M&T Bank Corp Sells 5,526 Shares of Illinois Tool Works Inc. (NYSE:ITW)

M&T Bank Corp trimmed its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 8.6% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 58,840 shares of the industrial products company's stock after selling 5,526 shares during the quarter. M&T Bank Corp's holdings in Illinois Tool Works were worth $15,420,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of ITW. Financial Connections Group Inc. bought a new position in Illinois Tool Works during the second quarter valued at approximately $30,000. Fairscale Capital LLC bought a new position in shares of Illinois Tool Works during the 2nd quarter valued at $30,000. True Wealth Design LLC boosted its stake in shares of Illinois Tool Works by 1,060.0% in the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company's stock worth $30,000 after buying an additional 106 shares during the last quarter. Catalyst Capital Advisors LLC bought a new position in shares of Illinois Tool Works in the 3rd quarter worth approximately $32,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Illinois Tool Works during the 3rd quarter valued at $35,000. Hedge funds and other institutional investors own 79.77% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Wells Fargo & Company lifted their target price on Illinois Tool Works from $236.00 to $250.00 and gave the company an "underweight" rating in a research report on Monday, October 7th. StockNews.com upgraded Illinois Tool Works from a "hold" rating to a "buy" rating in a research note on Thursday, October 31st. Citigroup raised their target price on shares of Illinois Tool Works from $266.00 to $279.00 and gave the stock a "neutral" rating in a research note on Monday. Jefferies Financial Group upped their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the stock a "hold" rating in a research report on Friday, December 6th. Finally, Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $262.00 to $268.00 and gave the company a "hold" rating in a research report on Wednesday. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $267.90.

Illinois Tool Works Trading Down 0.3 %

NYSE:ITW traded down $0.71 during midday trading on Wednesday, hitting $273.04. 706,567 shares of the company traded hands, compared to its average volume of 1,039,087. The firm has a market capitalization of $80.63 billion, a P/E ratio of 23.70, a P/E/G ratio of 4.24 and a beta of 1.10. The firm's fifty day moving average is $266.44 and its 200-day moving average is $252.17. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $279.13. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping 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 firm had revenue of $3.97 billion during the quarter, compared to analysts' expectations of $4.02 billion. During the same period in the previous year, the company earned $2.55 EPS. The firm's revenue for the quarter was down 1.6% compared to the same quarter last year. On average, sell-side analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.20%. Illinois Tool Works's dividend payout ratio (DPR) is 51.90%.

Illinois Tool Works 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.