Illinois Tool Works Inc. (NYSE:ITW) Holdings Lowered by Vestmark Advisory Solutions Inc.

Vestmark Advisory Solutions Inc. trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 56.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,812 shares of the industrial products company’s stock after selling 2,314 shares during the period. Vestmark Advisory Solutions Inc.’s holdings in Illinois Tool Works were worth $273,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in ITW. Invesco Ltd. raised its position in Illinois Tool Works by 179.7% during the second quarter. Invesco Ltd. now owns 2,139,052 shares of the industrial products company’s stock valued at $322,590,000 after buying an additional 1,374,150 shares during the period. Nuveen Asset Management LLC raised its position in Illinois Tool Works by 6,875.2% during the second quarter. Nuveen Asset Management LLC now owns 1,237,183 shares of the industrial products company’s stock valued at $186,579,000 after buying an additional 1,219,446 shares during the period. Vanguard Group Inc. raised its position in Illinois Tool Works by 2.6% during the second quarter. Vanguard Group Inc. now owns 26,095,477 shares of the industrial products company’s stock valued at $3,935,459,000 after buying an additional 659,248 shares during the period. Thoroughbred Financial Services LLC raised its position in Illinois Tool Works by 15,116.7% during the second quarter. Thoroughbred Financial Services LLC now owns 661,166 shares of the industrial products company’s stock valued at $66,117,000 after buying an additional 656,821 shares during the period. Finally, BlackRock Inc. raised its position in Illinois Tool Works by 3.0% during the second quarter. BlackRock Inc. now owns 20,244,400 shares of the industrial products company’s stock valued at $3,053,058,000 after buying an additional 581,489 shares during the period. 77.46% of the stock is owned by institutional investors and hedge funds.

ITW stock traded up $0.80 during mid-day trading on Friday, hitting $150.63. The stock had a trading volume of 15,231 shares, compared to its average volume of 1,169,610. The company has a current ratio of 2.87, a quick ratio of 2.30 and a debt-to-equity ratio of 2.52. Illinois Tool Works Inc. has a 1-year low of $117.75 and a 1-year high of $161.71. The company has a fifty day moving average of $152.12 and a 200 day moving average of $150.77. The stock has a market capitalization of $49.40 billion, a price-to-earnings ratio of 19.79, a PEG ratio of 2.71 and a beta of 1.22.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Friday, July 26th. The industrial products company reported $2.00 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same period in the prior year, the firm posted $1.97 EPS. The business’s revenue was down 5.8% compared to the same quarter last year. As a group, sell-side analysts expect that Illinois Tool Works Inc. will post 7.69 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Monday, September 30th will be given a $1.07 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.00. This represents a $4.28 annualized dividend and a yield of 2.84%. The ex-dividend date is Friday, September 27th. Illinois Tool Works’s dividend payout ratio is presently 56.32%.

In other Illinois Tool Works news, EVP Steven L. Martindale sold 48,622 shares of the company’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $155.88, for a total value of $7,579,197.36. Following the transaction, the executive vice president now directly owns 84,546 shares of the company’s stock, valued at approximately $13,179,030.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Michael M. Larsen sold 35,617 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $159.61, for a total value of $5,684,829.37. Following the completion of the transaction, the chief financial officer now directly owns 38,726 shares in the company, valued at $6,181,056.86. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 158,458 shares of company stock worth $25,172,163. Insiders own 0.87% of the company’s stock.

Several research firms recently weighed in on ITW. Northcoast Research lowered Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $121.00 price target on the stock. in a research report on Wednesday, June 26th. Credit Suisse Group upped their price target on Illinois Tool Works from $124.00 to $152.00 and gave the company a “market perform” rating in a research report on Monday, July 29th. UBS Group upped their price target on Illinois Tool Works from $150.00 to $154.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Zacks Investment Research lowered Illinois Tool Works from a “hold” rating to a “sell” rating and set a $154.00 price target on the stock. in a research report on Tuesday, July 9th. Finally, Goldman Sachs Group lowered Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $144.00 price target on the stock. in a research report on Monday, September 23rd. They noted that the move was a valuation call. Six investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $142.44.

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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