Moneta Group Investment Advisors LLC Increases Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)
Moneta Group Investment Advisors LLC increased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 181.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,855 shares of the industrial products company’s stock after buying an additional 7,647 shares during the quarter. Moneta Group Investment Advisors LLC’s holdings in Illinois Tool Works were worth $643,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ITW. Charles Schwab Investment Management Inc. boosted its stake in Illinois Tool Works by 2.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 2,401,495 shares of the industrial products company’s stock valued at $362,170,000 after buying an additional 65,298 shares during the period. First Personal Financial Services lifted its position in shares of Illinois Tool Works by 26.4% during the 2nd quarter. First Personal Financial Services now owns 460 shares of the industrial products company’s stock valued at $69,000 after buying an additional 96 shares in the last quarter. Belpointe Asset Management LLC purchased a new position in shares of Illinois Tool Works during the 1st quarter valued at about $481,000. Janney Montgomery Scott LLC grew its stake in shares of Illinois Tool Works by 10.4% during the 2nd quarter. Janney Montgomery Scott LLC now owns 88,353 shares of the industrial products company’s stock valued at $13,325,000 after acquiring an additional 8,288 shares during the period. Finally, Signaturefd LLC grew its stake in shares of Illinois Tool Works by 3.4% during the 2nd quarter. Signaturefd LLC now owns 3,020 shares of the industrial products company’s stock valued at $455,000 after acquiring an additional 100 shares during the period. 77.96% of the stock is owned by institutional investors and hedge funds.
Several research firms recently weighed in on ITW. Zacks Investment Research cut shares of Illinois Tool Works from a “hold” rating to a “sell” rating and set a $154.00 target price for the company. in a research note on Tuesday, July 9th. UBS Group increased their price objective on shares of Illinois Tool Works from $150.00 to $154.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Stifel Nicolaus raised their price objective on Illinois Tool Works from $143.00 to $154.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Northcoast Research lowered Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $121.00 price objective for the company. in a research report on Wednesday, June 26th. Finally, Credit Suisse Group lifted their target price on Illinois Tool Works from $124.00 to $152.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. Five analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company. Illinois Tool Works currently has an average rating of “Hold” and an average target price of $142.33.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Friday, July 26th. The industrial products company reported $2.00 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.97 by $0.03. Illinois Tool Works had a return on equity of 76.17% and a net margin of 17.17%. The business had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same quarter in the prior year, the firm posted $1.97 EPS. The business’s quarterly revenue was down 5.8% compared to the same quarter last year. As a group, equities analysts predict that Illinois Tool Works Inc. will post 7.69 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Stockholders of record on Monday, September 30th will be given a dividend of $1.07 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.00. This represents a $4.28 annualized dividend and a dividend yield of 2.70%. The ex-dividend date is Friday, September 27th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 52.63%.
In related news, insider Michael R. Zimmerman sold 9,325 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $160.00, for a total transaction of $1,492,000.00. Following the sale, the insider now directly owns 16,315 shares of the company’s stock, valued at approximately $2,610,400. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Steven L. Martindale sold 48,622 shares of the stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $155.88, for a total transaction of $7,579,197.36. Following the sale, the executive vice president now owns 84,546 shares in the company, valued at $13,179,030.48. The disclosure for this sale can be found here. Insiders own 0.87% 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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