Illinois Tool Works Inc. (ITW) Stake Lowered by Keybank National Association OH
Keybank National Association OH trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 90,011 shares of the industrial products company’s stock after selling 767 shares during the period. Keybank National Association OH’s holdings in Illinois Tool Works were worth $13,318,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Cetera Investment Advisers bought a new stake in shares of Illinois Tool Works during the 2nd quarter valued at $601,000. Quantbot Technologies LP increased its holdings in 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 acquiring an additional 10,457 shares during the last quarter. Ffcm LLC increased its holdings in 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 acquiring an additional 714 shares during the last quarter. Oakmont Partners LLC increased its holdings in 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 acquiring an additional 5,362 shares during the last quarter. Finally, Sumitomo Life Insurance Co. increased its holdings in 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 valued at $2,650,000 after acquiring an additional 786 shares during the last quarter. Hedge funds and other institutional investors own 75.03% of the company’s stock.
A number of analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Monday, October 30th. Morgan Stanley lifted their price target on shares of Illinois Tool Works from $147.00 to $151.00 and gave the company an “equal weight” rating in a report on Tuesday, October 24th. BMO Capital Markets lifted their price target on shares of Illinois Tool Works from $160.00 to $165.00 and gave the company an “outperform” rating in a report on Tuesday, October 24th. Credit Suisse Group reduced their price target 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 issued a $180.00 price target (up from $160.00) on shares of Illinois Tool Works in a report on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. Illinois Tool Works has a consensus rating of “Hold” and an average price target of $157.27.
In other news, VP Norman D. Jr. Finch purchased 4,986 shares of the company’s stock in a transaction that occurred on Wednesday, October 25th. The stock was purchased at an average cost of $156.34 per share, with a total value of $779,511.24. Following the purchase, the vice president now owns 4,371 shares in the company, valued at $683,362.14. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 directly owns 71,101 shares of the company’s stock, valued at $11,143,659.73. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 126,506 shares of company stock valued at $19,801,832. 0.90% of the stock is owned by corporate insiders.
Illinois Tool Works Inc. (ITW) opened at $157.14 on Friday. Illinois Tool Works Inc. has a 52 week low of $120.06 and a 52 week high of $159.36. The company has a market cap of $53,836.01, a price-to-earnings ratio of 24.94, a price-to-earnings-growth ratio of 2.35 and a beta of 1.16. The company has a quick ratio of 1.98, a current ratio of 2.41 and a debt-to-equity ratio of 1.48.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Monday, October 23rd. The industrial products company reported $1.85 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same period last year, the company posted $1.50 EPS. The business’s revenue was up 3.4% on a year-over-year basis. sell-side analysts anticipate that Illinois Tool Works Inc. will post 6.7 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Friday, December 29th will be paid a dividend of $0.78 per share. The ex-dividend date is Thursday, December 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.99%. Illinois Tool Works’s dividend payout ratio is presently 47.78%.
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About Illinois Tool Works
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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