Groesbeck Investment Management Corp NJ Grows Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Groesbeck Investment Management Corp NJ lifted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 192.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 6,075 shares of the industrial products company’s stock after purchasing an additional 4,000 shares during the period. Groesbeck Investment Management Corp NJ’s holdings in Illinois Tool Works were worth $916,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Hexavest Inc. bought a new position in Illinois Tool Works during the 2nd quarter valued at $26,000. WP Advisors LLC bought a new stake in Illinois Tool Works in the 1st quarter valued at about $28,000. Asset Dedication LLC lifted its position 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 valued at $30,000 after purchasing an additional 100 shares during the last quarter. Weaver Consulting Group bought a new stake in Illinois Tool Works in the 1st quarter valued at about $32,000. Finally, Mark Sheptoff Financial Planning LLC lifted its position 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 valued at $34,000 after purchasing an additional 200 shares during the last quarter. 77.62% of the stock is owned by institutional investors and hedge funds.

Several analysts recently weighed in on the stock. Credit Suisse Group lifted their price objective on shares of Illinois Tool Works from $124.00 to $152.00 and gave the company a “market perform” rating in a research report on Monday, July 29th. Argus lifted their price objective on shares of Illinois Tool Works from $145.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, April 26th. JPMorgan Chase & Co. upgraded shares of Illinois Tool Works from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $120.00 to $144.00 in a research report on Friday, April 26th. Citigroup set a $161.00 price objective on shares of Illinois Tool Works and gave the company a “hold” rating in a research report on Friday, April 26th. Finally, Stifel Nicolaus lifted their price objective on shares of Illinois Tool Works from $143.00 to $154.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Five equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $142.33.

NYSE:ITW traded up $0.75 during trading hours on Tuesday, reaching $147.43. 82,903 shares of the stock were exchanged, compared to its average volume of 1,468,706. Illinois Tool Works Inc. has a twelve month low of $117.75 and a twelve month high of $160.78. The company has a current ratio of 2.87, a quick ratio of 2.30 and a debt-to-equity ratio of 2.52. The company’s 50 day simple moving average is $151.26. The stock has a market capitalization of $47.95 billion, a PE ratio of 19.41, a PEG ratio of 2.54 and a beta of 1.23.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Friday, July 26th. The industrial products company reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter in the prior year, the firm posted $1.97 EPS. The business’s revenue was down 5.8% on a year-over-year basis. Analysts forecast that Illinois Tool Works Inc. will post 7.74 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Monday, September 30th will be given a dividend of $1.07 per share. The ex-dividend date is Friday, September 27th. This represents a $4.28 dividend on an annualized basis and a yield of 2.90%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.00. Illinois Tool Works’s dividend payout ratio is 52.63%.

In other news, EVP Steven L. Martindale sold 48,622 shares of the stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $155.88, for a total value of $7,579,197.36. Following the completion of the sale, the executive vice president now owns 84,546 shares of the company’s stock, valued at approximately $13,179,030.48. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Randall J. Scheuneman sold 14,931 shares of the stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $150.17, for a total value of $2,242,188.27. Following the completion of the sale, the vice president now directly owns 21,603 shares of the company’s stock, valued at approximately $3,244,122.51. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 72,878 shares of company stock valued at $11,313,386. Insiders own 0.87% of the company’s stock.

Illinois Tool Works Company 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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