State Street Corp Reduces Holdings in Illinois Tool Works Inc. (NYSE:ITW)

State Street Corp lessened its position in shares of Illinois Tool Works Inc. (NYSE:ITWGet Rating) by 3.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,633,817 shares of the industrial products company’s stock after selling 399,177 shares during the period. State Street Corp’s holdings in Illinois Tool Works were worth $2,660,630,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Siemens Fonds Invest GmbH lifted its holdings in Illinois Tool Works by 1.1% during the 4th quarter. Siemens Fonds Invest GmbH now owns 4,344 shares of the industrial products company’s stock worth $1,066,000 after purchasing an additional 49 shares in the last quarter. Vaughan David Investments LLC IL lifted its holdings in Illinois Tool Works by 1.9% during the 4th quarter. Vaughan David Investments LLC IL now owns 2,615 shares of the industrial products company’s stock worth $645,000 after purchasing an additional 50 shares in the last quarter. Janney Capital Management LLC lifted its holdings in Illinois Tool Works by 3.8% during the 1st quarter. Janney Capital Management LLC now owns 1,380 shares of the industrial products company’s stock worth $289,000 after purchasing an additional 50 shares in the last quarter. Shoker Investment Counsel Inc. lifted its holdings in Illinois Tool Works by 0.6% during the 1st quarter. Shoker Investment Counsel Inc. now owns 8,149 shares of the industrial products company’s stock worth $1,706,000 after purchasing an additional 51 shares in the last quarter. Finally, Mitchell Mcleod Pugh & Williams Inc. lifted its holdings in Illinois Tool Works by 3.6% during the 1st quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 1,512 shares of the industrial products company’s stock worth $317,000 after purchasing an additional 52 shares in the last quarter. Hedge funds and other institutional investors own 79.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ITW. Wells Fargo & Company increased their price objective on Illinois Tool Works from $180.00 to $187.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 3rd. Jefferies Financial Group decreased their target price on Illinois Tool Works from $235.00 to $195.00 in a research note on Friday, July 15th. Barclays decreased their target price on Illinois Tool Works from $180.00 to $167.00 and set an “underweight” rating on the stock in a research note on Friday, July 8th. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, August 18th. Finally, UBS Group lowered Illinois Tool Works from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $243.00 to $185.00 in a research note on Friday, July 8th. Three analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $202.00.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock opened at $206.51 on Friday. The company has a current ratio of 1.48, a quick ratio of 1.02 and a debt-to-equity ratio of 1.81. The firm has a market capitalization of $63.94 billion, a PE ratio of 24.50, a price-to-earnings-growth ratio of 2.85 and a beta of 1.12. The business’s 50-day moving average price is $198.82 and its 200-day moving average price is $201.48. Illinois Tool Works Inc. has a 12 month low of $173.52 and a 12 month high of $249.81.

Illinois Tool Works (NYSE:ITWGet Rating) last announced its quarterly earnings data on Tuesday, August 2nd. The industrial products company reported $2.37 EPS for the quarter, beating the consensus estimate of $2.22 by $0.15. The firm had revenue of $4.01 billion for the quarter, compared to analyst estimates of $3.98 billion. Illinois Tool Works had a return on equity of 75.41% and a net margin of 17.44%. The company’s revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the company earned $2.10 EPS. Sell-side analysts forecast that Illinois Tool Works Inc. will post 9.08 EPS 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. Investors of record on Friday, September 30th will be issued a dividend of $1.31 per share. The ex-dividend date is Thursday, September 29th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.22. This represents a $5.24 annualized dividend and a yield of 2.54%. Illinois Tool Works’s dividend payout ratio is currently 57.89%.

Illinois Tool Works 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.

See Also

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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