Advisory Services Network LLC boosted its position in Illinois Tool Works Inc. (NYSE:ITW) by 8.0% during the second quarter, Holdings Channel reports. The fund owned 3,543 shares of the company’s stock after buying an additional 262 shares during the period. Advisory Services Network LLC’s holdings in Illinois Tool Works were worth $369,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Bank of Montreal Can bought a new position in shares of Illinois Tool Works during the second quarter worth approximately $106,575,000. Renaissance Technologies LLC bought a new position in shares of Illinois Tool Works during the first quarter worth approximately $55,010,000. Credit Agricole S A boosted its position in shares of Illinois Tool Works by 181.0% in the first quarter. Credit Agricole S A now owns 546,890 shares of the company’s stock worth $56,024,000 after buying an additional 352,273 shares during the period. Geode Capital Management LLC boosted its position in shares of Illinois Tool Works by 5.4% in the first quarter. Geode Capital Management LLC now owns 2,680,001 shares of the company’s stock worth $273,988,000 after buying an additional 136,475 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its position in shares of Illinois Tool Works by 148.4% in the second quarter. Robeco Institutional Asset Management B.V. now owns 223,145 shares of the company’s stock worth $23,243,000 after buying an additional 133,297 shares during the period. Institutional investors own 74.90% of the company’s stock.
Illinois Tool Works Inc. (NYSE:ITW) traded down 1.97% during midday trading on Friday, reaching $117.20. The company’s stock had a trading volume of 2,175,563 shares. Illinois Tool Works Inc. has a 12-month low of $79.15 and a 12-month high of $123.50. The company has a market cap of $41.60 billion, a P/E ratio of 21.82 and a beta of 1.11. The firm has a 50 day moving average price of $118.81 and a 200-day moving average price of $110.22.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, July 20th. The company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.06. The business earned $3.43 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the company earned $1.30 EPS. On average, equities research analysts predict that Illinois Tool Works Inc. will post $5.62 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 6th. Stockholders of record on Friday, September 30th were paid a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 2.22%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Wednesday, September 28th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 48.42%.
ITW has been the topic of a number of analyst reports. Zacks Investment Research raised Illinois Tool Works from a “hold” rating to a “buy” rating and set a $131.00 price target on the stock in a research note on Friday, September 16th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $102.00 price target on shares of Illinois Tool Works in a research note on Thursday, August 25th. Royal Bank Of Canada lifted their price target on Illinois Tool Works from $101.00 to $104.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 21st. RBC Capital Markets reaffirmed a “sector perform” rating and issued a $104.00 price target (up from $101.00) on shares of Illinois Tool Works in a research note on Sunday, July 24th. Finally, Robert W. Baird cut Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 price target on the stock. in a research note on Thursday, June 23rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. Illinois Tool Works presently has a consensus rating of “Hold” and a consensus price target of $108.43.
In other news, Vice Chairman David C. Parry sold 40,000 shares of the stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $118.49, for a total value of $4,739,600.00. Following the sale, the insider now directly owns 40,584 shares in the company, valued at $4,808,798.16. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ernest Scott Santi sold 74,077 shares of the stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $114.24, for a total value of $8,462,556.48. Following the completion of the sale, the chief executive officer now owns 75,926 shares in the company, valued at $8,673,786.24. The disclosure for this sale can be found here. 0.80% of the stock is owned by insiders.
Illinois Tool Works Company Profile
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.