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

Asset Dedication LLC lowered its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,502 shares of the industrial products company’s stock after selling 519 shares during the period. 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 (SEC).

Several other institutional investors have also recently made changes to their positions in ITW. Capital Research Global Investors increased its stake in Illinois Tool Works by 1.2% during the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock worth $1,171,006,000 after acquiring an additional 51,654 shares during the last quarter. Norges Bank acquired a new stake in shares of Illinois Tool Works during the 4th quarter worth about $818,408,000. Fisher Asset Management LLC raised its holdings in Illinois Tool Works by 4.2% in the 4th quarter. Fisher Asset Management LLC now owns 2,949,029 shares of the industrial products company’s stock valued at $772,469,000 after buying an additional 119,921 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Illinois Tool Works by 2.0% during the fourth 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 last quarter. Finally, Schroder Investment Management Group raised its stake in shares of Illinois Tool Works by 11.0% in 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 period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 0.2 %

Shares of Illinois Tool Works stock opened at $243.60 on Friday. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The company has a market capitalization of $72.69 billion, a P/E ratio of 24.02, a P/E/G ratio of 4.03 and a beta of 1.10. The company has a 50 day moving average of $243.19 and a 200 day moving average of $248.81.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.09. The business had revenue of $4.03 billion during the quarter, compared to analysts’ expectations 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 for the quarter was down 1.2% on a year-over-year basis. During the same period in the previous year, the company earned $2.41 EPS. As a group, research analysts forecast that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

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

Insider Buying and Selling

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 775 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was purchased 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 of the company’s stock, valued at approximately $29,018,062.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.88% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on ITW. Stifel Nicolaus cut their target price on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research report on Wednesday, July 31st. 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 report on Wednesday, July 31st. Barclays reduced their price target on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 31st. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Finally, StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Three investment 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, Illinois Tool Works has an average rating of “Hold” and a consensus price target of $250.22.

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.