M&T Bank Corp Trims Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

M&T Bank Corp cut its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 8.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. True Wealth Design LLC grew its stake in shares of Illinois Tool Works by 1,060.0% in the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company's stock valued at $30,000 after buying an additional 106 shares in the last quarter. Fairscale Capital LLC acquired a new stake in shares of Illinois Tool Works in the second quarter valued at $30,000. Catalyst Capital Advisors LLC acquired a new stake in shares of Illinois Tool Works in the third quarter valued at $32,000. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works in the second quarter valued at $30,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Illinois Tool Works in the third quarter valued at $35,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Stock Down 0.3 %

Shares of NYSE:ITW traded down $0.71 on Wednesday, hitting $273.04. 706,567 shares of the company's stock were exchanged, compared to its average volume of 1,039,087. The firm's 50-day moving average is $266.44 and its 200 day moving average is $252.17. The company has a market capitalization of $80.63 billion, a PE ratio of 23.70, a P/E/G ratio of 4.24 and a beta of 1.10. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share 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 during the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the previous year, the business earned $2.55 EPS. The business's quarterly revenue was down 1.6% on a year-over-year basis. Sell-side analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company 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 2.20%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works's payout ratio is currently 51.90%.

Analysts Set New Price Targets

Several research firms recently commented on ITW. Stifel Nicolaus boosted their target price on Illinois Tool Works from $262.00 to $268.00 and gave the stock a "hold" rating in a research note on Wednesday. Citigroup boosted their target price on Illinois Tool Works from $266.00 to $279.00 and gave the stock a "neutral" rating in a research note on Monday. Barclays raised Illinois Tool Works from an "underweight" rating to an "equal weight" rating and boosted their target price for the stock from $230.00 to $270.00 in a research note on Thursday, December 5th. Wells Fargo & Company boosted their target price on Illinois Tool Works from $236.00 to $250.00 and gave the stock an "underweight" rating in a research note on Monday, October 7th. Finally, Evercore ISI cut Illinois Tool Works from an "in-line" rating to an "underperform" rating and boosted their target price for the stock from $246.00 to $255.00 in a research note on Wednesday, November 13th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Illinois Tool Works has an average rating of "Hold" and a consensus target price of $267.90.

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.