Arizona State Retirement System lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 77,146 shares of the industrial products company’s stock after selling 100 shares during the quarter. Arizona State Retirement System’s holdings in Illinois Tool Works were worth $11,051,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the business. OLD Dominion Capital Management Inc. lifted its stake in shares of Illinois Tool Works by 2.5% during the second quarter. OLD Dominion Capital Management Inc. now owns 4,837 shares of the industrial products company’s stock worth $693,000 after purchasing an additional 116 shares in the last quarter. Partnervest Advisory Services LLC acquired a new position in shares of Illinois Tool Works during the second quarter worth about $202,000. Schwab Charles Investment Management Inc. lifted its stake in shares of Illinois Tool Works by 1.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,061,955 shares of the industrial products company’s stock worth $152,126,000 after purchasing an additional 12,740 shares in the last quarter. Trexquant Investment LP acquired a new position in shares of Illinois Tool Works during the second quarter worth about $573,000. Finally, Shine Investment Advisory Services Inc. acquired a new position in shares of Illinois Tool Works during the second quarter worth about $219,000. Institutional investors own 74.77% of the company’s stock.

Shares of Illinois Tool Works Inc. (NYSE:ITW) opened at 145.64 on Monday. The company has a market capitalization of $50.12 billion, a price-to-earnings ratio of 23.57 and a beta of 1.11. Illinois Tool Works Inc. has a one year low of $111.50 and a one year high of $150.29. The company has a 50-day moving average price of $139.28 and a 200 day moving average price of $139.12.

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 (EPS) for the quarter, beating the Zacks’ 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 company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.61 billion. During the same period in the prior year, the company earned $1.46 earnings per share. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, analysts forecast that Illinois Tool Works Inc. will post $6.45 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th will be given a dividend of $0.78 per share. The ex-dividend date is Thursday, September 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.14%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.65. Illinois Tool Works’s dividend payout ratio is currently 42.07%.

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A number of research analysts have commented on the company. Zacks Investment Research cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Morgan Stanley restated an “equal weight” rating and set a $140.00 price objective (up previously from $136.00) on shares of Illinois Tool Works in a research note on Monday, July 10th. Stifel Nicolaus restated a “hold” rating and set a $147.00 price objective on shares of Illinois Tool Works in a research note on Wednesday, August 16th. Northcoast Research restated a “neutral” rating on shares of Illinois Tool Works in a research note on Tuesday, July 25th. Finally, BMO Capital Markets restated a “buy” rating and set a $160.00 price objective on shares of Illinois Tool Works in a research note on Thursday, July 20th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $150.64.

Illinois Tool Works Profile

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.

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

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