Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Gofen & Glossberg LLC IL

Gofen & Glossberg LLC IL reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITWGet Rating) by 1.5% in the 2nd quarter, HoldingsChannel reports. The firm owned 23,927 shares of the industrial products company’s stock after selling 375 shares during the quarter. Gofen & Glossberg LLC IL’s holdings in Illinois Tool Works were worth $4,361,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of ITW. Norges Bank acquired a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $744,840,000. BlackRock Inc. raised its holdings in Illinois Tool Works by 6.6% in the 4th quarter. BlackRock Inc. now owns 21,540,015 shares of the industrial products company’s stock valued at $5,316,074,000 after acquiring an additional 1,340,520 shares during the last quarter. Wellington Management Group LLP raised its holdings in Illinois Tool Works by 27.3% in the 1st quarter. Wellington Management Group LLP now owns 5,547,647 shares of the industrial products company’s stock valued at $1,161,677,000 after acquiring an additional 1,189,751 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Illinois Tool Works in the 1st quarter valued at $91,466,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in Illinois Tool Works by 5.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,902,872 shares of the industrial products company’s stock valued at $1,236,063,000 after acquiring an additional 326,412 shares during the last quarter. 79.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ITW has been the subject of several analyst reports. JPMorgan Chase & Co. cut their price target on Illinois Tool Works from $255.00 to $215.00 and set an “overweight” rating for the company in a report on Tuesday, July 12th. Stifel Nicolaus lowered their price objective on shares of Illinois Tool Works from $206.00 to $163.00 in a research note on Monday, July 18th. Morgan Stanley boosted their price objective 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. Credit Suisse Group boosted their price objective on shares of Illinois Tool Works from $225.00 to $229.00 and gave the company an “outperform” rating in a research note on Wednesday, August 3rd. Finally, Wells Fargo & Company boosted their price objective on shares of Illinois Tool Works from $180.00 to $187.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 3rd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $202.00.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $188.89 on Friday. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.48 and a quick ratio of 1.02. The firm has a 50-day moving average of $201.49 and a two-hundred day moving average of $200.51. The stock has a market cap of $58.48 billion, a P/E ratio of 22.41, a PEG ratio of 2.66 and a beta of 1.12. Illinois Tool Works Inc. has a 1-year low of $173.52 and a 1-year high of $249.81.

Illinois Tool Works (NYSE:ITWGet Rating) last posted its quarterly earnings data 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 company had revenue of $4.01 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the prior year, the company posted $2.10 EPS. On average, research analysts expect that Illinois Tool Works Inc. will post 9.08 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a $1.31 dividend. This represents a $5.24 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date is Thursday, September 29th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.22. Illinois Tool Works’s dividend payout ratio 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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