Argus Investors Counsel Inc. reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 0.6% during the second quarter, Holdings Channel reports. The institutional investor owned 32,896 shares of the industrial products company’s stock after selling 204 shares during the period. Illinois Tool Works accounts for 2.1% of Argus Investors Counsel Inc.’s holdings, making the stock its 6th largest position. Argus Investors Counsel Inc.’s holdings in Illinois Tool Works were worth $4,712,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in Illinois Tool Works by 1,661.3% in the first quarter. BlackRock Inc. now owns 19,318,196 shares of the industrial products company’s stock valued at $2,559,083,000 after buying an additional 18,221,359 shares in the last quarter. Wells Fargo & Company MN raised its position in Illinois Tool Works by 3.6% in the first quarter. Wells Fargo & Company MN now owns 8,905,002 shares of the industrial products company’s stock valued at $1,179,646,000 after buying an additional 308,538 shares in the last quarter. Bank of New York Mellon Corp raised its position in Illinois Tool Works by 1.5% in the first quarter. Bank of New York Mellon Corp now owns 4,554,364 shares of the industrial products company’s stock valued at $603,315,000 after buying an additional 67,451 shares in the last quarter. FMR LLC raised its position in Illinois Tool Works by 0.7% in the first quarter. FMR LLC now owns 3,449,170 shares of the industrial products company’s stock valued at $456,912,000 after buying an additional 23,205 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Illinois Tool Works by 7.1% in the first quarter. Geode Capital Management LLC now owns 3,084,804 shares of the industrial products company’s stock valued at $408,069,000 after buying an additional 203,294 shares in the last quarter. Institutional investors own 74.77% of the company’s stock.

Shares of Illinois Tool Works Inc. (NYSE ITW) traded up 0.82% during mid-day trading on Monday, hitting $139.49. The company had a trading volume of 246,375 shares. Illinois Tool Works Inc. has a 52-week low of $111.50 and a 52-week high of $150.29. The firm has a market capitalization of $48.01 billion, a price-to-earnings ratio of 22.57 and a beta of 1.11. The firm has a 50-day moving average price of $143.35 and a 200 day moving average price of $137.43.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Monday, July 24th. The industrial products company reported $1.66 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.63 by $0.03. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.61 billion. Illinois Tool Works had a net margin of 15.50% and a return on equity of 46.57%. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the company posted $1.46 EPS. Analysts expect that Illinois Tool Works Inc. will post $6.46 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be given a dividend of $0.78 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.25%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.65. Illinois Tool Works’s dividend payout ratio (DPR) is presently 42.07%.

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Several research analysts recently commented on ITW shares. Royal Bank Of Canada lifted their price target on Illinois Tool Works from $141.00 to $143.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 25th. Argus lifted their price target on Illinois Tool Works from $145.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, April 26th. Credit Suisse Group set a $141.00 price target on Illinois Tool Works and gave the stock a “hold” rating in a research report on Tuesday, July 25th. Stifel Nicolaus reiterated a “hold” rating and issued a $144.00 price target (up previously from $140.00) on shares of Illinois Tool Works in a research report on Tuesday, April 25th. Finally, Barclays PLC lifted their price target on Illinois Tool Works from $130.00 to $141.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 25th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $152.67.

In related news, CFO Michael M. Larsen sold 52,447 shares of the stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $140.62, for a total transaction of $7,375,097.14. Following the completion of the transaction, the chief financial officer now owns 67,383 shares of the company’s stock, valued at approximately $9,475,397.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Christopher A. O’herlihy sold 36,467 shares of the stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $144.00, for a total transaction of $5,251,248.00. Following the transaction, the insider now directly owns 55,878 shares of the company’s stock, valued at approximately $8,046,432. The disclosure for this sale can be found here. Insiders have sold a total of 100,664 shares of company stock valued at $14,329,625 in 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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