Ingalls & Snyder LLC Sells 450 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Ingalls & Snyder LLC lowered its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.4% during the 2nd quarter, Holdings Channel.com reports. The firm owned 9,739 shares of the industrial products company’s stock after selling 450 shares during the quarter. Ingalls & Snyder LLC’s holdings in Illinois Tool Works were worth $2,308,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in ITW. Norges Bank bought a new position in shares of Illinois Tool Works during the 4th quarter valued at $818,408,000. Corient Private Wealth LLC grew its holdings in shares of Illinois Tool Works by 122.7% during the 4th quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock valued at $164,927,000 after purchasing an additional 346,919 shares during the last quarter. Confluence Investment Management LLC bought a new position in shares of Illinois Tool Works during the 1st quarter valued at $65,747,000. Pinebridge Investments L.P. grew its holdings in shares of Illinois Tool Works by 380.7% during the 4th quarter. Pinebridge Investments L.P. now owns 261,590 shares of the industrial products company’s stock valued at $68,521,000 after purchasing an additional 207,167 shares during the last quarter. Finally, Guinness Asset Management LTD grew its holdings in shares of Illinois Tool Works by 30.7% during the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock valued at $181,926,000 after purchasing an additional 180,458 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

ITW has been the topic of several recent research reports. Barclays reduced their target price on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a report on Wednesday, July 31st. Wells Fargo & Company increased their price target on shares of Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. increased their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Evercore ISI dropped their price target on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Finally, StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $250.22.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 775 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was bought at an average cost of $238.82 per share, with a total value of $185,085.50. Following the transaction, the director now directly owns 121,506 shares in the company, valued at approximately $29,018,062.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.88% of the stock is currently owned by corporate insiders.

Illinois Tool Works Trading Up 1.1 %

NYSE:ITW opened at $253.18 on Friday. The company has a 50-day moving average price of $242.38 and a 200-day moving average price of $249.09. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. The stock has a market cap of $75.55 billion, a price-to-earnings ratio of 24.97, a P/E/G ratio of 4.03 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The firm had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same period last year, the company posted $2.41 EPS. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. Equities analysts predict that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be given a dividend of $1.50 per share. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Monday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is 59.17%.

About Illinois Tool Works

Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.