Illinois Tool Works Inc. (NYSE:ITW) Position Lessened by Cambridge Trust Co.

Cambridge Trust Co. trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 8.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,259 shares of the industrial products company’s stock after selling 979 shares during the period. Cambridge Trust Co.’s holdings in Illinois Tool Works were worth $1,899,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Nachman Norwood & Parrott Inc raised its holdings in Illinois Tool Works by 0.4% during the second quarter. Nachman Norwood & Parrott Inc now owns 14,475 shares of the industrial products company’s stock valued at $2,531,000 after buying an additional 61 shares in the last quarter. Lynch & Associates IN raised its holdings in Illinois Tool Works by 0.4% during the first quarter. Lynch & Associates IN now owns 15,548 shares of the industrial products company’s stock valued at $2,210,000 after buying an additional 65 shares in the last quarter. Center for Financial Planning Inc. raised its holdings in Illinois Tool Works by 1.3% during the first quarter. Center for Financial Planning Inc. now owns 5,093 shares of the industrial products company’s stock valued at $724,000 after buying an additional 65 shares in the last quarter. AIA Investment Management Private Ltd grew its position in shares of Illinois Tool Works by 6.9% in the first quarter. AIA Investment Management Private Ltd now owns 1,032 shares of the industrial products company’s stock valued at $147,000 after purchasing an additional 67 shares during the last quarter. Finally, Tarbox Family Office Inc. grew its position in shares of Illinois Tool Works by 32.5% in the second quarter. Tarbox Family Office Inc. now owns 273 shares of the industrial products company’s stock valued at $48,000 after purchasing an additional 67 shares during the last quarter. Institutional investors and hedge funds own 78.81% of the company’s stock.

ITW traded down $1.17 during midday trading on Thursday, reaching $197.36. 18,686 shares of the company’s stock were exchanged, compared to its average volume of 1,518,879. The firm has a market capitalization of $62.07 billion, a price-to-earnings ratio of 28.83, a price-to-earnings-growth ratio of 5.96 and a beta of 1.16. The company has a quick ratio of 2.18, a current ratio of 2.75 and a debt-to-equity ratio of 3.29. Illinois Tool Works Inc. has a one year low of $115.94 and a one year high of $199.90. The business has a 50-day simple moving average of $180.18 and a two-hundred day simple moving average of $168.65.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Friday, July 31st. The industrial products company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.31. Illinois Tool Works had a net margin of 17.16% and a return on equity of 81.80%. The firm had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter last year, the company earned $1.91 earnings per share. The company’s revenue for the quarter was down 29.0% compared to the same quarter last year. As a group, research analysts anticipate that Illinois Tool Works Inc. will post 5.76 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 14th. Stockholders of record on Wednesday, September 30th will be paid a $1.14 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $4.56 dividend on an annualized basis and a dividend yield of 2.31%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.07. Illinois Tool Works’s payout ratio is 55.23%.

In other news, Vice Chairman Christopher A. O’herlihy sold 29,702 shares of Illinois Tool Works stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $194.58, for a total value of $5,779,415.16. Following the completion of the transaction, the insider now owns 63,300 shares in the company, valued at $12,316,914. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michael M. Larsen sold 66,821 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $187.09, for a total transaction of $12,501,540.89. Following the completion of the transaction, the chief financial officer now owns 52,319 shares of the company’s stock, valued at approximately $9,788,361.71. The disclosure for this sale can be found here. Insiders sold 143,879 shares of company stock valued at $27,240,677 in the last quarter. 0.79% of the stock is currently owned by corporate insiders.

Several equities research analysts have recently issued reports on ITW shares. Wells Fargo & Co raised their price target on Illinois Tool Works from $180.00 to $205.00 in a research report on Monday, August 3rd. JPMorgan Chase & Co. lowered their price target on Illinois Tool Works from $160.00 to $156.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 6th. Morgan Stanley raised their price target on Illinois Tool Works from $156.00 to $162.00 and gave the company an “underweight” rating in a research report on Monday, August 3rd. Citigroup raised their price target on Illinois Tool Works from $145.00 to $160.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Finally, Robert W. Baird raised their price target on Illinois Tool Works from $138.00 to $156.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Four analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $166.12.

Illinois Tool Works Company Profile

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.

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

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