Trade Report: The Fenimore Asset Management Inc. Reduces Position in Illinois Tool Works Inc. (ITW)

The Fenimore Asset Management Inc. Reduces Position in Illinois Tool Works Inc. (ITW)

Fenimore Asset Management Inc. reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 513,897 shares of the company’s stock after selling 725 shares during the period. Illinois Tool Works comprises about 3.0% of Fenimore Asset Management Inc.’s investment portfolio, making the stock its 10th largest position. Fenimore Asset Management Inc.’s holdings in Illinois Tool Works were worth $61,585,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of ITW. Renaissance Technologies LLC purchased a new stake in Illinois Tool Works during the first quarter valued at $55,010,000. PGGM Investments increased its stake in Illinois Tool Works by 10.0% in the second quarter. PGGM Investments now owns 293,306 shares of the company’s stock valued at $30,551,000 after buying an additional 26,733 shares during the last quarter. British Airways Pensions Investment Management Ltd increased its stake in Illinois Tool Works by 20.2% in the second quarter. British Airways Pensions Investment Management Ltd now owns 349,270 shares of the company’s stock valued at $36,524,000 after buying an additional 58,630 shares during the last quarter. Silvercrest Asset Management Group LLC increased its stake in Illinois Tool Works by 4.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 8,288 shares of the company’s stock valued at $849,000 after buying an additional 317 shares during the last quarter. Finally, Confluence Investment Management LLC increased its stake in Illinois Tool Works by 1.1% in the second quarter. Confluence Investment Management LLC now owns 294,246 shares of the company’s stock valued at $30,649,000 after buying an additional 3,141 shares during the last quarter. 74.90% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Inc. (NYSE:ITW) traded up 1.66% during midday trading on Wednesday, hitting $116.95. The company had a trading volume of 1,011,568 shares. The company’s 50 day moving average is $118.58 and its 200 day moving average is $110.54. Illinois Tool Works Inc. has a 12-month low of $79.15 and a 12-month high of $123.50. The stock has a market cap of $41.51 billion, a price-to-earnings ratio of 21.78 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $1.46 EPS for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.06. The business earned $3.43 billion during the quarter, compared to the consensus estimate of $3.41 billion. Illinois Tool Works had a return on equity of 38.15% and a net margin of 14.65%. The company’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period last year, the firm earned $1.30 earnings per share. On average, equities analysts anticipate that Illinois Tool Works Inc. will post $5.62 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, October 6th. Shareholders of record on Friday, September 30th were paid a $0.65 dividend. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.55. This represents a $2.60 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date was Wednesday, September 28th. Illinois Tool Works’s payout ratio is presently 48.42%.

ITW has been the subject of several research reports. Zacks Investment Research raised Illinois Tool Works from a “hold” rating to a “buy” rating and set a $131.00 target price for the company in a report on Friday, September 16th. Deutsche Bank AG reaffirmed a “buy” rating and set a $102.00 price objective on shares of Illinois Tool Works in a research note on Thursday, August 25th. Royal Bank Of Canada upped their price objective on Illinois Tool Works from $101.00 to $104.00 and gave the company a “sector perform” rating in a research note on Thursday, July 21st. RBC Capital Markets reaffirmed a “sector perform” rating and set a $104.00 price objective (up from $101.00) on shares of Illinois Tool Works in a research note on Sunday, July 24th. Finally, Jefferies Group upped their price objective on Illinois Tool Works from $128.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $110.20.

In other Illinois Tool Works news, CFO Michael M. Larsen sold 14,000 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $113.99, for a total value of $1,595,860.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sundaram Nagarajan sold 4,560 shares of Illinois Tool Works stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $119.50, for a total value of $544,920.00. Following the completion of the transaction, the insider now owns 24,777 shares of the company’s stock, valued at $2,960,851.50. The disclosure for this sale can be found here. 0.80% of the stock is owned by company insiders.

About Illinois Tool Works

Illinois Tool Works Inc (ITW) is a manufacturer of a range of industrial products and equipment. The Company operates through seven segments: Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers & Fluids, Welding, Construction Products and Specialty Products. It produces components and fasteners for automotive-related applications; equipment, consumables and related software for testing and measuring of materials and structures, and equipment and consumables used in the production of electronic subassemblies and microelectronics; adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance; arc welding equipment, consumables and accessories for a range of industrial and commercial applications, and beverage packaging equipment and consumables, product coding and marking equipment, and consumables, and appliance components and fasteners.

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