Wetherby Asset Management Inc. cut its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 15.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,733 shares of the industrial products company’s stock after selling 1,368 shares during the quarter. Wetherby Asset Management Inc.’s holdings in Illinois Tool Works were worth $1,108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of ITW. Reynders McVeigh Capital Management LLC grew its stake in shares of Illinois Tool Works by 36.3% in the first quarter. Reynders McVeigh Capital Management LLC now owns 3,096 shares of the industrial products company’s stock worth $410,000 after purchasing an additional 825 shares during the last quarter. Essex Investment Management Co. LLC grew its stake in shares of Illinois Tool Works by 0.9% in the first quarter. Essex Investment Management Co. LLC now owns 7,564 shares of the industrial products company’s stock worth $1,002,000 after purchasing an additional 64 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD grew its stake in shares of Illinois Tool Works by 12.1% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 26,689 shares of the industrial products company’s stock worth $3,535,000 after purchasing an additional 2,881 shares during the last quarter. Parsons Capital Management Inc. RI grew its stake in shares of Illinois Tool Works by 7.5% in the first quarter. Parsons Capital Management Inc. RI now owns 3,640 shares of the industrial products company’s stock worth $482,000 after purchasing an additional 255 shares during the last quarter. Finally, Central Bank & Trust Co. grew its stake in shares of Illinois Tool Works by 26.0% in the first quarter. Central Bank & Trust Co. now owns 42,158 shares of the industrial products company’s stock worth $5,585,000 after purchasing an additional 8,712 shares during the last quarter. 74.86% of the stock is currently owned by institutional investors.

Shares of Illinois Tool Works Inc. (NYSE:ITW) opened at 145.64 on Friday. The stock has a 50 day moving average price of $139.28 and a 200-day moving average price of $139.12. The company has a market capitalization of $50.12 billion, a PE ratio of 23.57 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.

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 Zacks’ 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 for the quarter, compared to the consensus estimate of $3.61 billion. During the same period last year, the firm earned $1.46 earnings per share. The company’s quarterly revenue was up 4.9% on a year-over-year basis. Analysts forecast that Illinois Tool Works Inc. will post $6.45 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders 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 an increase from Illinois Tool Works’s previous quarterly dividend of $0.65. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.14%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 42.07%.

Several analysts recently issued reports on ITW shares. Goldman Sachs Group, Inc. (The) raised Illinois Tool Works from a “sell” rating to a “buy” rating and raised their target price for the stock from $131.00 to $155.00 in a research note on Thursday, June 1st. Morgan Stanley reissued an “equal weight” rating and issued a $140.00 target price (up from $136.00) on shares of Illinois Tool Works in a research note on Monday, July 10th. BMO Capital Markets reissued a “buy” rating and issued a $160.00 target price on shares of Illinois Tool Works in a research note on Thursday, July 20th. BidaskClub cut Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Finally, Zacks Investment Research cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $150.64.

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About Illinois Tool Works

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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