Beacon Trust Co. Sold shares of Illinois Tool Works Inc. (ITW)

Beacon Trust Co. Sold shares of Illinois Tool Works Inc. (ITW)

Beacon Trust Co. cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.1% during the second quarter, Holdings Channel reports. The firm owned 75,294 shares of the company’s stock after selling 808 shares during the period. Illinois Tool Works makes up 1.2% of Beacon Trust Co.’s holdings, making the stock its 20th largest position. Beacon Trust Co.’s holdings in Illinois Tool Works were worth $7,842,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of ITW. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Illinois Tool Works during the first quarter valued at $4,778,000. Silvercrest Asset Management Group LLC boosted its stake in shares of 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 period. A.R.T. Advisors LLC boosted its stake in shares of Illinois Tool Works by 82.6% in the first quarter. A.R.T. Advisors LLC now owns 49,305 shares of the company’s stock valued at $5,050,000 after buying an additional 22,300 shares during the period. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Illinois Tool Works during the first quarter valued at $900,000. Finally, Financial Strategy Network LLC purchased a new stake in shares of Illinois Tool Works during the first quarter valued at $253,000. 75.72% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Illinois Tool Works Inc. (NYSE:ITW) opened at 123.91 on Monday. The company’s 50 day moving average price is $116.58 and its 200 day moving average price is $112.38. Illinois Tool Works Inc. has a one year low of $79.15 and a one year high of $124.19. The firm has a market capitalization of $43.49 billion, a P/E ratio of 22.62 and a beta of 1.06.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Thursday, October 20th. The company reported $1.50 earnings per share (EPS) for the quarter, beating 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 had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.50 billion. During the same period in the prior year, the company posted $1.39 EPS. Illinois Tool Works’s quarterly revenue was up 4.2% on a year-over-year basis. On average, analysts expect that Illinois Tool Works Inc. will post $5.63 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 11th. Shareholders of record on Friday, December 30th will be given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date is Wednesday, December 28th. Illinois Tool Works’s payout ratio is 47.45%.

Several analysts recently weighed in on ITW shares. Royal Bank Of Canada raised their target price on shares of Illinois Tool Works from $101.00 to $104.00 and gave the company a “sector perform” rating in a report on Thursday, July 21st. Credit Suisse Group AG set a $114.00 price target on shares of Illinois Tool Works and gave the company a “hold” rating in a research note on Thursday, July 21st. RBC Capital Markets reiterated 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. Zacks Investment Research upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $128.00 price target on the stock in a research note on Monday, July 25th. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $102.00 price target on shares of Illinois Tool Works in a research note on Thursday, August 25th. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Illinois Tool Works currently has an average rating of “Buy” and an average price target of $110.20.

In other Illinois Tool Works news, Director Jay L. Henderson bought 4,000 shares of the business’s stock in a transaction on Tuesday, October 25th. The shares were bought at an average cost of $111.94 per share, with a total value of $447,760.00. Following the transaction, the director now directly owns 4,000 shares in the company, valued at approximately $447,760. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sundaram Nagarajan sold 4,560 shares of the business’s 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 sale, 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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