Amalgamated Bank Sells 2,483 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Amalgamated Bank trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,650 shares of the industrial products company’s stock after selling 2,483 shares during the period. Amalgamated Bank’s holdings in Illinois Tool Works were worth $13,661,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the business. Frazier Financial Advisors LLC bought a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $26,000. Security National Bank purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at $28,000. Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works in the 2nd quarter worth $30,000. Northwest Investment Counselors LLC purchased a new stake in shares of Illinois Tool Works during the 1st quarter worth $34,000. Finally, General Partner Inc. bought a new stake in Illinois Tool Works during the first quarter valued at about $35,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of ITW opened at $252.94 on Thursday. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. The stock has a 50-day moving average of $245.72 and a two-hundred day moving average of $248.25. The stock has a market cap of $75.48 billion, a P/E ratio of 24.94, a P/E/G ratio of 3.93 and a beta of 1.10. Illinois Tool Works Inc. has a one year low of $217.50 and a one year high of $271.15.

Illinois Tool Works (NYSE:ITW) last released 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 return on equity of 99.74% and a net margin of 19.15%. The firm had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. During the same quarter in the previous year, the company posted $2.41 earnings per share. The company’s revenue was down 1.2% compared to the same quarter last year. As a group, research analysts predict that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.37%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio is presently 59.17%.

Analyst Ratings Changes

Several analysts have commented on ITW shares. JPMorgan Chase & Co. increased 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 report on Wednesday, July 31st. Wells Fargo & Company increased their target price on shares of Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research report on Wednesday, July 31st. Stifel Nicolaus decreased their price objective on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a report on Wednesday, July 31st. Evercore ISI lowered their price objective on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Finally, StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target 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.