LaSalle Street Capital Management LLC Trims Holdings in Illinois Tool Works Inc. (ITW)
LaSalle Street Capital Management LLC cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 33.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,411 shares of the industrial products company’s stock after selling 3,206 shares during the period. LaSalle Street Capital Management LLC’s holdings in Illinois Tool Works were worth $888,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. CX Institutional bought a new stake in Illinois Tool Works in the 2nd quarter valued at $101,000. Clearwater Capital Advisors LLC bought a new position in shares of Illinois Tool Works during the 1st quarter worth about $117,000. Kaizen Advisory LLC lifted its holdings in shares of Illinois Tool Works by 151.0% during the 2nd quarter. Kaizen Advisory LLC now owns 748 shares of the industrial products company’s stock worth $104,000 after acquiring an additional 450 shares during the period. Archford Capital Strategies LLC bought a new position in shares of Illinois Tool Works during the 1st quarter worth about $130,000. Finally, Parisi Gray Wealth Management lifted its holdings in shares of Illinois Tool Works by 88.8% during the 1st quarter. Parisi Gray Wealth Management now owns 791 shares of the industrial products company’s stock worth $123,000 after acquiring an additional 372 shares during the period. 77.69% of the stock is owned by hedge funds and other institutional investors.
Shares of Illinois Tool Works stock opened at $139.43 on Monday. The stock has a market cap of $45.77 billion, a P/E ratio of 21.16, a PEG ratio of 1.75 and a beta of 1.25. The company has a quick ratio of 1.35, a current ratio of 1.73 and a debt-to-equity ratio of 1.60. Illinois Tool Works Inc. has a 12-month low of $134.66 and a 12-month high of $179.07.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 9th. Investors of record on Friday, September 28th will be given a dividend of $1.00 per share. The ex-dividend date is Thursday, September 27th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.87%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.78. Illinois Tool Works’s dividend payout ratio (DPR) is 47.34%.
Illinois Tool Works announced that its board has authorized a stock repurchase plan on Friday, August 3rd that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the industrial products company to reacquire up to 6.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
A number of equities analysts have recently commented on ITW shares. Wells Fargo & Co reaffirmed a “buy” rating and set a $160.00 price objective (down from $170.00) on shares of Illinois Tool Works in a report on Tuesday, July 24th. Goldman Sachs Group downgraded shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and set a $145.00 price objective for the company. in a report on Monday, July 23rd. Stifel Nicolaus reduced their price objective on shares of Illinois Tool Works from $162.00 to $156.00 and set a “hold” rating for the company in a report on Friday, April 27th. MED downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating and set a $152.00 price objective for the company. in a report on Thursday, July 12th. Finally, BMO Capital Markets reduced their price objective on shares of Illinois Tool Works from $175.00 to $160.00 and set a “market perform” rating for the company in a report on Friday, May 4th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $159.82.
In other news, Director Richard H. Lenny bought 1,778 shares of the company’s stock in a transaction that occurred on Friday, July 27th. The stock was acquired at an average price of $140.85 per share, for a total transaction of $250,431.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.82% of the company’s stock.
Illinois Tool Works Profile
Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.
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