Sky Investment Group LLC raised its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,259 shares of the industrial products company’s stock after buying an additional 385 shares during the quarter. Illinois Tool Works comprises approximately 2.5% of Sky Investment Group LLC’s portfolio, making the stock its 9th biggest position. Sky Investment Group LLC’s holdings in Illinois Tool Works were worth $6,270,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in ITW. Thrivent Financial for Lutherans lifted its holdings in Illinois Tool Works by 310.7% in the first quarter. Thrivent Financial for Lutherans now owns 51,487 shares of the industrial products company’s stock worth $8,066,000 after acquiring an additional 38,950 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in Illinois Tool Works by 9.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 21,536 shares of the industrial products company’s stock worth $3,374,000 after acquiring an additional 1,807 shares during the last quarter. BlackRock Inc. lifted its holdings in Illinois Tool Works by 4.3% in the first quarter. BlackRock Inc. now owns 21,382,129 shares of the industrial products company’s stock worth $3,349,722,000 after acquiring an additional 874,197 shares during the last quarter. Canandaigua National Bank & Trust Co. lifted its holdings in Illinois Tool Works by 146.3% in the first quarter. Canandaigua National Bank & Trust Co. now owns 4,531 shares of the industrial products company’s stock worth $710,000 after acquiring an additional 2,691 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. lifted its holdings in Illinois Tool Works by 150.7% in the first quarter. Candriam Luxembourg S.C.A. now owns 96,998 shares of the industrial products company’s stock worth $15,196,000 after acquiring an additional 58,311 shares during the last quarter. 76.04% of the stock is owned by institutional investors and hedge funds.

In other news, Director Richard H. Lenny bought 1,778 shares of the company’s stock in a transaction that occurred on Friday, July 27th. The shares were purchased at an average price of $140.85 per share, with a total value of $250,431.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.82% of the stock is owned by insiders.

A number of equities research analysts have recently weighed in on the company. ValuEngine cut Illinois Tool Works from a “hold” rating to a “sell” rating in a report on Wednesday, August 8th. Wolfe Research assumed coverage on Illinois Tool Works in a report on Wednesday, June 27th. They set an “underperform” rating on the stock. Wells Fargo & Co reaffirmed a “buy” rating and set a $160.00 price target (down previously from $170.00) on shares of Illinois Tool Works in a report on Tuesday, July 24th. Morgan Stanley assumed coverage on Illinois Tool Works in a report on Monday, August 20th. They set an “equal weight” rating and a $146.00 price target on the stock. Finally, Royal Bank of Canada cut their price target on Illinois Tool Works to $150.00 and set a “sector perform” rating on the stock in a report on Tuesday, July 24th. One investment 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. Illinois Tool Works has a consensus rating of “Hold” and an average price target of $159.53.

ITW opened at $147.00 on Wednesday. Illinois Tool Works Inc. has a twelve month low of $134.45 and a twelve month high of $179.07. The company has a market cap of $48.59 billion, a PE ratio of 22.31, a price-to-earnings-growth ratio of 1.86 and a beta of 1.24. The company has a current ratio of 1.73, a quick ratio of 1.35 and a debt-to-equity ratio of 1.60.

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

Illinois Tool Works announced that its Board of Directors has approved a stock buyback program on Friday, August 3rd that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the industrial products company to buy up to 6.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 9th. Investors of record on Friday, September 28th will be issued a dividend of $1.00 per share. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $4.00 annualized dividend and a yield of 2.72%. Illinois Tool Works’s payout ratio is presently 47.34%.

Illinois Tool Works Company Profile

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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