Douglas Lane & Associates LLC cut its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 142,178 shares of the industrial products company’s stock after selling 8,511 shares during the period. Douglas Lane & Associates LLC’s holdings in Illinois Tool Works were worth $20,367,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Kentucky Retirement Systems purchased a new position in Illinois Tool Works during the fourth quarter worth about $2,807,000. Bremer Trust National Association increased its position in Illinois Tool Works by 1.7% in the first quarter. Bremer Trust National Association now owns 23,697 shares of the industrial products company’s stock worth $3,139,000 after buying an additional 402 shares in the last quarter. Elkhorn Investments LLC bought a new position in Illinois Tool Works during the first quarter worth approximately $1,284,000. Cutter & CO Brokerage Inc. increased its position in Illinois Tool Works by 10.3% in the first quarter. Cutter & CO Brokerage Inc. now owns 9,340 shares of the industrial products company’s stock worth $1,237,000 after buying an additional 874 shares in the last quarter. Finally, Beacon Trust Co. increased its position in Illinois Tool Works by 0.5% in the first quarter. Beacon Trust Co. now owns 76,593 shares of the industrial products company’s stock worth $10,111,000 after buying an additional 360 shares in the last quarter. Institutional investors own 74.77% of the company’s stock.

Illinois Tool Works Inc. (NYSE ITW) traded down 0.85% during trading on Monday, hitting $141.67. The company had a trading volume of 1,335,642 shares. The company has a market capitalization of $48.83 billion, a price-to-earnings ratio of 22.92 and a beta of 1.11. Illinois Tool Works Inc. has a 12-month low of $111.50 and a 12-month high of $150.29. The firm has a 50-day moving average of $144.97 and a 200 day moving average of $136.73.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Monday, July 24th. The industrial products company reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $0.03. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.61 billion. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.46 EPS. On average, equities research analysts forecast that Illinois Tool Works Inc. will post $6.45 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 2.20%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.65. Illinois Tool Works’s payout ratio is 42.07%.

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ITW has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $163.00 target price for the company in a research report on Wednesday, July 12th. Credit Suisse Group set a $141.00 target price on shares of Illinois Tool Works and gave the stock a “hold” rating in a research report on Tuesday, July 25th. Goldman Sachs Group, Inc. (The) upgraded Illinois Tool Works from a “sell” rating to a “buy” rating and upped their price target for the stock from $131.00 to $155.00 in a report on Thursday, June 1st. BidaskClub cut Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 24th. Finally, Deutsche Bank AG reiterated a “buy” rating and set a $160.00 target price (up from $140.00) on shares of Illinois Tool Works in a research note on Saturday, April 29th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $152.67.

In other news, Vice Chairman Christopher A. O’herlihy sold 36,467 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $144.00, for a total value of $5,251,248.00. Following the transaction, the insider now owns 55,878 shares in the company, valued at approximately $8,046,432. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John R. Hartnett sold 11,750 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $144.96, for a total value of $1,703,280.00. Following the completion of the transaction, the insider now owns 23,839 shares in the company, valued at approximately $3,455,701.44. The disclosure for this sale can be found here. Insiders have sold a total of 201,961 shares of company stock valued at $28,311,650 in the last quarter. Company insiders own 0.90% of the company’s stock.

Illinois Tool Works Company Profile

Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.

Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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