Trust Point Inc. Sells 362 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Trust Point Inc. lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 14.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,203 shares of the industrial products company’s stock after selling 362 shares during the period. Trust Point Inc.’s holdings in Illinois Tool Works were worth $577,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of ITW. AXA S.A. increased its holdings in Illinois Tool Works by 242.3% in the 2nd quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock valued at $80,888,000 after acquiring an additional 241,618 shares during the last quarter. Guinness Asset Management LTD increased its holdings in shares of Illinois Tool Works by 30.7% in the second quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock worth $181,926,000 after purchasing an additional 180,458 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Illinois Tool Works by 9.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after buying an additional 133,853 shares in the last quarter. SG Americas Securities LLC boosted its stake in Illinois Tool Works by 2,334.0% during the first quarter. SG Americas Securities LLC now owns 127,152 shares of the industrial products company’s stock valued at $34,119,000 after buying an additional 121,928 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in 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 buying an additional 110,673 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW opened at $261.03 on Friday. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. The company has a market capitalization of $77.89 billion, a price-to-earnings ratio of 25.74, a PEG ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The firm’s 50-day moving average is $252.37 and its 200 day moving average is $247.56.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The firm had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business’s revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.41 earnings per share. Research analysts predict that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a $1.50 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $6.00 annualized dividend and a yield of 2.30%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio is 59.17%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on ITW shares. JPMorgan Chase & Co. upped their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Wells Fargo & Company upped their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research report on Wednesday. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Finally, Barclays lowered their price target on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $255.44.

Illinois Tool Works 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.