North Star Investment Management Corp. Increases Stake in Illinois Tool Works Inc. (NYSE:ITW)

North Star Investment Management Corp. raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 11.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,803 shares of the industrial products company’s stock after buying an additional 613 shares during the period. North Star Investment Management Corp.’s holdings in Illinois Tool Works were worth $831,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. increased its stake in 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 worth $2,559,083,000 after buying an additional 18,221,359 shares during the last quarter. Wells Fargo & Company MN increased its stake in 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 worth $1,179,646,000 after buying an additional 308,538 shares during the last quarter. Bank of New York Mellon Corp increased its stake in 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 worth $603,315,000 after buying an additional 67,451 shares during the last quarter. FMR LLC increased its stake in 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 worth $456,912,000 after buying an additional 23,205 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in 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 worth $408,069,000 after buying an additional 203,294 shares during the last quarter. Institutional investors and hedge funds own 74.77% of the company’s stock.

Illinois Tool Works Inc. (ITW) traded down 0.38% during mid-day trading on Friday, reaching $135.67. 1,123,747 shares of the company’s stock traded hands. Illinois Tool Works Inc. has a 1-year low of $111.50 and a 1-year high of $150.29. The firm has a 50-day moving average price of $142.53 and a 200-day moving average price of $137.77. The stock has a market cap of $46.69 billion, a P/E ratio of 21.95 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Monday, July 24th. The industrial products company reported $1.66 EPS for the quarter, beating analysts’ consensus estimates of $1.63 by $0.03. The business 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%. Illinois Tool Works’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.46 EPS. Equities research analysts anticipate that Illinois Tool Works Inc. will post $6.46 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be given a $0.78 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.65. This represents a $3.12 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date is Thursday, September 28th. Illinois Tool Works’s dividend payout ratio is presently 42.07%.

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A number of equities research analysts have recently issued reports on ITW shares. Stifel Nicolaus restated a “hold” rating and set a $147.00 price target on shares of Illinois Tool Works in a report on Wednesday. Royal Bank Of Canada boosted their price target on shares of Illinois Tool Works from $141.00 to $143.00 and gave the company a “sector perform” rating in a report on Tuesday, July 25th. Argus boosted their price target on shares of Illinois Tool Works from $145.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, April 26th. Credit Suisse Group set a $141.00 price target on shares of Illinois Tool Works and gave the company a “hold” rating in a report on Tuesday, July 25th. Finally, Barclays PLC boosted their price target on shares of Illinois Tool Works from $130.00 to $141.00 and gave the company an “equal weight” rating in a report on Tuesday, April 25th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $151.08.

In related news, CFO Michael M. Larsen sold 52,447 shares of the stock in a transaction on Friday, May 26th. The stock was sold at an average price of $140.62, for a total value of $7,375,097.14. Following the completion of the sale, the chief financial officer now directly owns 67,383 shares of the company’s stock, valued at approximately $9,475,397.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider John R. Hartnett sold 11,750 shares of the firm’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $144.96, for a total value of $1,703,280.00. Following the sale, the insider now directly owns 23,839 shares of the company’s stock, valued at $3,455,701.44. The disclosure for this sale can be found here. Insiders sold a total of 100,664 shares of company stock valued at $14,329,625 over the last three months. 0.90% of the stock is currently owned by insiders.

About Illinois Tool Works

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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