1st Global Advisors Inc. Reduces Position in Illinois Tool Works Inc. (ITW)
1st Global Advisors Inc. lessened its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,050 shares of the industrial products company’s stock after selling 98 shares during the period. 1st Global Advisors Inc.’s holdings in Illinois Tool Works were worth $723,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Quantbot Technologies LP grew its stake in shares of Illinois Tool Works by 71.3% in the 2nd quarter. Quantbot Technologies LP now owns 25,132 shares of the industrial products company’s stock valued at $3,600,000 after buying an additional 10,457 shares during the period. Ffcm LLC grew its stake in shares of Illinois Tool Works by 6.4% in the 2nd quarter. Ffcm LLC now owns 11,851 shares of the industrial products company’s stock valued at $1,698,000 after buying an additional 714 shares during the period. Oakmont Partners LLC grew its stake in shares of Illinois Tool Works by 51.1% in the 2nd quarter. Oakmont Partners LLC now owns 15,856 shares of the industrial products company’s stock valued at $2,271,000 after buying an additional 5,362 shares during the period. Sumitomo Life Insurance Co. lifted its holdings in shares of Illinois Tool Works by 4.4% in the 2nd quarter. Sumitomo Life Insurance Co. now owns 18,497 shares of the industrial products company’s stock worth $2,650,000 after acquiring an additional 786 shares during the last quarter. Finally, Koshinski Asset Management Inc. lifted its holdings in shares of Illinois Tool Works by 22.8% in the 2nd quarter. Koshinski Asset Management Inc. now owns 2,151 shares of the industrial products company’s stock worth $308,000 after acquiring an additional 399 shares during the last quarter. 74.65% of the stock is owned by institutional investors.
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Several equities analysts have recently commented on the stock. Zacks Investment Research lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Monday, October 30th. Morgan Stanley upped their price objective on shares of Illinois Tool Works from $147.00 to $151.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 24th. BMO Capital Markets increased their target price on shares of Illinois Tool Works from $160.00 to $165.00 and gave the stock an “outperform” rating in a report on Tuesday, October 24th. Credit Suisse Group reduced their target price on shares of Illinois Tool Works from $142.00 to $140.00 and set a “neutral” rating on the stock in a report on Tuesday, October 24th. Finally, Argus reiterated a “buy” rating and set a $180.00 target price (up from $160.00) on shares of Illinois Tool Works in a report on Tuesday, October 24th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $157.27.
In other Illinois Tool Works news, insider John R. Hartnett sold 6,533 shares of Illinois Tool Works stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $150.00, for a total transaction of $979,950.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Juan Valls sold 48,622 shares of Illinois Tool Works stock in a transaction dated Wednesday, October 25th. The stock was sold at an average price of $156.73, for a total transaction of $7,620,526.06. Following the transaction, the executive vice president now owns 71,101 shares of the company’s stock, valued at approximately $11,143,659.73. The disclosure for this sale can be found here. Insiders sold a total of 126,506 shares of company stock valued at $19,801,832 in the last 90 days. Company insiders own 0.90% of the company’s stock.
Illinois Tool Works Inc. (ITW) opened at $157.30 on Friday. The stock has a market capitalization of $53.78 billion, a PE ratio of 24.92, a price-to-earnings-growth ratio of 2.34 and a beta of 1.16. The company has a current ratio of 2.41, a quick ratio of 1.98 and a debt-to-equity ratio of 1.48.
Illinois Tool Works (NYSE:ITW) last released its earnings results on Monday, October 23rd. The industrial products company reported $1.85 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.65 by $0.20. Illinois Tool Works had a net margin of 16.12% and a return on equity of 47.21%. The company had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter last year, the business earned $1.50 EPS. The business’s revenue was up 3.4% on a year-over-year basis. analysts anticipate that Illinois Tool Works Inc. will post 6.7 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Friday, December 29th will be paid a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 1.98%. The ex-dividend date is Thursday, December 28th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 47.78%.
Illinois Tool Works Profile
Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.
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