’s stock valued at $4,967,000 after acquiring an additional 3,678 shares during the last quarter. Finally, White Pine Capital LLC raised its holdings in Illinois Tool Works by 2.0% in the 1st quarter. White Pine Capital LLC now owns 7,832 shares of the industrial products company’s stock valued at $1,907,000 after acquiring an additional 153 shares during the last quarter. Hedge funds and other institutional investors own 79.56% of the company’s stock.

Illinois Tool Works Price Performance

NYSE ITW opened at $237.68 on Friday. Illinois Tool Works Inc. has a 12 month low of $180.27 and a 12 month high of $264.19. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.59 and a quick ratio of 1.11. The firm has a market capitalization of $71.87 billion, a PE ratio of 23.71, a P/E/G ratio of 4.24 and a beta of 1.15. The company’s 50 day simple moving average is $246.16 and its 200 day simple moving average is $238.68.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, August 1st. The industrial products company reported $2.41 earnings per share for the quarter, topping analysts’ consensus estimates of $2.39 by $0.02. The firm had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $4.14 billion. Illinois Tool Works had a net margin of 19.30% and a return on equity of 94.14%. The firm’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period last year, the firm posted $2.37 earnings per share. As a group, equities research analysts forecast that Illinois Tool Works Inc. will post 9.74 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Investors of record on Friday, September 29th will be paid a $1.40 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.31. The ex-dividend date is Thursday, September 28th. This represents a $5.60 dividend on an annualized basis and a yield of 2.36%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.83%.

Analysts Set New Price Targets

Several brokerages have weighed in on ITW. Morgan Stanley boosted their price target on Illinois Tool Works from $230.00 to $232.00 and gave the company an “underweight” rating in a report on Thursday, August 3rd. Credit Suisse Group upped their price objective on Illinois Tool Works from $281.00 to $292.00 and gave the stock an “outperform” rating in a report on Wednesday, August 2nd. Barclays dropped their price objective on Illinois Tool Works from $213.00 to $198.00 in a report on Thursday, September 7th. Citigroup upped their price target on shares of Illinois Tool Works from $256.00 to $258.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 2nd. Finally, Stifel Nicolaus upped their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock a “hold” rating in a research report on Wednesday, July 19th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $237.18.

Illinois Tool Works 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.