Harrington Investments INC Sells 255 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Harrington Investments INC decreased its position in Illinois Tool Works Inc. (NYSE:ITW) by 2.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,418 shares of the industrial products company’s stock after selling 255 shares during the period. Illinois Tool Works accounts for 1.5% of Harrington Investments INC’s portfolio, making the stock its 23rd largest position. Harrington Investments INC’s holdings in Illinois Tool Works were worth $2,706,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Quest Partners LLC lifted its stake in Illinois Tool Works by 23.9% in the second quarter. Quest Partners LLC now owns 10,291 shares of the industrial products company’s stock valued at $2,439,000 after buying an additional 1,987 shares during the period. Prestige Wealth Management Group LLC lifted its stake in Illinois Tool Works by 5.3% in the second quarter. Prestige Wealth Management Group LLC now owns 1,212 shares of the industrial products company’s stock valued at $289,000 after buying an additional 61 shares during the period. Ballentine Partners LLC lifted its stake in Illinois Tool Works by 2.6% in the second quarter. Ballentine Partners LLC now owns 10,987 shares of the industrial products company’s stock valued at $2,603,000 after buying an additional 275 shares during the period. Caprock Group LLC lifted its stake in Illinois Tool Works by 54.3% in the second quarter. Caprock Group LLC now owns 8,251 shares of the industrial products company’s stock valued at $1,967,000 after buying an additional 2,905 shares during the period. Finally, Lynch & Associates IN lifted its stake in Illinois Tool Works by 4.4% in the second quarter. Lynch & Associates IN now owns 15,857 shares of the industrial products company’s stock valued at $3,757,000 after buying an additional 664 shares during the period. Institutional investors own 79.77% of the company’s stock.

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 shares were acquired at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the transaction, the director now owns 121,506 shares in the company, valued at $29,018,062.92. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.88% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ITW shares. 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 note on Wednesday, July 31st. Argus raised Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. increased their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Jefferies Financial Group lowered their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Finally, Evercore ISI lowered their price objective on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $250.22.

Illinois Tool Works Stock Up 0.2 %

Illinois Tool Works stock opened at $243.60 on Monday. The company has a market cap of $72.32 billion, a P/E ratio of 24.02, a price-to-earnings-growth ratio of 3.88 and a beta of 1.10. Illinois Tool Works Inc. has a 1-year low of $217.50 and a 1-year high of $271.15. The company has a fifty day simple moving average of $243.19 and a 200 day simple moving average of $248.74. 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 (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The business had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.41 earnings per share. Research analysts anticipate that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently declared 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 represents a $6.00 dividend on an annualized basis and a yield of 2.46%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 55.23%.

Illinois Tool Works Company Profile

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.