Ipswich Investment Management Co. Inc. Sells 10,023 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Ipswich Investment Management Co. Inc. lessened its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 67.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,836 shares of the industrial products company's stock after selling 10,023 shares during the quarter. Ipswich Investment Management Co. Inc.'s holdings in Illinois Tool Works were worth $1,267,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. International Assets Investment Management LLC raised its position in Illinois Tool Works by 26,088.4% in the 3rd quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company's stock worth $847,610,000 after buying an additional 322,192 shares during the last quarter. AXA S.A. grew its stake in shares of Illinois Tool Works by 242.3% during the 2nd quarter. AXA S.A. now owns 341,356 shares of the industrial products company's stock valued at $80,888,000 after purchasing an additional 241,618 shares during the period. Guinness Asset Management LTD grew its stake in shares of Illinois Tool Works by 30.7% during the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company's stock valued at $181,926,000 after purchasing an additional 180,458 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Illinois Tool Works by 9.6% during the 2nd 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 period. Finally, Renaissance Technologies LLC grew its stake in shares of Illinois Tool Works by 75.1% during the 2nd quarter. Renaissance Technologies LLC now owns 258,000 shares of the industrial products company's stock valued at $61,136,000 after purchasing an additional 110,673 shares during the period. Hedge funds and other institutional investors own 79.77% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wells Fargo & Company boosted their price target on Illinois Tool Works from $236.00 to $250.00 and gave the company an "underweight" rating in a research note on Monday, October 7th. Barclays boosted their price objective on Illinois Tool Works from $215.00 to $230.00 and gave the company an "underweight" rating in a research note on Friday, November 1st. Robert W. Baird boosted their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, October 31st. Stifel Nicolaus boosted their price objective on Illinois Tool Works from $260.00 to $262.00 and gave the company a "hold" rating in a research note on Wednesday, October 16th. Finally, JPMorgan Chase & Co. boosted their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the company an "overweight" rating in a research note on Wednesday, July 31st. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $257.30.

Illinois Tool Works Price Performance

Shares of NYSE ITW traded up $0.75 during mid-day trading on Friday, reaching $270.62. The company's stock had a trading volume of 913,018 shares, compared to its average volume of 1,057,239. The firm has a market capitalization of $79.91 billion, a PE ratio of 23.41, a P/E/G ratio of 4.23 and a beta of 1.10. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. The stock has a fifty day moving average of $260.09 and a two-hundred day moving average of $248.90. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $277.58.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same period in the prior year, the company earned $2.55 earnings per share. The firm's revenue was down 1.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works's payout ratio is presently 51.90%.

About Illinois Tool Works

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.