Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Asset Dedication LLC

Asset Dedication LLC reduced its position in Illinois Tool Works Inc. (NYSE:ITW) by 4.0% in the 2nd quarter, Holdings Channel.com reports. The fund owned 12,502 shares of the industrial products company’s stock after selling 519 shares during the quarter. Asset Dedication LLC’s holdings in Illinois Tool Works were worth $2,963,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Capital Research Global Investors grew its position in Illinois Tool Works by 1.2% during the 1st quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock worth $1,171,006,000 after purchasing an additional 51,654 shares during the last quarter. Norges Bank acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth about $818,408,000. Fisher Asset Management LLC grew its holdings in shares of Illinois Tool Works by 4.2% during the fourth quarter. Fisher Asset Management LLC now owns 2,949,029 shares of the industrial products company’s stock worth $772,469,000 after buying an additional 119,921 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Illinois Tool Works by 2.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,350,363 shares of the industrial products company’s stock valued at $353,715,000 after acquiring an additional 26,089 shares during the period. Finally, Schroder Investment Management Group raised its stake in Illinois Tool Works by 11.0% during the 4th quarter. Schroder Investment Management Group now owns 1,001,113 shares of the industrial products company’s stock valued at $262,232,000 after acquiring an additional 99,175 shares during the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Illinois Tool Works

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

Analyst Upgrades and Downgrades

ITW has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their target price on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Jefferies Financial Group dropped their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company boosted their target price on Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Hold” and an average target price of $250.22.

Illinois Tool Works Price Performance

ITW stock opened at $243.60 on Friday. The firm has a 50 day moving average of $243.19 and a 200-day moving average of $248.81. The company has a market cap of $72.69 billion, a price-to-earnings ratio of 24.02, a PEG ratio of 4.03 and a beta of 1.10. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same period in the previous year, the firm earned $2.41 EPS. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be given a dividend of $1.50 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Monday, September 30th. Illinois Tool Works’s payout ratio is currently 59.17%.

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.