Daiwa Securities Group Inc. cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 46.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,300 shares of the industrial products company’s stock after selling 14,000 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Illinois Tool Works were worth $2,335,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Grove Bank & Trust raised its stake in shares of Illinois Tool Works by 125.7% in the second quarter. Grove Bank & Trust now owns 4,124 shares of the industrial products company’s stock worth $591,000 after purchasing an additional 2,297 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of Illinois Tool Works by 4.9% in the second quarter. Bessemer Group Inc. now owns 24,442 shares of the industrial products company’s stock worth $3,502,000 after purchasing an additional 1,132 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Illinois Tool Works by 0.3% in the second quarter. CIBC Asset Management Inc now owns 30,362 shares of the industrial products company’s stock worth $4,349,000 after purchasing an additional 90 shares during the last quarter. Cardinal Capital Management raised its stake in shares of Illinois Tool Works by 1.8% in the second quarter. Cardinal Capital Management now owns 43,904 shares of the industrial products company’s stock worth $6,289,000 after purchasing an additional 780 shares during the last quarter. Finally, Investment Counsel Inc. raised its stake in shares of Illinois Tool Works by 3.4% in the second quarter. Investment Counsel Inc. now owns 22,727 shares of the industrial products company’s stock worth $3,256,000 after purchasing an additional 750 shares during the last quarter. 74.86% of the stock is owned by hedge funds and other institutional investors.

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Shares of Illinois Tool Works Inc. (ITW) opened at 140.04 on Friday. Illinois Tool Works Inc. has a 52-week low of $111.50 and a 52-week high of $150.29. The firm has a 50-day moving average price of $139.10 and a 200-day moving average price of $138.67. The stock has a market capitalization of $48.19 billion, a P/E ratio of 22.66 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Monday, July 24th. The industrial products company reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.03. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.61 billion. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.46 EPS. On average, analysts predict that Illinois Tool Works Inc. will post $6.46 EPS for the current year.

The business also recently announced 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. The ex-dividend date of this dividend is Thursday, September 28th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.65. This represents a $3.12 dividend on an annualized basis and a yield of 2.23%. Illinois Tool Works’s payout ratio is currently 42.07%.

A number of analysts recently commented on ITW shares. Jefferies Group LLC reaffirmed a “buy” rating and set a $170.00 price target (up from $155.00) on shares of Illinois Tool Works in a research report on Tuesday, July 25th. BMO Capital Markets reaffirmed a “buy” rating and set a $160.00 price target on shares of Illinois Tool Works in a research report on Thursday, July 20th. BidaskClub downgraded Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Goldman Sachs Group, Inc. (The) raised Illinois Tool Works from a “sell” rating to a “buy” rating and increased their price target for the company from $131.00 to $155.00 in a research report on Thursday, June 1st. Finally, Zacks Investment Research raised Illinois Tool Works from a “hold” rating to a “buy” rating and set a $163.00 price target for the company in a research report on Wednesday, July 12th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $150.64.

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.

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

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