Adirondack Trust Co. Cuts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Adirondack Trust Co. reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 25.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,034 shares of the industrial products company’s stock after selling 360 shares during the quarter. Adirondack Trust Co.’s holdings in Illinois Tool Works were worth $162,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Illinois Tool Works by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 26,095,477 shares of the industrial products company’s stock valued at $3,935,459,000 after acquiring an additional 659,248 shares during the last quarter. BlackRock Inc. boosted its position in shares of Illinois Tool Works by 3.0% during the 2nd quarter. BlackRock Inc. now owns 20,244,400 shares of the industrial products company’s stock valued at $3,053,058,000 after acquiring an additional 581,489 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Illinois Tool Works by 2.6% during the 2nd quarter. Bank of America Corp DE now owns 3,756,360 shares of the industrial products company’s stock valued at $566,496,000 after acquiring an additional 94,434 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Illinois Tool Works by 2.8% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,401,495 shares of the industrial products company’s stock valued at $362,170,000 after acquiring an additional 65,298 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Illinois Tool Works by 179.7% in the second quarter. Invesco Ltd. now owns 2,139,052 shares of the industrial products company’s stock worth $322,590,000 after buying an additional 1,374,150 shares during the last quarter. 77.46% of the stock is owned by institutional investors and hedge funds.

A number of analysts recently issued reports on ITW shares. Goldman Sachs Group downgraded Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $144.00 price target for the company. in a research report on Monday, September 23rd. They noted that the move was a valuation call. UBS Group raised their price target on Illinois Tool Works from $150.00 to $154.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Northcoast Research downgraded Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $121.00 price target for the company. in a research report on Wednesday, June 26th. Credit Suisse Group raised their price target on Illinois Tool Works from $124.00 to $152.00 and gave the stock a “market perform” rating in a research report on Monday, July 29th. Finally, Stifel Nicolaus raised their price target on Illinois Tool Works from $143.00 to $154.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Six equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $142.44.

ITW stock traded up $1.79 during midday trading on Wednesday, reaching $148.19. The company’s stock had a trading volume of 691,907 shares, compared to its average volume of 1,316,369. The company has a debt-to-equity ratio of 2.52, a quick ratio of 2.30 and a current ratio of 2.87. The stock has a fifty day simple moving average of $152.20 and a two-hundred day simple moving average of $150.93. Illinois Tool Works Inc. has a 1 year low of $117.75 and a 1 year high of $161.71. The firm has a market capitalization of $48.59 billion, a price-to-earnings ratio of 19.50, a PEG ratio of 2.68 and a beta of 1.22.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Friday, July 26th. The industrial products company reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.97 by $0.03. Illinois Tool Works had a return on equity of 76.17% and a net margin of 17.17%. The business had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same quarter last year, the firm posted $1.97 earnings per share. The business’s revenue was down 5.8% compared to the same quarter last year. As a group, analysts forecast that Illinois Tool Works Inc. will post 7.69 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Stockholders of record on Monday, September 30th will be paid a dividend of $1.07 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $4.28 annualized dividend and a dividend yield of 2.89%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.00. Illinois Tool Works’s dividend payout ratio (DPR) is currently 56.32%.

In other news, EVP Steven L. Martindale sold 48,622 shares of the firm’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $155.88, for a total transaction of $7,579,197.36. Following the transaction, the executive vice president now owns 84,546 shares in the company, valued at $13,179,030.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael R. Zimmerman sold 9,325 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $160.00, for a total value of $1,492,000.00. Following the transaction, the insider now owns 16,315 shares in the company, valued at approximately $2,610,400. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 158,458 shares of company stock worth $25,172,163. Insiders own 0.87% of the company’s stock.

Illinois Tool Works Company 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.

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

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