Asset Dedication LLC Sells 2,536 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Asset Dedication LLC lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 20.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,966 shares of the industrial products company's stock after selling 2,536 shares during the period. Asset Dedication LLC's holdings in Illinois Tool Works were worth $2,612,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. PEAK6 Investments LLC increased its stake in shares of Illinois Tool Works by 17.5% in the first quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company's stock valued at $253,000 after buying an additional 140 shares in the last quarter. GSA Capital Partners LLP bought a new position in Illinois Tool Works during the first quarter worth about $1,147,000. Norden Group LLC boosted its holdings in Illinois Tool Works by 1,889.1% during the first quarter. Norden Group LLC now owns 26,475 shares of the industrial products company's stock worth $7,103,000 after buying an additional 25,144 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in Illinois Tool Works by 78.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 36,921 shares of the industrial products company's stock worth $9,907,000 after buying an additional 16,216 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in shares of Illinois Tool Works by 7.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company's stock valued at $37,999,000 after purchasing an additional 9,825 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.

Illinois Tool Works Stock Performance

Illinois Tool Works stock traded down $0.52 during mid-day trading on Wednesday, reaching $260.83. 682,240 shares of the company's stock were exchanged, compared to its average volume of 1,074,337. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The business's fifty day simple moving average is $251.52 and its 200 day simple moving average is $247.50. Illinois Tool Works Inc. has a one year low of $217.50 and a one year high of $271.15. The firm has a market capitalization of $77.83 billion, a PE ratio of 25.72, a P/E/G ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, beating the consensus estimate of $2.45 by $0.09. The company had revenue of $4.03 billion during the quarter, compared to analysts' expectations of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm's quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.41 earnings per share. On average, sell-side analysts expect that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a dividend of $1.50 per share. The ex-dividend date was Monday, September 30th. This represents a $6.00 annualized dividend and a yield of 2.30%. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.40. Illinois Tool Works's payout ratio is 59.17%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on ITW shares. Evercore ISI cut their target price on Illinois Tool Works from $251.00 to $246.00 and set an "in-line" rating on the stock in a research note on Monday, August 19th. Jefferies Financial Group decreased their target price on Illinois Tool Works from $275.00 to $240.00 and set a "hold" rating on the stock in a report on Thursday, July 11th. Argus raised Illinois Tool Works to a "strong-buy" rating in a report on Wednesday, July 31st. Barclays decreased their price objective on Illinois Tool Works from $217.00 to $215.00 and set an "underweight" rating on the stock in a report on Wednesday, July 31st. Finally, Wells Fargo & Company upped their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the company an "underweight" rating in a report on Monday, October 7th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $255.44.

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.