FTB Advisors Inc. Sells 1,589 Shares of Illinois Tool Works Inc. (NYSE:ITW)

FTB Advisors Inc. trimmed its stake in Illinois Tool Works Inc. (NYSE:ITW) by 5.1% during the third quarter, HoldingsChannel.com reports. The fund owned 29,361 shares of the industrial products company’s stock after selling 1,589 shares during the quarter. FTB Advisors Inc.’s holdings in Illinois Tool Works were worth $4,594,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of 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 worth $3,935,459,000 after purchasing an additional 659,248 shares during the last quarter. BlackRock Inc. grew its holdings in shares of 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 worth $3,053,058,000 after purchasing an additional 581,489 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Illinois Tool Works by 2.6% during the second quarter. Bank of America Corp DE now owns 3,756,360 shares of the industrial products company’s stock worth $566,496,000 after purchasing an additional 94,434 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Illinois Tool Works by 2.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 2,401,495 shares of the industrial products company’s stock worth $362,170,000 after purchasing an additional 65,298 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in shares of 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 worth $322,590,000 after purchasing an additional 1,374,150 shares during the last quarter. Hedge funds and other institutional investors own 77.57% of the company’s stock.

In other Illinois Tool Works news, CFO Michael M. Larsen sold 35,617 shares of the 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 transaction, the chief financial officer now owns 38,726 shares of the company’s stock, valued at $6,181,056.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Juan Valls sold 64,894 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $160.51, for a total value of $10,416,135.94. Following the completion of the transaction, the executive vice president now directly owns 67,047 shares in the company, valued at approximately $10,761,713.97. The disclosure for this sale can be found here. Insiders sold 149,133 shares of company stock worth $23,680,163 in the last three months. Insiders own 0.87% of the company’s stock.

Illinois Tool Works stock traded down $0.73 during mid-day trading on Thursday, hitting $160.90. The stock had a trading volume of 19,176 shares, compared to its average volume of 987,777. The stock has a 50-day simple moving average of $154.51 and a two-hundred day simple moving average of $151.78. The stock has a market capitalization of $52.27 billion, a PE ratio of 21.14, a P/E/G ratio of 2.87 and a beta of 1.22. Illinois Tool Works Inc. has a 12 month low of $117.75 and a 12 month high of $162.17. 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 (NYSE:ITW) last released its earnings results on Friday, July 26th. The industrial products company reported $2.00 earnings per share for the quarter, beating 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 firm had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same quarter in the prior year, the firm posted $1.97 earnings per share. The company’s quarterly revenue was down 5.8% on a year-over-year basis. Sell-side analysts expect that Illinois Tool Works Inc. will post 7.67 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 9th. Shareholders of record on Monday, September 30th were paid a $1.07 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Friday, September 27th. This represents a $4.28 annualized dividend and a yield of 2.66%. Illinois Tool Works’s dividend payout ratio is presently 56.32%.

Several analysts have recently commented on ITW shares. Stifel Nicolaus set a $143.00 target price on Illinois Tool Works and gave the stock a “hold” rating in a report on Wednesday, October 9th. Morgan Stanley decreased their price target on Illinois Tool Works from $140.00 to $136.00 and set an “underweight” rating on the stock in a report on Wednesday, October 16th. Northcoast Research cut Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $121.00 price target on the stock. in a report on Wednesday, June 26th. UBS Group raised their price target on Illinois Tool Works from $150.00 to $154.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Finally, Goldman Sachs Group cut Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $144.00 price target on the stock. in a report on Monday, September 23rd. They noted that the move was a valuation call. Six analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $141.50.

About Illinois Tool Works

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.

Recommended Story: What is the Coverage Ratio?

Want to see what other hedge funds are holding ITW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Illinois Tool Works Inc. (NYSE:ITW).

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

Receive News & Ratings for Illinois Tool Works Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Illinois Tool Works and related companies with MarketBeat.com's FREE daily email newsletter.