Illinois Tool Works Inc. (NYSE:ITW) Holdings Trimmed by Highland Private Wealth Management

Highland Private Wealth Management trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITWGet Rating) by 6.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,490 shares of the industrial products company’s stock after selling 108 shares during the period. Highland Private Wealth Management’s holdings in Illinois Tool Works were worth $272,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of ITW. Cornerstone Wealth Management LLC lifted its position in Illinois Tool Works by 5.4% during the 1st quarter. Cornerstone Wealth Management LLC now owns 1,784 shares of the industrial products company’s stock worth $374,000 after acquiring an additional 91 shares during the last quarter. AIA Group Ltd increased its stake in Illinois Tool Works by 43.9% in the first quarter. AIA Group Ltd now owns 3,271 shares of the industrial products company’s stock valued at $685,000 after acquiring an additional 998 shares during the period. Beaumont Financial Partners LLC grew its stake in Illinois Tool Works by 6.7% during the first quarter. Beaumont Financial Partners LLC now owns 1,165 shares of the industrial products company’s stock worth $244,000 after buying an additional 73 shares during the last quarter. Veriti Management LLC grew its stake in Illinois Tool Works by 4.4% during the first quarter. Veriti Management LLC now owns 3,707 shares of the industrial products company’s stock worth $776,000 after buying an additional 156 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC bought a new stake in Illinois Tool Works during the first quarter worth about $1,656,000. 79.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ITW has been the topic of several research analyst reports. Credit Suisse Group upped their price objective on shares of Illinois Tool Works from $225.00 to $229.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 3rd. JPMorgan Chase & Co. decreased their price objective on shares of Illinois Tool Works from $255.00 to $215.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 12th. Morgan Stanley increased their price target on shares of Illinois Tool Works from $182.00 to $191.00 and gave the company an “underweight” rating in a research note on Wednesday, August 3rd. Deutsche Bank Aktiengesellschaft lowered shares of Illinois Tool Works from a “hold” rating to a “sell” rating and set a $188.00 price objective on the stock. in a report on Monday, August 15th. They noted that the move was a valuation call. Finally, Robert W. Baird set a $213.00 target price on shares of Illinois Tool Works in a report on Tuesday, August 2nd. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $202.00.

Illinois Tool Works Stock Down 2.0 %

Shares of ITW stock opened at $188.89 on Friday. The firm has a fifty day moving average of $201.49 and a 200-day moving average of $200.51. The company has a quick ratio of 1.02, a current ratio of 1.48 and a debt-to-equity ratio of 1.81. Illinois Tool Works Inc. has a 12-month low of $173.52 and a 12-month high of $249.81. The company has a market capitalization of $58.48 billion, a price-to-earnings ratio of 22.41, a P/E/G ratio of 2.66 and a beta of 1.12.

Illinois Tool Works (NYSE:ITWGet Rating) last released its earnings results on Tuesday, August 2nd. The industrial products company reported $2.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.16. The business had revenue of $4.01 billion during the quarter, compared to the consensus estimate of $3.98 billion. Illinois Tool Works had a net margin of 17.44% and a return on equity of 75.41%. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter last year, the firm earned $2.10 earnings per share. As a group, equities research analysts predict that Illinois Tool Works Inc. will post 9.08 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a $1.31 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $5.24 dividend on an annualized basis and a yield of 2.77%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.22. Illinois Tool Works’s dividend payout ratio (DPR) is 57.89%.

Illinois Tool Works Company Profile

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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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