Argent Trust Co Has $5.57 Million Stake in Illinois Tool Works Inc. (NYSE:ITW)

Argent Trust Co boosted its position in Illinois Tool Works Inc. (NYSE:ITW) by 3.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,515 shares of the industrial products company’s stock after buying an additional 746 shares during the period. Argent Trust Co’s holdings in Illinois Tool Works were worth $5,572,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Frazier Financial Advisors LLC bought a new stake in shares of Illinois Tool Works during the fourth quarter worth about $26,000. Security National Bank bought a new stake in shares of Illinois Tool Works during the fourth quarter worth about $28,000. Financial Connections Group Inc. bought a new stake in shares of Illinois Tool Works during the second quarter worth about $30,000. Christopher J. Hasenberg Inc bought a new stake in shares of Illinois Tool Works during the first quarter worth about $32,000. Finally, Northwest Investment Counselors LLC bought a new stake in Illinois Tool Works in the 1st quarter worth about $34,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

NYSE ITW opened at $254.72 on Wednesday. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The stock has a market capitalization of $76.01 billion, a PE ratio of 25.12, a P/E/G ratio of 3.93 and a beta of 1.10. The company’s 50 day simple moving average is $245.38 and its two-hundred day simple moving average is $248.22.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. During the same period in the prior year, the company posted $2.41 EPS. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. Analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, September 30th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a yield of 2.36%. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Barclays reduced their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research report on Wednesday, July 31st. Jefferies Financial Group reduced their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Wells Fargo & Company boosted their target price on shares of Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research note on Wednesday, July 31st. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Truist Financial dropped their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $250.22.

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.