First Midwest Bank Trust Division lowered its position in Illinois Tool Works Inc. (NYSE:ITW) by 47.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,094 shares of the industrial products company’s stock after selling 11,611 shares during the period. First Midwest Bank Trust Division’s holdings in Illinois Tool Works were worth $1,876,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. increased 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 worth $2,559,083,000 after buying an additional 18,221,359 shares in the last quarter. HPM Partners LLC purchased a new position in Illinois Tool Works during the first quarter worth approximately $95,987,000. Janus Capital Management LLC increased its position in Illinois Tool Works by 19.5% in 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 buying an additional 482,027 shares in the last quarter. Prudential Financial Inc. increased its position in Illinois Tool Works by 58.5% in the first quarter. Prudential Financial Inc. now owns 1,218,246 shares of the industrial products company’s stock worth $161,380,000 after buying an additional 449,430 shares in the last quarter. Finally, Wells Fargo & Company MN increased 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 worth $1,179,646,000 after buying an additional 308,538 shares in the last quarter. 74.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Inc. (NYSE:ITW) traded up 0.23% during mid-day trading on Tuesday, reaching $139.37. The company had a trading volume of 251,414 shares. The company’s 50 day moving average is $143.15 and its 200 day moving average is $137.64. Illinois Tool Works Inc. has a 52-week low of $111.50 and a 52-week high of $150.29. The stock has a market capitalization of $47.96 billion, a price-to-earnings ratio of 22.55 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Monday, July 24th. The industrial products company reported $1.66 EPS for the quarter, topping the consensus estimate of $1.63 by $0.03. The business had revenue of $3.60 billion for 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 revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.46 EPS. Equities analysts predict that Illinois Tool Works Inc. will post $6.46 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th will be issued a $0.78 dividend. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.65. This represents a $3.12 annualized dividend and a dividend yield of 2.24%. The ex-dividend date is Thursday, September 28th. Illinois Tool Works’s payout ratio is presently 42.07%.

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A number of research analysts have commented on ITW shares. Goldman Sachs Group, Inc. (The) raised 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. Morgan Stanley reaffirmed an “equal weight” rating and set a $140.00 target price (up previously from $136.00) on shares of Illinois Tool Works in a report on Monday, July 10th. Deutsche Bank AG reissued a “buy” rating and issued a $160.00 price target (up previously from $140.00) on shares of Illinois Tool Works in a report on Saturday, April 29th. BidaskClub downgraded Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 24th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $155.00 price target on shares of Illinois Tool Works in a report on Tuesday, May 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. Illinois Tool Works has an average rating of “Hold” and a consensus target price of $152.67.

In other news, CFO Michael M. Larsen sold 52,447 shares of the business’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $140.62, for a total value of $7,375,097.14. Following the transaction, the chief financial officer now directly owns 67,383 shares of the company’s stock, valued at approximately $9,475,397.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Christopher A. O’herlihy sold 36,467 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $144.00, for a total value of $5,251,248.00. Following the completion of the transaction, the insider now directly owns 55,878 shares in the company, valued at $8,046,432. The disclosure for this sale can be found here. Insiders sold a total of 100,664 shares of company stock worth $14,329,625 over the last three months. 0.90% of the stock is owned by company insiders.

About Illinois Tool Works

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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