DAVENPORT & Co LLC reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 4.3% during the third quarter, HoldingsChannel.com reports. The fund owned 22,892 shares of the industrial products company’s stock after selling 1,034 shares during the quarter. DAVENPORT & Co LLC’s holdings in Illinois Tool Works were worth $4,423,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Aries Wealth Management increased its holdings in Illinois Tool Works by 0.6% in the 3rd quarter. Aries Wealth Management now owns 8,602 shares of the industrial products company’s stock valued at $1,662,000 after acquiring an additional 55 shares during the last quarter. San Francisco Sentry Investment Group CA increased its holdings in Illinois Tool Works by 0.9% in the 3rd quarter. San Francisco Sentry Investment Group CA now owns 12,365 shares of the industrial products company’s stock valued at $2,389,000 after acquiring an additional 105 shares during the last quarter. Avantax Advisory Services Inc. increased its holdings in Illinois Tool Works by 226.0% in the 3rd quarter. Avantax Advisory Services Inc. now owns 7,427 shares of the industrial products company’s stock valued at $1,435,000 after acquiring an additional 5,149 shares during the last quarter. DNB Asset Management AS increased its holdings in Illinois Tool Works by 1.2% in the 3rd quarter. DNB Asset Management AS now owns 81,722 shares of the industrial products company’s stock valued at $15,790,000 after acquiring an additional 942 shares during the last quarter. Finally, First United Bank Trust increased its holdings in Illinois Tool Works by 5.1% in the 3rd quarter. First United Bank Trust now owns 6,055 shares of the industrial products company’s stock valued at $1,170,000 after acquiring an additional 295 shares during the last quarter. Institutional investors own 78.12% of the company’s stock.

A number of analysts have recently weighed in on the stock. Morgan Stanley boosted their target price on shares of Illinois Tool Works from $162.00 to $167.00 and gave the stock an “underweight” rating in a report on Tuesday, October 13th. Bank of America boosted their target price on shares of Illinois Tool Works from $130.00 to $175.00 and gave the stock an “underperform” rating in a report on Monday, August 3rd. Barclays assumed coverage on shares of Illinois Tool Works in a report on Tuesday, August 25th. They issued an “equal weight” rating and a $197.00 target price on the stock. Credit Suisse Group boosted their target price on shares of Illinois Tool Works from $174.00 to $195.00 in a report on Monday, August 3rd. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Illinois Tool Works from $168.00 to $173.00 and gave the stock a “hold” rating in a report on Tuesday, October 13th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have issued a buy rating to the stock. Illinois Tool Works presently has a consensus rating of “Hold” and an average price target of $173.69.

Illinois Tool Works stock opened at $206.64 on Friday. The stock has a market cap of $65.33 billion, a price-to-earnings ratio of 30.34, a price-to-earnings-growth ratio of 6.37 and a beta of 1.15. The company has a debt-to-equity ratio of 3.29, a current ratio of 2.75 and a quick ratio of 2.18. Illinois Tool Works Inc. has a 1 year low of $115.94 and a 1 year high of $207.75. The firm has a 50-day moving average of $197.01 and a two-hundred day moving average of $177.70.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Friday, July 31st. The industrial products company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.31. Illinois Tool Works had a net margin of 17.16% and a return on equity of 81.80%. The company had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same period in the previous year, the company earned $1.91 EPS. The firm’s quarterly revenue was down 29.0% on a year-over-year basis. Research analysts expect that Illinois Tool Works Inc. will post 5.78 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 14th. Shareholders of record on Wednesday, September 30th were issued a dividend of $1.14 per share. The ex-dividend date was Tuesday, September 29th. This represents a $4.56 dividend on an annualized basis and a yield of 2.21%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.07. Illinois Tool Works’s dividend payout ratio is currently 58.84%.

In other Illinois Tool Works news, EVP Lei Zhang Schlitz sold 13,564 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $186.06, for a total transaction of $2,523,717.84. Following the sale, the executive vice president now owns 19,735 shares of the company’s stock, valued at approximately $3,671,894.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Mary Katherine Lawler sold 14,356 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $185.72, for a total value of $2,666,196.32. The disclosure for this sale can be found here. Insiders have sold a total of 143,879 shares of company stock worth $27,240,677 in the last ninety days. Insiders own 0.79% of the company’s stock.

About Illinois Tool Works

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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