Lynch & Associates IN Lowers Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Lynch & Associates IN reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,808 shares of the industrial products company’s stock after selling 267 shares during the quarter. Lynch & Associates IN’s holdings in Illinois Tool Works were worth $3,954,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Cibc World Market Inc. raised its holdings in shares of Illinois Tool Works by 3.7% in the 1st quarter. Cibc World Market Inc. now owns 9,666 shares of the industrial products company’s stock valued at $2,024,000 after purchasing an additional 348 shares in the last quarter. Cetera Investment Advisers increased its holdings in Illinois Tool Works by 4.2% during the first quarter. Cetera Investment Advisers now owns 9,070 shares of the industrial products company’s stock valued at $1,899,000 after buying an additional 368 shares during the period. Sequoia Financial Advisors LLC raised its stake in Illinois Tool Works by 54.7% in the first quarter. Sequoia Financial Advisors LLC now owns 2,859 shares of the industrial products company’s stock worth $599,000 after buying an additional 1,011 shares in the last quarter. Zions Bancorporation N.A. lifted its holdings in Illinois Tool Works by 9.9% during the first quarter. Zions Bancorporation N.A. now owns 2,407 shares of the industrial products company’s stock worth $504,000 after buying an additional 217 shares during the period. Finally, Covestor Ltd increased its holdings in shares of Illinois Tool Works by 70.7% in the 1st quarter. Covestor Ltd now owns 746 shares of the industrial products company’s stock valued at $156,000 after acquiring an additional 309 shares during the period. 79.56% of the stock is owned by institutional investors.

Illinois Tool Works Stock Performance

Shares of ITW traded down $1.39 during trading hours on Tuesday, reaching $236.32. 286,523 shares of the company traded hands, compared to its average volume of 1,069,678. The stock has a market capitalization of $71.46 billion, a P/E ratio of 23.51, a P/E/G 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. The business has a fifty day moving average price of $245.99 and a 200-day moving average price of $238.81. Illinois Tool Works Inc. has a 12-month low of $180.27 and a 12-month high of $264.19.

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

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Stockholders of record on Friday, September 29th will be issued a $1.40 dividend. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.31. This represents a $5.60 annualized dividend and a dividend yield of 2.37%. The ex-dividend date is Thursday, September 28th. Illinois Tool Works’s dividend payout ratio is 51.83%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ITW shares. Credit Suisse Group upped their price objective on Illinois Tool Works from $281.00 to $292.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 2nd. Citigroup increased their price target on shares of Illinois Tool Works from $256.00 to $258.00 and gave the company a “neutral” rating in a research report on Wednesday, August 2nd. Morgan Stanley lifted their price objective on shares of Illinois Tool Works from $230.00 to $232.00 and gave the stock an “underweight” rating in a research report on Thursday, August 3rd. Barclays decreased their target price on shares of Illinois Tool Works from $213.00 to $198.00 in a research report on Thursday, September 7th. Finally, StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Friday, August 25th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Illinois Tool Works currently has a consensus rating of “Hold” and an average price target of $237.18.

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.