Commonwealth of Pennsylvania Public School Empls Retrmt SYS trimmed its position in Illinois Tool Works Inc. (NYSE:ITW) by 20.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,318 shares of the industrial products company’s stock after selling 6,598 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Illinois Tool Works were worth $3,573,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA boosted its position in Illinois Tool Works by 25.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 6,912,686 shares of the industrial products company’s stock valued at $975,518,000 after purchasing an additional 1,401,794 shares during the period. Bank of America Corp DE boosted its position in Illinois Tool Works by 1.6% during the 2nd quarter. Bank of America Corp DE now owns 5,875,087 shares of the industrial products company’s stock valued at $813,935,000 after purchasing an additional 93,269 shares during the period. JPMorgan Chase & Co. boosted its position in Illinois Tool Works by 4.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,849,090 shares of the industrial products company’s stock valued at $825,423,000 after purchasing an additional 274,579 shares during the period. Bank of New York Mellon Corp boosted its position in Illinois Tool Works by 1.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,972,642 shares of the industrial products company’s stock valued at $550,369,000 after purchasing an additional 44,036 shares during the period. Finally, Janus Henderson Group PLC boosted its position in Illinois Tool Works by 7.3% during the 2nd quarter. Janus Henderson Group PLC now owns 3,774,594 shares of the industrial products company’s stock valued at $522,934,000 after purchasing an additional 257,819 shares during the period. Institutional investors and hedge funds own 77.43% of the company’s stock.

Shares of ITW stock opened at $133.99 on Tuesday. The company has a quick ratio of 1.26, a current ratio of 1.62 and a debt-to-equity ratio of 1.71. Illinois Tool Works Inc. has a 1 year low of $119.38 and a 1 year high of $179.07. The firm has a market cap of $44.99 billion, a price-to-earnings ratio of 18.15, a price-to-earnings-growth ratio of 1.80 and a beta of 1.26.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, October 24th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.88 by $0.02. Illinois Tool Works had a return on equity of 63.11% and a net margin of 12.69%. The company had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the firm posted $1.71 EPS. The firm’s quarterly revenue was down .1% on a year-over-year basis. Equities analysts expect that Illinois Tool Works Inc. will post 7.6 EPS for the current year.

Illinois Tool Works declared that its Board of Directors has initiated a share buyback program on Friday, August 3rd that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the industrial products company to buy up to 6.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 10th. Shareholders of record on Monday, December 31st will be given a dividend of $1.00 per share. The ex-dividend date is Friday, December 28th. This represents a $4.00 dividend on an annualized basis and a yield of 2.99%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 60.70%.

A number of research analysts recently issued reports on the company. Robert W. Baird reduced their price objective 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. Citigroup set a $166.00 price objective on Illinois Tool Works and gave the company a “buy” rating in a research report on Tuesday, July 24th. ValuEngine upgraded Illinois Tool Works from a “sell” rating to a “hold” rating in a research report on Tuesday, September 4th. Credit Suisse Group reduced their price objective on Illinois Tool Works from $166.00 to $146.00 and set a “neutral” rating for the company in a research report on Tuesday, July 24th. Finally, Goldman Sachs Group restated a “neutral” rating on shares of Illinois Tool Works in a research report on Tuesday, July 24th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the company. Illinois Tool Works currently has a consensus rating of “Hold” and an average price target of $150.18.

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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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