Granite Investment Partners LLC Sells 100 Shares of Illinois Tool Works Inc. (ITW)

Granite Investment Partners LLC cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 1.9% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,160 shares of the industrial products company’s stock after selling 100 shares during the quarter. Granite Investment Partners LLC’s holdings in Illinois Tool Works were worth $739,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. grew its position in shares of Illinois Tool Works by 1,661.3% in the first quarter. BlackRock Inc. now owns 19,318,196 shares of the industrial products company’s stock valued at $2,559,083,000 after purchasing an additional 18,221,359 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Illinois Tool Works by 3.6% in the first quarter. Wells Fargo & Company MN now owns 8,905,002 shares of the industrial products company’s stock valued at $1,179,646,000 after purchasing an additional 308,538 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Illinois Tool Works by 1.5% in the first quarter. Bank of New York Mellon Corp now owns 4,554,364 shares of the industrial products company’s stock valued at $603,315,000 after purchasing an additional 67,451 shares in the last quarter. FMR LLC grew its position in shares of Illinois Tool Works by 0.7% in the first quarter. FMR LLC now owns 3,449,170 shares of the industrial products company’s stock valued at $456,912,000 after purchasing an additional 23,205 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Illinois Tool Works by 7.1% in the first quarter. Geode Capital Management LLC now owns 3,084,804 shares of the industrial products company’s stock valued at $408,069,000 after purchasing an additional 203,294 shares in the last quarter. Institutional investors own 74.86% of the company’s stock.

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Illinois Tool Works Inc. (ITW) opened at 145.64 on Friday. The stock has a 50 day moving average price of $139.28 and a 200-day moving average price of $139.12. The stock has a market capitalization of $50.12 billion, a PE ratio of 23.57 and a beta of 1.11. Illinois Tool Works Inc. has a 12-month low of $111.50 and a 12-month high of $150.29.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Monday, July 24th. The industrial products company reported $1.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.63 by $0.03. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.61 billion. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.46 earnings per share. On average, equities analysts anticipate that Illinois Tool Works Inc. will post $6.45 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th will be given a dividend of $0.78 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.14%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 42.07%.

Several research firms recently commented on ITW. Zacks Investment Research upgraded Illinois Tool Works from a “hold” rating to a “buy” rating and set a $163.00 target price for the company in a research report on Wednesday, July 12th. Credit Suisse Group set a $141.00 target price on Illinois Tool Works and gave the stock a “hold” rating in a research report on Tuesday, July 25th. Goldman Sachs Group, Inc. (The) upgraded Illinois Tool Works from a “sell” rating to a “buy” rating and boosted their target price for the stock from $131.00 to $155.00 in a research report on Thursday, June 1st. BidaskClub cut Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Finally, Jefferies Group LLC restated a “buy” rating and set a $170.00 target price (up from $155.00) on shares of Illinois Tool Works in a research report on Tuesday, July 25th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $150.64.

Illinois Tool Works Profile

Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.

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

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