Fifth Third Bancorp lowered its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 9.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 397,258 shares of the industrial products company’s stock after selling 39,548 shares during the quarter. Fifth Third Bancorp’s holdings in Illinois Tool Works were worth $56,061,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in ITW. Massachusetts Financial Services Co. MA raised its holdings in shares of Illinois Tool Works by 25.4% in 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 acquiring an additional 1,401,794 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Illinois Tool Works by 20.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,803,640 shares of the industrial products company’s stock valued at $677,888,000 after acquiring an additional 830,998 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Illinois Tool Works in the 2nd quarter valued at about $109,837,000. BlackRock Inc. raised its holdings in shares of Illinois Tool Works by 2.5% in the 3rd quarter. BlackRock Inc. now owns 21,290,319 shares of the industrial products company’s stock valued at $3,004,489,000 after acquiring an additional 528,550 shares in the last quarter. Finally, Bristol John W & Co. Inc. NY purchased a new stake in shares of Illinois Tool Works in the 3rd quarter valued at about $55,822,000. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

ITW opened at $129.47 on Friday. The company has a debt-to-equity ratio of 1.71, a quick ratio of 1.26 and a current ratio of 1.62. Illinois Tool Works Inc. has a 1 year low of $119.38 and a 1 year high of $179.07. The company has a market cap of $44.22 billion, a P/E ratio of 17.84, a P/E/G ratio of 1.77 and a beta of 1.28.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, October 24th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, topping the 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 business had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the company earned $1.71 EPS. Illinois Tool Works’s revenue for the quarter was down .1% compared to the same quarter last year. Research analysts forecast that Illinois Tool Works Inc. will post 7.6 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 10th. Investors of record on Monday, December 31st will be given a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, December 28th. This represents a $4.00 annualized dividend and a yield of 3.09%. Illinois Tool Works’s payout ratio is 60.70%.

Several equities analysts have recently commented on ITW shares. Zacks Investment Research upgraded Illinois Tool Works from a “sell” rating to a “hold” rating in a research report on Monday, September 17th. Deutsche Bank reiterated a “hold” rating on shares of Illinois Tool Works in a research report on Monday, December 3rd. ValuEngine upgraded Illinois Tool Works from a “sell” rating to a “hold” rating in a research report on Tuesday, September 4th. Morgan Stanley started coverage on Illinois Tool Works in a research report on Monday, August 20th. They set an “equal weight” rating and a $146.00 price objective on the stock. Finally, Wells Fargo & Co reiterated a “buy” rating and set a $150.00 price objective (down from $160.00) on shares of Illinois Tool Works in a research report on Wednesday, October 17th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $147.69.

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Illinois Tool Works 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.

Read More: Preferred Stock

Want to see what other hedge funds are holding ITW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Illinois Tool Works Inc. (NYSE:ITW).

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

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