Montecito Bank & Trust Grows Stake in Illinois Tool Works Inc. (NYSE:ITW)

Montecito Bank & Trust grew its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 41.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,300 shares of the industrial products company's stock after acquiring an additional 1,832 shares during the quarter. Montecito Bank & Trust's holdings in Illinois Tool Works were worth $1,651,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Capital Research Global Investors raised its holdings in Illinois Tool Works by 1.2% in the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company's stock worth $1,171,006,000 after buying an additional 51,654 shares during the last quarter. Legal & General Group Plc raised its holdings in Illinois Tool Works by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company's stock worth $640,425,000 after acquiring an additional 62,645 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Illinois Tool Works by 9.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company's stock valued at $361,998,000 after purchasing an additional 133,853 shares during the last quarter. Guinness Asset Management LTD increased its holdings in shares of Illinois Tool Works by 4.6% in the 3rd quarter. Guinness Asset Management LTD now owns 802,886 shares of the industrial products company's stock worth $210,447,000 after purchasing an additional 35,145 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Illinois Tool Works by 7.3% during the second quarter. ProShare Advisors LLC now owns 742,941 shares of the industrial products company's stock valued at $176,047,000 after purchasing an additional 50,753 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

Wall Street Analysts Forecast Growth

ITW has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 31st. Truist Financial boosted their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Argus upgraded shares of Illinois Tool Works to a "strong-buy" rating in a report on Wednesday, July 31st. Stifel Nicolaus boosted their target price on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a "hold" rating in a research note on Wednesday, October 16th. Finally, Robert W. Baird upped their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, October 31st. Three research analysts have rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $256.40.

Illinois Tool Works Price Performance

Shares of ITW traded down $1.29 during trading hours on Thursday, reaching $274.18. 506,855 shares of the stock traded hands, compared to its average volume of 1,060,069. The company has a market cap of $80.97 billion, a P/E ratio of 23.83, a price-to-earnings-growth ratio of 3.85 and a beta of 1.10. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The company's 50-day moving average price is $256.78 and its two-hundred day moving average price is $247.80. Illinois Tool Works Inc. has a 52-week low of $227.66 and a 52-week high of $277.58.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the previous year, the business earned $2.55 earnings per share. The business's revenue was down 1.6% on a year-over-year basis. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.75 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works's dividend payout ratio (DPR) is presently 51.90%.

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.