Illinois Tool Works Inc. (NYSE:ITW) Stake Reduced by Shufro Rose & Co. LLC

Shufro Rose & Co. LLC cut its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 2.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 65,023 shares of the industrial products company’s stock after selling 1,590 shares during the quarter. Shufro Rose & Co. LLC’s holdings in Illinois Tool Works were worth $9,806,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Hexavest Inc. purchased a new position in Illinois Tool Works in the 2nd quarter worth about $26,000. WP Advisors LLC purchased a new position in Illinois Tool Works in the 1st quarter worth about $28,000. Asset Dedication LLC increased its stake in Illinois Tool Works by 105.3% in the 2nd quarter. Asset Dedication LLC now owns 195 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 100 shares in the last quarter. Weaver Consulting Group purchased a new position in Illinois Tool Works in the 1st quarter worth about $32,000. Finally, Mark Sheptoff Financial Planning LLC increased its stake in Illinois Tool Works by 512.8% in the 1st quarter. Mark Sheptoff Financial Planning LLC now owns 239 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 77.55% of the company’s stock.

NYSE:ITW traded up $0.26 on Friday, hitting $151.67. 1,761,267 shares of the company’s stock traded hands, compared to its average volume of 1,433,815. The company has a debt-to-equity ratio of 2.52, a quick ratio of 2.30 and a current ratio of 2.87. Illinois Tool Works Inc. has a 1 year low of $117.75 and a 1 year high of $160.78. The firm’s 50-day simple moving average is $151.19. The firm has a market capitalization of $49.33 billion, a P/E ratio of 19.96, a PEG ratio of 2.54 and a beta of 1.23.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Friday, July 26th. The industrial products company reported $2.00 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.97 by $0.03. Illinois Tool Works had a return on equity of 76.17% and a net margin of 17.17%. The company had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.73 billion. During the same quarter in the previous year, the business posted $1.97 EPS. The business’s revenue for the quarter was down 5.8% on a year-over-year basis. Analysts predict that Illinois Tool Works Inc. will post 7.74 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Monday, September 30th will be paid a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 2.82%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.00. Illinois Tool Works’s payout ratio is 52.63%.

In other Illinois Tool Works news, insider Michael R. Zimmerman sold 9,325 shares of Illinois Tool Works stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $160.00, for a total transaction of $1,492,000.00. Following the transaction, the insider now owns 16,315 shares of the company’s stock, valued at approximately $2,610,400. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Steven L. Martindale sold 48,622 shares of Illinois Tool Works stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $155.88, for a total value of $7,579,197.36. Following the transaction, the executive vice president now directly owns 84,546 shares in the company, valued at approximately $13,179,030.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 72,878 shares of company stock worth $11,313,386. Company insiders own 0.87% of the company’s stock.

A number of brokerages recently weighed in on ITW. UBS Group lifted their price target on Illinois Tool Works from $150.00 to $154.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Credit Suisse Group lifted their price target on Illinois Tool Works from $124.00 to $152.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Morgan Stanley set a $134.00 price target on Illinois Tool Works and gave the stock a “sell” rating in a research note on Friday, April 26th. Citigroup set a $161.00 price target on Illinois Tool Works and gave the stock a “hold” rating in a research note on Friday, April 26th. Finally, Stifel Nicolaus lifted their price target on Illinois Tool Works from $143.00 to $154.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $142.33.

Illinois Tool Works Profile

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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