State of New Jersey Common Pension Fund D Sells 64,298 Shares of Illinois Tool Works Inc. (NYSE:ITW)

State of New Jersey Common Pension Fund D trimmed its position in Illinois Tool Works Inc. (NYSE:ITW) by 37.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 106,931 shares of the industrial products company’s stock after selling 64,298 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Illinois Tool Works were worth $25,338,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. increased its stake in Illinois Tool Works by 57.8% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 385 shares of the industrial products company’s stock worth $92,000 after acquiring an additional 141 shares during the last quarter. Mitchell Sinkler & Starr PA increased its position in Illinois Tool Works by 53.1% in the second quarter. Mitchell Sinkler & Starr PA now owns 2,365 shares of the industrial products company’s stock worth $590,000 after purchasing an additional 820 shares during the last quarter. LPL Financial LLC increased its position in Illinois Tool Works by 4.5% in the second quarter. LPL Financial LLC now owns 419,582 shares of the industrial products company’s stock worth $99,424,000 after purchasing an additional 17,977 shares during the last quarter. Studio Investment Management LLC raised its stake in Illinois Tool Works by 3.5% during the second quarter. Studio Investment Management LLC now owns 13,558 shares of the industrial products company’s stock valued at $3,250,000 after purchasing an additional 460 shares in the last quarter. Finally, Angeles Wealth Management LLC lifted its position in Illinois Tool Works by 61.9% during the second quarter. Angeles Wealth Management LLC now owns 1,370 shares of the industrial products company’s stock valued at $325,000 after purchasing an additional 524 shares during the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ITW has been the topic of several recent research reports. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Wells Fargo & Company upped their price objective on Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research report on Wednesday, July 31st. Truist Financial dropped their target price on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $250.22.

Illinois Tool Works Trading Up 0.5 %

NYSE ITW opened at $248.20 on Friday. The stock has a market cap of $74.06 billion, a PE ratio of 24.48, a PEG ratio of 3.88 and a beta of 1.10. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The company’s 50-day moving average price is $244.16 and its 200-day moving average price is $248.55. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.08 billion. During the same period in the prior year, the firm earned $2.41 EPS. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. Equities research analysts forecast that Illinois Tool Works Inc. will post 10.18 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 11th. Shareholders of record on Monday, September 30th will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.42%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

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.