Illinois Tool Works Inc. (ITW) Holdings Trimmed by Rikoon Group LLC
Rikoon Group LLC lessened its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,798 shares of the industrial products company’s stock after selling 70 shares during the quarter. Illinois Tool Works accounts for 1.3% of Rikoon Group LLC’s portfolio, making the stock its 22nd largest position. Rikoon Group LLC’s holdings in Illinois Tool Works were worth $2,848,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Omnia Family Wealth LLC grew its position in shares of Illinois Tool Works by 0.3% in the 2nd quarter. Omnia Family Wealth LLC now owns 747 shares of the industrial products company’s stock worth $107,000 after acquiring an additional 2 shares in the last quarter. Harding Loevner LP acquired a new position in shares of Illinois Tool Works in the 2nd quarter worth approximately $115,000. Salem Investment Counselors Inc. grew its position in shares of Illinois Tool Works by 1.9% in the 2nd quarter. Salem Investment Counselors Inc. now owns 900 shares of the industrial products company’s stock worth $129,000 after acquiring an additional 17 shares in the last quarter. Washington Trust Bank grew its position in shares of Illinois Tool Works by 1.1% in the 2nd quarter. Washington Trust Bank now owns 977 shares of the industrial products company’s stock worth $140,000 after acquiring an additional 11 shares in the last quarter. Finally, FNY Partners Fund LP acquired a new position in shares of Illinois Tool Works in the 1st quarter worth approximately $132,000. Institutional investors own 74.65% of the company’s stock.
ITW has been the subject of several research reports. Argus reiterated a “buy” rating and issued a $180.00 target price (up previously from $160.00) on shares of Illinois Tool Works in a research report on Tuesday, October 24th. Zacks Investment Research raised Illinois Tool Works from a “hold” rating to a “buy” rating and set a $163.00 price target on the stock in a report on Wednesday, July 12th. Credit Suisse Group set a $141.00 price target on Illinois Tool Works and gave the stock a “hold” rating in a report on Tuesday, July 25th. Citigroup Inc. reissued a “buy” rating and issued a $171.00 price target (up previously from $162.00) on shares of Illinois Tool Works in a report on Monday, October 9th. Finally, Morgan Stanley raised their price target on Illinois Tool Works from $147.00 to $151.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 24th. One investment 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’s stock. Illinois Tool Works has a consensus rating of “Hold” and a consensus target price of $157.27.
Shares of Illinois Tool Works Inc. (NYSE:ITW) opened at $157.30 on Friday. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.98 and a current ratio of 2.41. The firm has a market capitalization of $53,890.82, a price-to-earnings ratio of 24.97, a price-to-earnings-growth ratio of 2.35 and a beta of 1.16. Illinois Tool Works Inc. has a 12 month low of $113.23 and a 12 month high of $159.36.
Illinois Tool Works (NYSE:ITW) last announced its earnings results on Monday, October 23rd. The industrial products company reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.65 by $0.20. The firm had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.57 billion. Illinois Tool Works had a return on equity of 47.21% and a net margin of 16.12%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.50 EPS. equities research analysts expect that Illinois Tool Works Inc. will post 6.7 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Friday, December 29th will be paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 1.98%. The ex-dividend date is Thursday, December 28th. Illinois Tool Works’s payout ratio is currently 47.78%.
In other Illinois Tool Works news, insider John R. Hartnett sold 6,533 shares of Illinois Tool Works stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $150.00, for a total transaction of $979,950.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Juan Valls sold 48,622 shares of Illinois Tool Works stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $156.73, for a total value of $7,620,526.06. Following the sale, the executive vice president now directly owns 71,101 shares in the company, valued at approximately $11,143,659.73. The disclosure for this sale can be found here. Insiders have sold a total of 126,506 shares of company stock worth $19,801,832 in the last ninety days. 0.90% of the stock is owned by company insiders.
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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