Smith Asset Management Group LP Sells 34,070 Shares of Illinois Tool Works Inc. (ITW)

Smith Asset Management Group LP cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 14.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 199,200 shares of the industrial products company’s stock after selling 34,070 shares during the quarter. Smith Asset Management Group LP owned approximately 0.06% of Illinois Tool Works worth $28,535,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Washington Trust Bank lifted its holdings in Illinois Tool Works by 1.1% during the second quarter. Washington Trust Bank now owns 977 shares of the industrial products company’s stock valued at $140,000 after purchasing an additional 11 shares during the last quarter. Trust Co. of Virginia VA lifted its holdings in Illinois Tool Works by 0.4% during 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 purchasing an additional 15 shares during the last quarter. Marietta Wealth Management LLC lifted its holdings in Illinois Tool Works by 0.8% during the first quarter. Marietta Wealth Management LLC now owns 3,409 shares of the industrial products company’s stock valued at $452,000 after purchasing an additional 26 shares during the last quarter. CENTRAL TRUST Co lifted its holdings in Illinois Tool Works by 0.4% during the second quarter. CENTRAL TRUST Co now owns 6,767 shares of the industrial products company’s stock valued at $970,000 after purchasing an additional 26 shares during the last quarter. Finally, Buckingham Asset Management LLC lifted its holdings in Illinois Tool Works by 1.6% during the first quarter. Buckingham Asset Management LLC now owns 1,793 shares of the industrial products company’s stock valued at $238,000 after purchasing an additional 29 shares during the last quarter. 74.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Inc. (NYSE:ITW) opened at 146.94 on Tuesday. Illinois Tool Works Inc. has a 52-week low of $111.50 and a 52-week high of $150.29. The company has a market capitalization of $50.57 billion, a PE ratio of 23.78 and a beta of 1.11. The company has a 50 day moving average of $139.46 and a 200 day moving average of $139.30.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Monday, July 24th. The industrial products company reported $1.66 EPS for the quarter, topping the Zacks’ consensus estimate of $1.63 by $0.03. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.61 billion. During the same period in the previous year, the firm earned $1.46 EPS. The firm’s revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts forecast that Illinois Tool Works Inc. will post $6.45 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. The ex-dividend date of this dividend is Thursday, September 28th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.65. This represents a $3.12 dividend on an annualized basis and a yield of 2.12%. Illinois Tool Works’s payout ratio is currently 42.07%.

Several equities research analysts have commented on the stock. Morgan Stanley reaffirmed an “equal weight” rating and set a $140.00 price objective (up from $136.00) on shares of Illinois Tool Works in a report on Monday, July 10th. BidaskClub downgraded shares of Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 24th. Zacks Investment Research raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $163.00 price objective on the stock in a report on Wednesday, July 12th. J P Morgan Chase & Co downgraded shares of Illinois Tool Works from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $141.00 to $132.00 in a report on Thursday, August 17th. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $160.00 price objective on shares of Illinois Tool Works in a report on Thursday, July 20th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $150.64.

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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.

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

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