Virginia Retirement Systems ET AL decreased its position in Illinois Tool Works Inc. (NYSE:ITW) by 54.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 64,400 shares of the industrial products company’s stock after selling 76,700 shares during the period. Virginia Retirement Systems ET AL’s holdings in Illinois Tool Works were worth $8,922,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. CX Institutional acquired a new position in Illinois Tool Works in the 2nd quarter valued at approximately $101,000. Clearwater Capital Advisors LLC acquired a new position in Illinois Tool Works in the 1st quarter valued at approximately $117,000. Kaizen Advisory LLC raised its holdings in Illinois Tool Works by 151.0% in the 2nd quarter. Kaizen Advisory LLC now owns 748 shares of the industrial products company’s stock valued at $104,000 after acquiring an additional 450 shares in the last quarter. Archford Capital Strategies LLC acquired a new position in Illinois Tool Works in the 1st quarter valued at approximately $130,000. Finally, Parisi Gray Wealth Management raised its holdings in Illinois Tool Works by 88.8% in the 1st quarter. Parisi Gray Wealth Management now owns 791 shares of the industrial products company’s stock valued at $123,000 after acquiring an additional 372 shares in the last quarter. 77.02% of the stock is owned by hedge funds and other institutional investors.

Several research firms have commented on ITW. Wells Fargo & Co reaffirmed a “buy” rating and issued a $160.00 price target (down previously from $170.00) on shares of Illinois Tool Works in a report on Tuesday, July 24th. ValuEngine cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Tuesday, April 24th. Deutsche Bank set a $152.00 price target on Illinois Tool Works and gave the company a “hold” rating in a report on Thursday, July 12th. Stifel Nicolaus cut their price target on Illinois Tool Works from $186.00 to $162.00 and set a “hold” rating for the company in a report on Monday, April 16th. Finally, Zacks Investment Research lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Monday, July 2nd. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. Illinois Tool Works presently has a consensus rating of “Hold” and a consensus target price of $159.82.

In other Illinois Tool Works news, Director Richard H. Lenny purchased 1,778 shares of the firm’s stock in a transaction that occurred on Friday, July 27th. The shares were acquired at an average cost of $140.85 per share, for a total transaction of $250,431.30. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.90% of the stock is owned by corporate insiders.

ITW stock opened at $136.47 on Friday. Illinois Tool Works Inc. has a 1-year low of $134.66 and a 1-year high of $179.07. The company has a market capitalization of $47.08 billion, a PE ratio of 20.71, a P/E/G ratio of 1.80 and a beta of 1.25. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.35 and a current ratio of 1.73.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Monday, July 23rd. The industrial products company reported $1.97 earnings per share for the quarter, meeting the consensus estimate of $1.97. Illinois Tool Works had a return on equity of 56.74% and a net margin of 12.70%. The company had revenue of $3.83 billion for the quarter, compared to analyst estimates of $3.85 billion. During the same period in the prior year, the company posted $1.69 EPS. The company’s revenue was up 6.4% compared to the same quarter last year. analysts forecast that Illinois Tool Works Inc. will post 7.64 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 9th. Investors of record on Friday, September 28th will be given a dividend of $1.00 per share. The ex-dividend date is Thursday, September 27th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.78. This represents a $4.00 dividend on an annualized basis and a yield of 2.93%. Illinois Tool Works’s dividend payout ratio is 47.34%.

Illinois Tool Works announced that its board has approved a share buyback program on Friday, August 3rd that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the industrial products company to repurchase up to 6.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Illinois Tool Works Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

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

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