Somerset Trust Co Has $4.89 Million Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Somerset Trust Co boosted its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 2.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 19,284 shares of the industrial products company’s stock after acquiring an additional 461 shares during the quarter. Illinois Tool Works accounts for approximately 1.8% of Somerset Trust Co’s investment portfolio, making the stock its 16th biggest holding. Somerset Trust Co’s holdings in Illinois Tool Works were worth $4,890,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Federated Hermes Inc. raised its position in Illinois Tool Works by 25.8% in the 2nd quarter. Federated Hermes Inc. now owns 12,753 shares of the industrial products company’s stock valued at $3,022,000 after buying an additional 2,617 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its stake in shares of Illinois Tool Works by 1.6% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 30,269 shares of the industrial products company’s stock worth $7,172,000 after acquiring an additional 468 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of Illinois Tool Works by 27.5% in the second quarter. Intech Investment Management LLC now owns 26,522 shares of the industrial products company’s stock valued at $6,285,000 after purchasing an additional 5,716 shares during the last quarter. Brighton Jones LLC lifted its position in shares of Illinois Tool Works by 8.2% during the second quarter. Brighton Jones LLC now owns 4,845 shares of the industrial products company’s stock valued at $1,148,000 after purchasing an additional 368 shares in the last quarter. Finally, Ieq Capital LLC boosted its holdings in Illinois Tool Works by 3.1% during the second quarter. Ieq Capital LLC now owns 21,140 shares of the industrial products company’s stock worth $5,009,000 after purchasing an additional 638 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

ITW has been the subject of several analyst reports. Jefferies Financial Group increased their price objective on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Truist Financial lifted their price target on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Stifel Nicolaus boosted their price objective on Illinois Tool Works from $262.00 to $268.00 and gave the stock a “hold” rating in a research report on Wednesday, December 11th. Barclays decreased their target price on Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 8th. Finally, Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and boosted their price target for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $270.11.

Illinois Tool Works Trading Up 0.2 %

Shares of Illinois Tool Works stock opened at $256.50 on Friday. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. The stock has a market capitalization of $75.74 billion, a P/E ratio of 22.19, a P/E/G ratio of 3.55 and a beta of 1.11. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $279.13. The stock’s 50-day simple moving average is $264.57 and its 200 day simple moving average is $255.29.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating 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 period in the prior year, the company posted $2.55 EPS. Illinois Tool Works’s revenue was down 1.6% compared to the same quarter last year. As a group, research analysts anticipate that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st were given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.34%. The ex-dividend date was Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.90%.

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.