Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,448,825 shares of the industrial products company's stock after selling 54,712 shares during the quarter. Bank of New York Mellon Corp owned about 0.83% of Illinois Tool Works worth $607,333,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ITW. Prudent Man Investment Management Inc. purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth about $25,000. Redwood Park Advisors LLC purchased a new stake in Illinois Tool Works during the 4th quarter valued at about $26,000. Ameriflex Group Inc. purchased a new stake in Illinois Tool Works in the fourth quarter valued at approximately $26,000. von Borstel & Associates Inc. purchased a new stake in shares of Illinois Tool Works in the 1st quarter valued at $26,000. Finally, Glass Jacobson Investment Advisors llc boosted its holdings in Illinois Tool Works by 336.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 84 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 872 shares of the stock in a transaction dated Monday, June 2nd. The stock was acquired at an average cost of $241.16 per share, with a total value of $210,291.52. Following the transaction, the director owned 122,884 shares in the company, valued at $29,634,705.44. The trade was a 0.71% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ITW shares. Evercore ISI lowered their price target on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a report on Monday, May 19th. Barclays dropped their target price on Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Citigroup lowered their price target on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Wells Fargo & Company boosted their price objective on Illinois Tool Works from $230.00 to $235.00 and gave the company an "underweight" rating in a research report on Tuesday, July 1st. Finally, Robert W. Baird increased their target price on Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research report on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $252.58.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock traded down $3.80 on Monday, hitting $254.70. 974,815 shares of the company were exchanged, compared to its average volume of 995,541. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25. The company has a 50-day moving average price of $245.68 and a 200 day moving average price of $249.42. The stock has a market capitalization of $74.63 billion, a price-to-earnings ratio of 22.40, a price-to-earnings-growth ratio of 5.70 and a beta of 1.09. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The firm had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same period in the previous year, the firm earned $2.44 EPS. Illinois Tool Works's revenue was down 3.4% on a year-over-year basis. As a group, sell-side analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be issued a $1.50 dividend. The ex-dividend date is Monday, June 30th. This represents a $6.00 annualized dividend and a yield of 2.36%. Illinois Tool Works's dividend payout ratio (DPR) is 52.77%.

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.