Wintrust Investments LLC Trims Stake in Illinois Tool Works Inc. (NYSE:ITW)

Wintrust Investments LLC lessened its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.6% during the second quarter, HoldingsChannel reports. The firm owned 10,820 shares of the industrial products company’s stock after selling 524 shares during the quarter. Wintrust Investments LLC’s holdings in Illinois Tool Works were worth $2,419,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of ITW. APG Asset Management N.V. lifted its stake in shares of Illinois Tool Works by 171.1% during the 1st quarter. APG Asset Management N.V. now owns 539,925 shares of the industrial products company’s stock worth $101,765,000 after purchasing an additional 340,798 shares during the period. Credit Suisse AG lifted its stake in shares of Illinois Tool Works by 34.5% during the 1st quarter. Credit Suisse AG now owns 978,031 shares of the industrial products company’s stock worth $216,655,000 after purchasing an additional 251,114 shares during the period. Mn Services Vermogensbeheer B.V. purchased a new position in shares of Illinois Tool Works during the 2nd quarter worth $43,778,000. Royal Bank of Canada lifted its stake in shares of Illinois Tool Works by 25.9% during the 1st quarter. Royal Bank of Canada now owns 1,093,489 shares of the industrial products company’s stock worth $242,229,000 after purchasing an additional 224,627 shares during the period. Finally, Morgan Stanley lifted its stake in shares of Illinois Tool Works by 16.6% during the 1st quarter. Morgan Stanley now owns 1,202,238 shares of the industrial products company’s stock worth $266,318,000 after purchasing an additional 171,323 shares during the period. 77.61% of the stock is currently owned by institutional investors.

Shares of ITW stock traded up $1.73 during trading hours on Wednesday, hitting $218.80. 6,547 shares of the company were exchanged, compared to its average volume of 982,606. The company has a debt-to-equity ratio of 2.00, a quick ratio of 1.73 and a current ratio of 2.20. Illinois Tool Works Inc. has a one year low of $188.14 and a one year high of $242.07. The business’s 50-day simple moving average is $228.05 and its two-hundred day simple moving average is $226.46. The stock has a market capitalization of $68.91 billion, a price-to-earnings ratio of 25.81, a P/E/G ratio of 2.16 and a beta of 1.08.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Friday, July 30th. The industrial products company reported $2.10 EPS for the quarter, topping the consensus estimate of $2.09 by $0.01. Illinois Tool Works had a net margin of 19.07% and a return on equity of 81.66%. The business had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.56 billion. During the same quarter last year, the company posted $1.01 earnings per share. The company’s quarterly revenue was up 43.4% compared to the same quarter last year. As a group, analysts anticipate that Illinois Tool Works Inc. will post 8.63 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 14th. Stockholders of record on Thursday, September 30th will be given a dividend of $1.22 per share. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.14. The ex-dividend date of this dividend is Wednesday, September 29th. This represents a $4.88 annualized dividend and a dividend yield of 2.23%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 65.14%.

A number of analysts have recently commented on ITW shares. Citigroup upped their price objective on Illinois Tool Works from $252.00 to $256.00 and gave the stock a “neutral” rating in a report on Monday, August 2nd. Barclays downgraded Illinois Tool Works from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $240.00 to $220.00 in a report on Wednesday, May 26th. Deutsche Bank Aktiengesellschaft upped their price objective on Illinois Tool Works from $227.00 to $238.00 and gave the stock a “hold” rating in a report on Wednesday, July 14th. Morgan Stanley upped their price objective on Illinois Tool Works from $207.00 to $208.00 and gave the stock an “underweight” rating in a report on Monday, August 2nd. Finally, Credit Suisse Group upped their price objective on Illinois Tool Works from $265.00 to $268.00 and gave the stock an “outperform” rating in a report on Monday, August 2nd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $227.88.

About Illinois Tool Works

Illinois Tool Works, Inc engages in the manufacture of industrial products and equipment. It operates through the following segments: Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers & Fluids, Welding, Construction Products, and Specialty Products. The Automotive OEM segment produces components and fasteners for automotive-related applications.

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

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