Retirement Systems of Alabama cut its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.0% during the third quarter, Holdings Channel reports. The institutional investor owned 161,575 shares of the company’s stock after selling 3,314 shares during the period. Retirement Systems of Alabama’s holdings in Illinois Tool Works were worth $19,363,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Illinois Tool Works by 1.4% in the second quarter. Vanguard Group Inc. now owns 21,049,488 shares of the company’s stock worth $2,192,515,000 after buying an additional 287,704 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Illinois Tool Works by 2.1% in the third quarter. Wells Fargo & Company MN now owns 8,220,678 shares of the company’s stock valued at $985,166,000 after buying an additional 170,277 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Illinois Tool Works by 3.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 6,507,512 shares of the company’s stock valued at $677,823,000 after buying an additional 207,550 shares during the last quarter. BlackRock Fund Advisors boosted its stake in shares of Illinois Tool Works by 4.3% in the second quarter. BlackRock Fund Advisors now owns 3,658,157 shares of the company’s stock valued at $381,034,000 after buying an additional 149,135 shares during the last quarter. Finally, FMR LLC boosted its stake in shares of Illinois Tool Works by 51.4% in the second quarter. FMR LLC now owns 3,111,178 shares of the company’s stock valued at $324,061,000 after buying an additional 1,055,623 shares during the last quarter. Institutional investors own 74.51% of the company’s stock.

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

Shares of Illinois Tool Works Inc. (NYSE:ITW) traded up 0.58% on Tuesday, hitting $125.60. The company had a trading volume of 410,769 shares. Illinois Tool Works Inc. has a 12-month low of $79.15 and a 12-month high of $125.86. The company has a market capitalization of $44.09 billion, a P/E ratio of 22.93 and a beta of 1.06. The firm has a 50-day moving average price of $118.09 and a 200 day moving average price of $114.00.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Thursday, October 20th. The company reported $1.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.49 by $0.01. Illinois Tool Works had a return on equity of 39.18% and a net margin of 14.68%. The business had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.50 billion. During the same quarter last year, the firm earned $1.39 EPS. Illinois Tool Works’s revenue for the quarter was up 4.2% compared to the same quarter last year. Equities analysts expect that Illinois Tool Works Inc. will post $5.63 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 11th. Investors of record on Friday, December 30th will be given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend is Wednesday, December 28th. Illinois Tool Works’s dividend payout ratio is presently 47.45%.

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Several equities research analysts recently commented on the company. Zacks Investment Research cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, September 15th. Jefferies Group reissued a “buy” rating on shares of Illinois Tool Works in a research note on Monday, October 24th. Deutsche Bank AG reissued a “buy” rating and issued a $102.00 price target on shares of Illinois Tool Works in a research note on Thursday, August 25th. Finally, Goldman Sachs Group Inc. cut Illinois Tool Works from a “buy” rating to a “neutral” rating and set a $123.00 price target for the company. in a research note on Monday, November 21st. They noted that the move was a valuation call. Nine research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $111.07.

In related news, insider Sundaram Nagarajan sold 4,560 shares of Illinois Tool Works stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $119.50, for a total value of $544,920.00. Following the sale, the insider now owns 24,777 shares of the company’s stock, valued at approximately $2,960,851.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael R. Zimmerman sold 9,238 shares of Illinois Tool Works stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $123.63, for a total value of $1,142,093.94. Following the completion of the sale, the insider now directly owns 11,016 shares in the company, valued at approximately $1,361,908.08. The disclosure for this sale can be found here. 0.80% of the stock is owned by corporate insiders.

About Illinois Tool Works

Illinois Tool Works Inc (ITW) is a manufacturer of a range of industrial products and equipment. The Company operates through seven segments: Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers & Fluids, Welding, Construction Products and Specialty Products. It produces components and fasteners for automotive-related applications; equipment, consumables and related software for testing and measuring of materials and structures, and equipment and consumables used in the production of electronic subassemblies and microelectronics; adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance; arc welding equipment, consumables and accessories for a range of industrial and commercial applications, and beverage packaging equipment and consumables, product coding and marking equipment, and consumables, and appliance components and fasteners.

5 Day Chart for NYSE:ITW

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