BNP PARIBAS ASSET MANAGEMENT Holding S.A. Sells 21,721 Shares of Illinois Tool Works Inc. (NYSE:ITW)

BNP PARIBAS ASSET MANAGEMENT Holding S.A. trimmed its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 8.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 240,269 shares of the industrial products company’s stock after selling 21,721 shares during the quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A.’s holdings in Illinois Tool Works were worth $56,934,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in ITW. F M Investments LLC purchased a new position in shares of Illinois Tool Works during the second quarter valued at about $202,000. Coerente Capital Management grew its holdings in Illinois Tool Works by 2.5% during the 2nd quarter. Coerente Capital Management now owns 99,996 shares of the industrial products company’s stock valued at $23,695,000 after buying an additional 2,439 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Illinois Tool Works by 12.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 119,646 shares of the industrial products company’s stock worth $28,351,000 after acquiring an additional 13,328 shares during the last quarter. Arkadios Wealth Advisors raised its holdings in shares of Illinois Tool Works by 3.0% during the 2nd quarter. Arkadios Wealth Advisors now owns 18,671 shares of the industrial products company’s stock worth $4,424,000 after acquiring an additional 537 shares in the last quarter. Finally, Liberty Capital Management Inc. boosted its position in shares of Illinois Tool Works by 0.8% during the 2nd quarter. Liberty Capital Management Inc. now owns 22,572 shares of the industrial products company’s stock valued at $5,349,000 after acquiring an additional 185 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Up 1.1 %

NYSE:ITW opened at $253.18 on Friday. The stock has a fifty day simple moving average of $242.12 and a 200-day simple moving average of $249.13. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 2.17. The company has a market cap of $75.55 billion, a price-to-earnings ratio of 24.97, a price-to-earnings-growth ratio of 3.80 and a beta of 1.10. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The company 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 firm’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter last year, the business posted $2.41 EPS. Analysts anticipate that Illinois Tool Works Inc. will post 10.25 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a $1.50 dividend. The ex-dividend date is Monday, September 30th. This represents a $6.00 annualized dividend and a yield of 2.37%. 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%.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. purchased 775 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were acquired at an average price of $238.82 per share, with a total value of $185,085.50. Following the transaction, the director now owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.88% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ITW. JPMorgan Chase & Co. upped their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Barclays decreased their target price on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 31st. Stifel Nicolaus dropped their price target on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research report on Wednesday, July 31st. Truist Financial decreased their price objective on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Finally, Evercore ISI cut their target price on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $250.22.

About Illinois Tool Works

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.