Cypress Capital Group continued to hold its position in shares of Illinois Tool Works Inc. (NYSE:ITW) during the first quarter, Holdings Channel reports. The fund owned 40,232 shares of the industrial products company’s stock at the end of the first quarter. Illinois Tool Works accounts for about 1.2% of Cypress Capital Group’s investment portfolio, making the stock its 26th largest position. Cypress Capital Group’s holdings in Illinois Tool Works were worth $5,330,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Pennsylvania Trust Co raised its position in shares of Illinois Tool Works by 0.5% in the first quarter. Pennsylvania Trust Co now owns 9,320 shares of the industrial products company’s stock worth $1,235,000 after buying an additional 50 shares during the period. Legacy Private Trust Co. raised its position in shares of Illinois Tool Works by 3.1% in the first quarter. Legacy Private Trust Co. now owns 4,800 shares of the industrial products company’s stock worth $636,000 after buying an additional 145 shares during the period. Baker Boyer National Bank acquired a new position in shares of Illinois Tool Works during the first quarter worth about $212,000. Capstone Asset Management Co. raised its position in shares of Illinois Tool Works by 8.8% in the first quarter. Capstone Asset Management Co. now owns 42,925 shares of the industrial products company’s stock worth $5,686,000 after buying an additional 3,457 shares during the period. Finally, Bremer Trust National Association raised its position in shares of Illinois Tool Works by 1.7% in the first quarter. Bremer Trust National Association now owns 23,697 shares of the industrial products company’s stock worth $3,139,000 after buying an additional 402 shares during the period. Hedge funds and other institutional investors own 74.77% of the company’s stock.

Illinois Tool Works Inc. (ITW) traded up 0.65% on Friday, reaching $138.36. The company had a trading volume of 964,291 shares. The company’s 50-day moving average is $143.35 and its 200-day moving average is $137.43. Illinois Tool Works Inc. has a 52-week low of $111.50 and a 52-week high of $150.29. The company has a market capitalization of $47.62 billion, a PE ratio of 22.39 and a beta of 1.11.

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

The business also recently declared 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 represents a $3.12 dividend on an annualized basis and a dividend yield of 2.25%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.65. The ex-dividend date is Thursday, September 28th. Illinois Tool Works’s payout ratio is 42.07%.

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A number of research analysts have recently issued reports on ITW shares. Barclays PLC increased their target price on Illinois Tool Works from $123.00 to $130.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 19th. BMO Capital Markets reiterated a “buy” rating and set a $145.00 target price on shares of Illinois Tool Works in a research report on Thursday, April 20th. Royal Bank Of Canada increased their target price on Illinois Tool Works from $125.00 to $141.00 and gave the company a “sector perform” rating in a research report on Tuesday, April 25th. Stifel Nicolaus reiterated a “hold” rating and set a $144.00 target price (up previously from $140.00) on shares of Illinois Tool Works in a research report on Tuesday, April 25th. Finally, Citigroup Inc. increased their target price on Illinois Tool Works from $143.00 to $161.00 and gave the company a “buy” rating in a research report on Tuesday, April 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $152.67.

In other news, insider John R. Hartnett sold 11,750 shares of the business’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $144.96, for a total value of $1,703,280.00. Following the completion of the transaction, the insider now directly owns 23,839 shares of the company’s stock, valued at $3,455,701.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Michael M. Larsen sold 52,447 shares of the business’s stock in a transaction on Friday, May 26th. The stock was sold at an average price of $140.62, for a total value of $7,375,097.14. Following the completion of the transaction, the chief financial officer now directly owns 67,383 shares of the company’s stock, valued at $9,475,397.46. The disclosure for this sale can be found here. Over the last three months, insiders sold 100,664 shares of company stock valued at $14,329,625. 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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