McGuire Investment Group LLC Has $8.05 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

McGuire Investment Group LLC lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITWGet Rating) by 0.3% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 44,168 shares of the industrial products company’s stock after selling 129 shares during the quarter. Illinois Tool Works comprises about 1.7% of McGuire Investment Group LLC’s portfolio, making the stock its 23rd largest holding. McGuire Investment Group LLC’s holdings in Illinois Tool Works were worth $8,050,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. BlackRock Inc. lifted its stake in shares of Illinois Tool Works by 1.9% during the 1st quarter. BlackRock Inc. now owns 21,940,856 shares of the industrial products company’s stock worth $4,594,412,000 after buying an additional 400,841 shares during the last quarter. State Street Corp raised its stake in Illinois Tool Works by 1.6% in the 4th quarter. State Street Corp now owns 13,032,994 shares of the industrial products company’s stock worth $3,232,221,000 after purchasing an additional 210,839 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Illinois Tool Works by 5.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,902,872 shares of the industrial products company’s stock worth $1,236,063,000 after purchasing an additional 326,412 shares in the last quarter. Wellington Management Group LLP raised its stake in Illinois Tool Works by 27.3% in the 1st quarter. Wellington Management Group LLP now owns 5,547,647 shares of the industrial products company’s stock worth $1,161,677,000 after purchasing an additional 1,189,751 shares in the last quarter. Finally, Norges Bank acquired a new stake in Illinois Tool Works in the 4th quarter worth about $744,840,000. Institutional investors and hedge funds own 79.68% of the company’s stock.

Illinois Tool Works Price Performance

NYSE ITW traded down $1.12 on Friday, reaching $187.77. 35,229 shares of the company’s stock traded hands, compared to its average volume of 1,160,077. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.48 and a quick ratio of 1.02. Illinois Tool Works Inc. has a 12 month low of $173.52 and a 12 month high of $249.81. The stock has a market cap of $58.14 billion, a PE ratio of 22.15, a P/E/G ratio of 2.66 and a beta of 1.12. The stock has a 50-day simple moving average of $201.49 and a 200 day simple moving average of $200.51.

Illinois Tool Works (NYSE:ITWGet Rating) last issued its earnings results on Tuesday, August 2nd. The industrial products company reported $2.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.16. Illinois Tool Works had a net margin of 17.44% and a return on equity of 75.41%. The firm had revenue of $4.01 billion for the quarter, compared to analysts’ expectations of $3.98 billion. During the same quarter last year, the business earned $2.10 earnings per share. The business’s revenue was up 9.1% on a year-over-year basis. As a group, research analysts predict that Illinois Tool Works Inc. will post 9.08 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a $1.31 dividend. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.22. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $5.24 annualized dividend and a dividend yield of 2.79%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 57.89%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Jefferies Financial Group dropped their price objective on shares of Illinois Tool Works from $235.00 to $195.00 in a research note on Friday, July 15th. Barclays dropped their price objective on shares of Illinois Tool Works from $180.00 to $167.00 and set an “underweight” rating for the company in a research note on Friday, July 8th. Citigroup lifted their price objective on shares of Illinois Tool Works from $191.00 to $210.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 3rd. JPMorgan Chase & Co. decreased their target price on shares of Illinois Tool Works from $255.00 to $215.00 and set an “overweight” rating on the stock in a report on Tuesday, July 12th. Finally, Bank of America reissued a “neutral” rating and issued a $220.00 target price on shares of Illinois Tool Works in a report on Wednesday, August 24th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $202.00.

About Illinois Tool Works

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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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