Illinois Tool Works Inc. (NYSE:ITW) Stock Position Cut by Coastline Trust Co

Coastline Trust Co trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 31.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,768 shares of the industrial products company’s stock after selling 3,633 shares during the quarter. Coastline Trust Co’s holdings in Illinois Tool Works were worth $2,036,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in ITW. Capital Research Global Investors lifted its position in Illinois Tool Works by 1.2% in the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock worth $1,171,006,000 after purchasing an additional 51,654 shares during the period. Legal & General Group Plc raised its position in Illinois Tool Works by 2.4% in the second quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company’s stock worth $640,425,000 after acquiring an additional 62,645 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Illinois Tool Works by 9.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock valued at $361,998,000 after purchasing an additional 133,853 shares during the last quarter. Guinness Asset Management LTD raised its holdings in Illinois Tool Works by 4.6% during the 3rd quarter. Guinness Asset Management LTD now owns 802,886 shares of the industrial products company’s stock worth $210,447,000 after buying an additional 35,145 shares during the period. Finally, ProShare Advisors LLC boosted its position in shares of Illinois Tool Works by 7.3% in the second quarter. ProShare Advisors LLC now owns 742,941 shares of the industrial products company’s stock worth $176,047,000 after buying an additional 50,753 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Price Performance

NYSE ITW opened at $270.62 on Friday. The firm has a market cap of $79.91 billion, a P/E ratio of 23.41, a price-to-earnings-growth ratio of 4.23 and a beta of 1.10. The stock’s 50-day moving average is $260.09 and its two-hundred day moving average is $248.90. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $277.58. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same period in the previous year, the company earned $2.55 EPS. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a $1.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.22%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.90%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on ITW shares. Stifel Nicolaus raised their price objective on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. Barclays increased their target price on shares of Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. lifted their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Finally, Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $257.30.

Illinois Tool Works Company Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.