Cornerstone Capital Inc. decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,065 shares of the industrial products company’s stock after selling 55 shares during the quarter. Cornerstone Capital Inc.’s holdings in Illinois Tool Works were worth $582,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of ITW. BlackRock Inc. raised its stake in Illinois Tool Works by 1,661.3% during the first quarter. BlackRock Inc. now owns 19,318,196 shares of the industrial products company’s stock worth $2,559,083,000 after acquiring an additional 18,221,359 shares in the last quarter. HPM Partners LLC acquired a new position in Illinois Tool Works during the first quarter worth about $95,987,000. Harbour Capital Advisors LLC raised its stake in Illinois Tool Works by 13,930.9% during the second quarter. Harbour Capital Advisors LLC now owns 498,940 shares of the industrial products company’s stock worth $3,483,000 after acquiring an additional 495,384 shares in the last quarter. Janus Capital Management LLC raised its stake in Illinois Tool Works by 19.5% during the first quarter. Janus Capital Management LLC now owns 2,951,426 shares of the industrial products company’s stock worth $390,967,000 after acquiring an additional 482,027 shares in the last quarter. Finally, Prudential Financial Inc. raised its stake in Illinois Tool Works by 58.5% during the first quarter. Prudential Financial Inc. now owns 1,218,246 shares of the industrial products company’s stock worth $161,380,000 after acquiring an additional 449,430 shares in the last quarter. 74.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Inc. (ITW) opened at 147.40 on Friday. The firm has a market cap of $50.73 billion, a P/E ratio of 23.85 and a beta of 1.11. The stock has a 50 day moving average price of $139.67 and a 200 day moving average price of $139.40. Illinois Tool Works Inc. has a 1-year low of $111.50 and a 1-year high of $150.29.

Illinois Tool Works (NYSE:ITW) last released its earnings results 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 company 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%. Illinois Tool Works’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.46 EPS. On average, analysts anticipate that Illinois Tool Works Inc. will post $6.45 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be given a $0.78 dividend. 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. This represents a $3.12 dividend on an annualized basis and a yield of 2.12%. Illinois Tool Works’s payout ratio is presently 42.07%.

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ITW has been the subject of several research analyst reports. Jefferies Group LLC reissued a “buy” rating and set a $170.00 target price (up previously from $155.00) on shares of Illinois Tool Works in a research note on Tuesday, July 25th. BMO Capital Markets reissued a “buy” rating and set a $160.00 target price on shares of Illinois Tool Works in a research note on Thursday, July 20th. BidaskClub downgraded Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Goldman Sachs Group, Inc. (The) raised Illinois Tool Works from a “sell” rating to a “buy” rating and boosted their target price for the stock from $131.00 to $155.00 in a research note on Thursday, June 1st. Finally, Zacks Investment Research raised Illinois Tool Works from a “hold” rating to a “buy” rating and set a $163.00 target price for the company in a research note on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $150.64.

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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