King Luther Capital Management Corp lowered its stake in Illinois Tool Works Inc. (NYSE:ITW) by 12.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 192,657 shares of the industrial products company’s stock after selling 26,833 shares during the period. King Luther Capital Management Corp’s holdings in Illinois Tool Works were worth $26,691,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ITW. CX Institutional purchased a new position in shares of Illinois Tool Works during the second quarter valued at approximately $101,000. Kaizen Advisory LLC boosted its position in shares of Illinois Tool Works by 151.0% during the second quarter. Kaizen Advisory LLC now owns 748 shares of the industrial products company’s stock valued at $104,000 after buying an additional 450 shares during the period. Sun Life Financial INC boosted its position in shares of Illinois Tool Works by 277.2% during the second quarter. Sun Life Financial INC now owns 826 shares of the industrial products company’s stock valued at $114,000 after buying an additional 607 shares during the period. Clearwater Capital Advisors LLC purchased a new position in shares of Illinois Tool Works during the first quarter valued at approximately $117,000. Finally, Parisi Gray Wealth Management boosted its position in shares of Illinois Tool Works by 88.8% during the first quarter. Parisi Gray Wealth Management now owns 791 shares of the industrial products company’s stock valued at $123,000 after buying an additional 372 shares during the period. Institutional investors own 76.11% of the company’s stock.

Illinois Tool Works stock opened at $141.07 on Friday. The company has a quick ratio of 1.35, a current ratio of 1.73 and a debt-to-equity ratio of 1.60. Illinois Tool Works Inc. has a fifty-two week low of $134.45 and a fifty-two week high of $179.07. The company has a market cap of $47.41 billion, a PE ratio of 21.41, a P/E/G ratio of 1.81 and a beta of 1.24.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Monday, July 23rd. The industrial products company reported $1.97 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.97. Illinois Tool Works had a net margin of 12.70% and a return on equity of 56.74%. The firm had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $3.85 billion. During the same quarter in the previous year, the firm posted $1.69 earnings per share. The company’s revenue was up 6.4% on a year-over-year basis. sell-side analysts predict that Illinois Tool Works Inc. will post 7.64 EPS for the current year.

Illinois Tool Works announced that its board has authorized a stock buyback plan on Friday, August 3rd that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the industrial products company to buy up to 6.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 9th. Stockholders of record on Friday, September 28th will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.84%. The ex-dividend date is Thursday, September 27th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.78. Illinois Tool Works’s payout ratio is currently 47.34%.

In related news, Director Richard H. Lenny purchased 1,778 shares of the firm’s stock in a transaction dated Friday, July 27th. The stock was purchased at an average price of $140.85 per share, with a total value of $250,431.30. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.90% of the company’s stock.

Several research analysts have issued reports on ITW shares. Citigroup set a $166.00 target price on Illinois Tool Works and gave the company a “buy” rating in a research report on Tuesday, July 24th. Wells Fargo & Co restated a “buy” rating and set a $160.00 target price (down previously from $170.00) on shares of Illinois Tool Works in a research report on Tuesday, July 24th. Zacks Investment Research upgraded Illinois Tool Works from a “hold” rating to a “buy” rating and set a $158.00 target price for the company in a research report on Wednesday, June 27th. Morgan Stanley started coverage on Illinois Tool Works in a research report on Monday, August 20th. They set an “equal weight” rating and a $146.00 target price for the company. Finally, Robert W. Baird dropped their target price on Illinois Tool Works from $155.00 to $141.00 and set a “hold” rating for the company in a research report on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $159.53.

About Illinois Tool Works

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

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

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