Wagner Bowman Management Corp reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,939 shares of the industrial products company’s stock after selling 24 shares during the period. Wagner Bowman Management Corp’s holdings in Illinois Tool Works were worth $421,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ITW. BlackRock Inc. increased its position in Illinois Tool Works by 1,661.3% in the first quarter. BlackRock Inc. now owns 19,318,196 shares of the industrial products company’s stock worth $2,559,083,000 after buying an additional 18,221,359 shares during the period. Wells Fargo & Company MN increased its position in shares of Illinois Tool Works by 3.6% in the first quarter. Wells Fargo & Company MN now owns 8,905,002 shares of the industrial products company’s stock worth $1,179,646,000 after buying an additional 308,538 shares during the period. Bank of New York Mellon Corp increased its position in shares of Illinois Tool Works by 1.5% in the first quarter. Bank of New York Mellon Corp now owns 4,554,364 shares of the industrial products company’s stock worth $603,315,000 after buying an additional 67,451 shares during the period. FMR LLC increased its position in shares of Illinois Tool Works by 0.7% in the first quarter. FMR LLC now owns 3,449,170 shares of the industrial products company’s stock worth $456,912,000 after buying an additional 23,205 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Illinois Tool Works by 7.1% in the first quarter. Geode Capital Management LLC now owns 3,084,804 shares of the industrial products company’s stock worth $408,069,000 after buying an additional 203,294 shares during the period. 74.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Inc. (ITW) traded down 1.61% during mid-day trading on Thursday, hitting $138.46. 868,693 shares of the stock were exchanged. The company has a market capitalization of $47.65 billion, a PE ratio of 22.40 and a beta of 1.11. Illinois Tool Works Inc. has a 52 week low of $111.50 and a 52 week high of $150.29. The stock’s 50-day moving average is $143.83 and its 200 day moving average is $137.32.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Monday, July 24th. The industrial products company reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.03. Illinois Tool Works had a net margin of 15.50% and a return on equity of 46.57%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.61 billion. During the same quarter last year, the business earned $1.46 earnings per share. The business’s revenue was up 4.9% on a year-over-year basis. On average, analysts anticipate that Illinois Tool Works Inc. will post $6.46 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th will be issued a $0.78 dividend. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.65. The ex-dividend date is Thursday, September 28th. This represents a $3.12 annualized dividend and a dividend yield of 2.22%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 42.07%.

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ITW has been the subject of a number of analyst reports. BMO Capital Markets reissued a “buy” rating and issued a $145.00 price objective on shares of Illinois Tool Works in a research report on Thursday, April 20th. BidaskClub downgraded shares of Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Goldman Sachs Group, Inc. (The) raised shares of Illinois Tool Works from a “sell” rating to a “buy” rating and lifted their price objective for the company from $131.00 to $155.00 in a research report on Thursday, June 1st. Jefferies Group LLC reissued a “buy” rating and issued a $155.00 price objective on shares of Illinois Tool Works in a research report on Tuesday, May 16th. Finally, Deutsche Bank AG reissued a “buy” rating and issued a $160.00 price objective (up previously from $140.00) on shares of Illinois Tool Works in a research report on Saturday, April 29th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $152.67.

In other news, CEO Ernest Scott Santi sold 101,297 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $138.03, for a total value of $13,982,024.91. Following the transaction, the chief executive officer now owns 191,142 shares in the company, valued at $26,383,330.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Christopher A. O’herlihy sold 36,467 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $144.00, for a total transaction of $5,251,248.00. Following the completion of the transaction, the insider now owns 55,878 shares in the company, valued at approximately $8,046,432. The disclosure for this sale can be found here. Insiders sold 201,961 shares of company stock worth $28,311,650 in the last 90 days. Company insiders own 0.90% of the company’s stock.

About Illinois Tool Works

Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.

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

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