Webster Bank N. A. trimmed its position in Illinois Tool Works Inc. (NYSE:ITW) by 44.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 841 shares of the industrial products company’s stock after selling 675 shares during the period. Webster Bank N. A.’s holdings in Illinois Tool Works were worth $118,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. North Star Investment Management Corp. lifted its position in Illinois Tool Works by 6.3% in the second quarter. North Star Investment Management Corp. now owns 6,085 shares of the industrial products company’s stock worth $843,000 after purchasing an additional 362 shares during the period. Signaturefd LLC increased its holdings in shares of Illinois Tool Works by 17.0% in the second quarter. Signaturefd LLC now owns 2,564 shares of the industrial products company’s stock valued at $355,000 after buying an additional 372 shares in the last quarter. Sky Investment Group LLC increased its holdings in shares of Illinois Tool Works by 0.9% in the second quarter. Sky Investment Group LLC now owns 45,259 shares of the industrial products company’s stock valued at $6,270,000 after buying an additional 385 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of Illinois Tool Works by 12.2% in the second quarter. Fisher Asset Management LLC now owns 3,635 shares of the industrial products company’s stock valued at $504,000 after buying an additional 395 shares in the last quarter. Finally, Woodstock Corp increased its holdings in shares of Illinois Tool Works by 0.8% in the second quarter. Woodstock Corp now owns 48,433 shares of the industrial products company’s stock valued at $6,710,000 after buying an additional 400 shares in the last quarter. Hedge funds and other institutional investors own 76.09% of the company’s stock.

Shares of NYSE:ITW opened at $130.67 on Friday. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.35 and a current ratio of 1.73. Illinois Tool Works Inc. has a 12-month low of $128.75 and a 12-month high of $179.07. The firm has a market cap of $47.33 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 1.81 and a beta of 1.22.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Monday, July 23rd. The industrial products company reported $1.97 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.97. Illinois Tool Works had a net margin of 12.70% and a return on equity of 56.74%. The company had revenue of $3.83 billion for the quarter, compared to the consensus estimate of $3.85 billion. During the same period in the previous year, the business earned $1.69 EPS. The company’s revenue was up 6.4% on a year-over-year basis. On average, sell-side analysts forecast that Illinois Tool Works Inc. will post 7.63 earnings per share for the current fiscal year.

Illinois Tool Works announced that its Board of Directors has initiated a stock repurchase plan 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 repurchase up to 6.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 9th. Shareholders of record on Friday, September 28th were paid a dividend of $1.00 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.78. This represents a $4.00 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend was Thursday, September 27th. Illinois Tool Works’s payout ratio is 60.70%.

In other news, Director Richard H. Lenny bought 1,778 shares of the business’s stock in a transaction on Friday, July 27th. The shares were bought at an average cost of $140.85 per share, with a total value of $250,431.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.82% of the stock is owned by insiders.

Several research analysts have issued reports on ITW shares. Zacks Investment Research cut Illinois Tool Works from a “hold” rating to a “sell” rating in a report on Tuesday, September 11th. Morgan Stanley started coverage on Illinois Tool Works in a report on Monday, August 20th. They issued an “equal weight” rating and a $146.00 price target on the stock. Wells Fargo & Co reaffirmed a “buy” rating and issued a $160.00 price target (down previously from $170.00) on shares of Illinois Tool Works in a report on Tuesday, July 24th. Goldman Sachs Group cut Illinois Tool Works from a “buy” rating to a “neutral” rating and set a $145.00 price target on the stock. in a report on Monday, July 23rd. Finally, ValuEngine raised Illinois Tool Works from a “sell” rating to a “hold” rating in a report on Tuesday, September 4th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the company’s stock. Illinois Tool Works currently has an average rating of “Hold” and a consensus target price 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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