Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Salomon & Ludwin LLC

Salomon & Ludwin LLC lowered its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 53.7% in the second quarter, HoldingsChannel reports. The firm owned 300 shares of the industrial products company’s stock after selling 348 shares during the period. Salomon & Ludwin LLC’s holdings in Illinois Tool Works were worth $71,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the business. IMA Advisory Services Inc. bought a new stake in shares of Illinois Tool Works in the 2nd quarter worth about $2,038,000. First Heartland Consultants Inc. lifted its holdings in Illinois Tool Works by 11.9% during the 2nd quarter. First Heartland Consultants Inc. now owns 1,150 shares of the industrial products company’s stock worth $273,000 after buying an additional 122 shares during the last quarter. Wedgewood Investors Inc. PA acquired a new stake in shares of Illinois Tool Works during the 2nd quarter valued at approximately $468,000. Aljian Capital Management LLC lifted its position in shares of Illinois Tool Works by 33.2% in the 2nd quarter. Aljian Capital Management LLC now owns 3,949 shares of the industrial products company’s stock worth $936,000 after buying an additional 984 shares during the last quarter. Finally, Northcape Wealth Management LLC boosted its stake in Illinois Tool Works by 22.8% in the second quarter. Northcape Wealth Management LLC now owns 1,882 shares of the industrial products company’s stock valued at $446,000 after acquiring an additional 350 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 0.5 %

Shares of NYSE ITW traded up $1.22 during mid-day trading on Monday, hitting $248.21. 336,832 shares of the company traded hands, compared to its average volume of 1,133,817. The business has a 50 day moving average of $241.45 and a two-hundred day moving average of $249.21. The stock has a market capitalization of $74.07 billion, a price-to-earnings ratio of 24.36, a PEG ratio of 3.80 and a beta of 1.10. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. The firm had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The company’s revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the business posted $2.41 EPS. On average, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.25 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 11th. Shareholders of record on Monday, September 30th will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.42%. The ex-dividend date is Monday, September 30th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is 59.17%.

Analysts Set New Price Targets

Several analysts recently issued reports on ITW shares. Jefferies Financial Group cut their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Evercore ISI dropped their price objective on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. JPMorgan Chase & Co. raised their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Finally, Barclays decreased their price objective on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $250.22.

Insider Activity at Illinois Tool Works

In related news, Director David Byron Smith, Jr. purchased 775 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were acquired at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the purchase, the director now owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.88% of the stock is currently owned by insiders.

About Illinois Tool Works

Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.