Wedgewood Investors Inc. PA held its position in Illinois Tool Works Inc. (NYSE:ITW) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,450 shares of the industrial products company’s stock at the close of the 2nd quarter. Wedgewood Investors Inc. PA’s holdings in Illinois Tool Works were worth $351,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in Illinois Tool Works by 1,661.3% in the 1st quarter. BlackRock Inc. now owns 19,318,196 shares of the industrial products company’s stock valued at $2,559,083,000 after acquiring an additional 18,221,359 shares during the last quarter. Wells Fargo & Company MN raised its holdings in Illinois Tool Works by 3.6% in the 1st quarter. Wells Fargo & Company MN now owns 8,905,002 shares of the industrial products company’s stock valued at $1,179,646,000 after acquiring an additional 308,538 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Illinois Tool Works by 1.5% in the 1st quarter. Bank of New York Mellon Corp now owns 4,554,364 shares of the industrial products company’s stock valued at $603,315,000 after acquiring an additional 67,451 shares during the last quarter. FMR LLC raised its holdings in Illinois Tool Works by 0.7% in the 1st quarter. FMR LLC now owns 3,449,170 shares of the industrial products company’s stock valued at $456,912,000 after acquiring an additional 23,205 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Illinois Tool Works by 7.1% in the 1st quarter. Geode Capital Management LLC now owns 3,084,804 shares of the industrial products company’s stock valued at $408,069,000 after acquiring an additional 203,294 shares during the last quarter. Institutional investors own 74.86% of the company’s stock.

A number of brokerages have recently issued reports on ITW. Zacks Investment Research downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Morgan Stanley restated an “equal weight” rating and set a $140.00 price target (up previously from $136.00) on shares of Illinois Tool Works in a report on Monday, July 10th. Stifel Nicolaus restated a “hold” rating and set a $147.00 price target on shares of Illinois Tool Works in a report on Wednesday, August 16th. Northcoast Research restated a “neutral” rating on shares of Illinois Tool Works in a report on Tuesday, July 25th. Finally, BMO Capital Markets restated a “buy” rating and set a $160.00 price target on shares of Illinois Tool Works in a report on Thursday, July 20th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. Illinois Tool Works presently has an average rating of “Hold” and a consensus price target of $150.64.

Shares of Illinois Tool Works Inc. (NYSE:ITW) opened at 141.52 on Tuesday. The firm has a market cap of $48.70 billion, a P/E ratio of 22.90 and a beta of 1.11. The company has a 50-day moving average of $138.86 and a 200 day moving average of $138.85. Illinois Tool Works Inc. has a 12-month low of $111.50 and a 12-month high of $150.29.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Monday, July 24th. The industrial products company reported $1.66 EPS for the quarter, topping the consensus estimate of $1.63 by $0.03. Illinois Tool Works had a net margin of 15.50% and a return on equity of 46.57%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.61 billion. During the same quarter in the prior year, the business posted $1.46 earnings per share. Illinois Tool Works’s revenue for the quarter was up 4.9% compared to the same quarter last year. Equities research analysts anticipate that Illinois Tool Works Inc. will post $6.46 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be given a dividend of $0.78 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.65. The ex-dividend date is Thursday, September 28th. This represents a $3.12 annualized dividend and a yield of 2.20%. Illinois Tool Works’s dividend payout ratio is 42.07%.

COPYRIGHT VIOLATION WARNING: “Illinois Tool Works Inc. (ITW) Holdings Held by Wedgewood Investors Inc. PA” was first published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this article on another site, it was illegally stolen and reposted in violation of United States and international copyright & trademark legislation. The correct version of this article can be accessed at https://www.thecerbatgem.com/2017/09/12/illinois-tool-works-inc-itw-holdings-held-by-wedgewood-investors-inc-pa.html.

Illinois Tool Works 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.

Want to see what other hedge funds are holding ITW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Illinois Tool Works Inc. (NYSE:ITW).

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

Receive News & Stock Ratings for Illinois Tool Works Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Illinois Tool Works Inc. and related stocks with our FREE daily email newsletter.