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.