C.V. Starr & Co. Inc. Trust cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 29.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 63,633 shares of the company’s stock after selling 26,367 shares during the period. Illinois Tool Works comprises 2.9% of C.V. Starr & Co. Inc. Trust’s holdings, making the stock its 19th largest position. C.V. Starr & Co. Inc. Trust’s holdings in Illinois Tool Works were worth $6,628,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in ITW. Hudock Capital Group LLC increased its stake in Illinois Tool Works by 0.5% in the second quarter. Hudock Capital Group LLC now owns 1,037 shares of the company’s stock valued at $108,000 after buying an additional 5 shares during the period. Acropolis Investment Management LLC acquired a new position in Illinois Tool Works during the second quarter valued at $128,000. Washington Trust Bank boosted its position in Illinois Tool Works by 1.8% in the second quarter. Washington Trust Bank now owns 1,391 shares of the company’s stock valued at $145,000 after buying an additional 25 shares in the last quarter. Quadrant Capital Group LLC boosted its position in Illinois Tool Works by 4.2% in the second quarter. Quadrant Capital Group LLC now owns 1,505 shares of the company’s stock valued at $151,000 after buying an additional 60 shares in the last quarter. Finally, Eqis Capital Management Inc. acquired a new position in Illinois Tool Works during the second quarter valued at $206,000. 74.89% of the stock is currently owned by institutional investors and hedge funds.
Illinois Tool Works Inc. (NYSE:ITW) traded up 0.46% during trading on Friday, hitting $113.84. The stock had a trading volume of 1,264,663 shares. The company has a market cap of $40.24 billion, a price-to-earnings ratio of 20.79 and a beta of 1.11. Illinois Tool Works Inc. has a 52-week low of $79.15 and a 52-week high of $123.50. The firm’s 50-day moving average price is $116.67 and its 200-day moving average price is $111.52.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Thursday, October 20th. The company reported $1.50 EPS for the quarter, topping the Zacks’ consensus estimate of $1.49 by $0.01. Illinois Tool Works had a return on equity of 39.18% and a net margin of 14.68%. The company earned $3.50 billion during the quarter, compared to analysts’ expectations of $3.50 billion. During the same quarter in the previous year, the firm posted $1.39 EPS. The firm’s revenue was up 4.2% compared to the same quarter last year. Analysts predict that Illinois Tool Works Inc. will post $5.63 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 11th. Shareholders of record on Friday, December 30th will be given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 2.28%. Illinois Tool Works’s dividend payout ratio is currently 47.45%.
Several research analysts have recently weighed in on ITW shares. Deutsche Bank AG restated a “buy” rating and issued a $102.00 price target on shares of Illinois Tool Works in a research note on Thursday, August 25th. Zacks Investment Research upgraded Illinois Tool Works from a “hold” rating to a “buy” rating and set a $128.00 price target for the company in a research note on Monday, July 25th. Jefferies Group boosted their price target on Illinois Tool Works from $128.00 to $135.00 and gave the stock a “buy” rating in a research note on Tuesday, October 11th. Credit Suisse Group AG set a $114.00 price target on Illinois Tool Works and gave the stock a “hold” rating in a research note on Thursday, July 21st. Finally, RBC Capital Markets restated a “sector perform” rating and issued a $104.00 price target (up previously from $101.00) on shares of Illinois Tool Works in a research note on Sunday, July 24th. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $110.20.
In other Illinois Tool Works news, Vice Chairman David C. Parry sold 40,000 shares of Illinois Tool Works stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $118.49, for a total transaction of $4,739,600.00. Following the completion of the sale, the insider now owns 40,584 shares of the company’s stock, valued at approximately $4,808,798.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Sundaram Nagarajan sold 4,560 shares of Illinois Tool Works stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $119.50, for a total value of $544,920.00. Following the sale, the insider now directly owns 24,777 shares of the company’s stock, valued at approximately $2,960,851.50. The disclosure for this sale can be found here. Company insiders own 0.80% of the company’s stock.
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.