First Citizens Bank & Trust Co. purchased a new position in Illinois Tool Works Inc. (NYSE:ITW) during the second quarter, according to its most recent filing with the SEC. The institutional investor purchased 13,842 shares of the industrial products company’s stock, valued at approximately $1,983,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of ITW. Hudock Capital Group LLC boosted its position in shares of Illinois Tool Works by 0.6% in the first quarter. Hudock Capital Group LLC now owns 1,054 shares of the industrial products company’s stock valued at $139,000 after buying an additional 6 shares during the last quarter. Washington Trust Bank boosted its position in shares of Illinois Tool Works by 1.1% in the second quarter. Washington Trust Bank now owns 977 shares of the industrial products company’s stock valued at $140,000 after buying an additional 11 shares during the last quarter. Trust Co. of Virginia VA boosted its position in shares of Illinois Tool Works by 0.4% in the first quarter. Trust Co. of Virginia VA now owns 3,865 shares of the industrial products company’s stock valued at $512,000 after buying an additional 15 shares during the last quarter. Marietta Wealth Management LLC boosted its position in shares of Illinois Tool Works by 0.8% in the first quarter. Marietta Wealth Management LLC now owns 3,409 shares of the industrial products company’s stock valued at $452,000 after buying an additional 26 shares during the last quarter. Finally, CENTRAL TRUST Co boosted its position in shares of Illinois Tool Works by 0.4% in the second quarter. CENTRAL TRUST Co now owns 6,767 shares of the industrial products company’s stock valued at $970,000 after buying an additional 26 shares during the last quarter. Hedge funds and other institutional investors own 74.77% of the company’s stock.

Illinois Tool Works Inc. (NYSE ITW) traded up 0.8275% during mid-day trading on Friday, hitting $138.6075. 432,591 shares of the stock were exchanged. Illinois Tool Works Inc. has a 12-month low of $111.50 and a 12-month high of $150.29. The firm has a market cap of $47.70 billion, a P/E ratio of 22.4284 and a beta of 1.11. The company has a 50 day moving average of $143.57 and a 200 day moving average of $137.32.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Monday, July 24th. The industrial products company reported $1.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.63 by $0.03. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.61 billion. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.46 earnings per share. On average, equities analysts anticipate that Illinois Tool Works Inc. will post $6.46 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 2.27%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Thursday, September 28th. Illinois Tool Works’s dividend payout ratio is 42.07%.

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ITW has been the topic of several recent research reports. BMO Capital Markets reiterated a “buy” rating and set a $145.00 target price on shares of Illinois Tool Works in a report on Thursday, April 20th. BidaskClub cut shares of Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 24th. Goldman Sachs Group, Inc. (The) upgraded shares of Illinois Tool Works from a “sell” rating to a “buy” rating and increased their target price for the stock from $131.00 to $155.00 in a report on Thursday, June 1st. Jefferies Group LLC reiterated a “buy” rating and set a $155.00 target price on shares of Illinois Tool Works in a report on Tuesday, May 16th. Finally, Deutsche Bank AG reiterated a “buy” rating and set a $160.00 target price (up from $140.00) on shares of Illinois Tool Works in a report on Saturday, April 29th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $152.67.

In related news, insider John R. Hartnett sold 11,750 shares of the company’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $144.96, for a total value of $1,703,280.00. Following the completion of the transaction, the insider now directly owns 23,839 shares of the company’s stock, valued at $3,455,701.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael M. Larsen sold 52,447 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $140.62, for a total value of $7,375,097.14. Following the completion of the transaction, the chief financial officer now directly owns 67,383 shares of the company’s stock, valued at $9,475,397.46. The disclosure for this sale can be found here. Insiders sold 100,664 shares of company stock valued at $14,329,625 over the last ninety days. 0.90% of the stock is currently owned by corporate insiders.

Illinois Tool Works Company Profile

Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.

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

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