ProShare Advisors LLC Cuts Position in Illinois Tool Works Inc. (NYSE:ITW)

ProShare Advisors LLC lowered its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 783,017 shares of the industrial products company’s stock after selling 61,094 shares during the quarter. ProShare Advisors LLC owned approximately 0.26% of Illinois Tool Works worth $190,625,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ITW. Flputnam Investment Management Co. raised its position in Illinois Tool Works by 41.6% during the first quarter. Flputnam Investment Management Co. now owns 7,547 shares of the industrial products company’s stock worth $1,837,000 after acquiring an additional 2,216 shares during the period. One Capital Management LLC purchased a new stake in shares of Illinois Tool Works during the first quarter worth about $249,000. Journey Advisory Group LLC lifted its stake in Illinois Tool Works by 6.5% in the 1st quarter. Journey Advisory Group LLC now owns 2,878 shares of the industrial products company’s stock valued at $701,000 after buying an additional 175 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Illinois Tool Works by 22.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 20,404 shares of the industrial products company’s stock worth $4,967,000 after buying an additional 3,678 shares during the last quarter. Finally, White Pine Capital LLC increased its stake in Illinois Tool Works by 2.0% during the 1st quarter. White Pine Capital LLC now owns 7,832 shares of the industrial products company’s stock worth $1,907,000 after buying an additional 153 shares in the last quarter. 79.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ITW has been the topic of a number of research analyst reports. StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Friday, August 25th. Barclays cut their target price on Illinois Tool Works from $213.00 to $198.00 in a research note on Thursday, September 7th. Credit Suisse Group boosted their price target on shares of Illinois Tool Works from $281.00 to $292.00 and gave the company an “outperform” rating in a research report on Wednesday, August 2nd. Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock a “hold” rating in a research report on Wednesday, July 19th. Finally, Wells Fargo & Company raised their price target on shares of Illinois Tool Works from $235.00 to $240.00 in a report on Monday, July 10th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $237.18.

Illinois Tool Works Trading Up 1.0 %

NYSE:ITW traded up $2.27 during trading hours on Wednesday, reaching $239.78. 214,325 shares of the stock were exchanged, compared to its average volume of 1,066,779. Illinois Tool Works Inc. has a twelve month low of $180.27 and a twelve month high of $264.19. The business has a 50-day moving average of $246.32 and a two-hundred day moving average of $238.69. The company has a market capitalization of $72.51 billion, a price-to-earnings ratio of 23.49, a PEG ratio of 4.25 and a beta of 1.15. The company has a quick ratio of 1.11, a current ratio of 1.59 and a debt-to-equity ratio of 2.25.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, August 1st. The industrial products company reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.39 by $0.02. The firm had revenue of $4.07 billion for the quarter, compared to analyst estimates of $4.14 billion. Illinois Tool Works had a return on equity of 94.14% and a net margin of 19.30%. Illinois Tool Works’s revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.37 EPS. On average, equities analysts predict that Illinois Tool Works Inc. will post 9.74 EPS for the current year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 12th. Investors of record on Friday, September 29th will be paid a dividend of $1.40 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.31. This represents a $5.60 annualized dividend and a yield of 2.34%. The ex-dividend date is Thursday, September 28th. Illinois Tool Works’s dividend payout ratio is presently 55.39%.

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.