Meiji Yasuda Asset Management Co Ltd. Lowers Stake in Illinois Tool Works Inc. (ITW)

Meiji Yasuda Asset Management Co Ltd. reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 22.8% during the fourth quarter, Holdings Channel reports. The fund owned 6,347 shares of the company’s stock after selling 1,870 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Illinois Tool Works were worth $777,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Northern Trust Corp raised its position in shares of Illinois Tool Works by 0.4% in the third quarter. Northern Trust Corp now owns 34,111,354 shares of the company’s stock valued at $4,087,905,000 after buying an additional 121,298 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Illinois Tool Works by 2.1% in the third quarter. Wells Fargo & Company MN now owns 8,220,678 shares of the company’s stock valued at $985,166,000 after buying an additional 170,277 shares during the last quarter. BlackRock Fund Advisors raised its position in shares of Illinois Tool Works by 2.3% in the third quarter. BlackRock Fund Advisors now owns 3,742,998 shares of the company’s stock valued at $448,561,000 after buying an additional 84,841 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of Illinois Tool Works by 3.1% in the third quarter. Ameriprise Financial Inc. now owns 2,936,101 shares of the company’s stock valued at $351,913,000 after buying an additional 88,538 shares during the last quarter. Finally, BlackRock Group LTD raised its position in shares of Illinois Tool Works by 1.7% in the third quarter. BlackRock Group LTD now owns 2,724,925 shares of the company’s stock valued at $326,554,000 after buying an additional 45,214 shares during the last quarter. Institutional investors own 75.26% of the company’s stock.

Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

Shares of Illinois Tool Works Inc. (NYSE:ITW) traded up 0.58% during trading on Friday, reaching $128.00. 725,736 shares of the company’s stock traded hands. The stock has a market cap of $44.58 billion, a P/E ratio of 22.46 and a beta of 1.01. The company has a 50 day moving average price of $125.02 and a 200-day moving average price of $120.78. Illinois Tool Works Inc. has a one year low of $91.68 and a one year high of $130.16.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, January 25th. The company reported $1.39 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.37 by $0.02. The business earned $3.39 billion during the quarter, compared to analyst estimates of $3.41 billion. Illinois Tool Works had a net margin of 14.96% and a return on equity of 41.90%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.23 earnings per share. On average, equities research analysts expect that Illinois Tool Works Inc. will post $6.17 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 11th. Stockholders of record on Friday, March 31st will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 2.03%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 45.61%.

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A number of analysts have weighed in on the stock. BMO Capital Markets raised their price objective on shares of Illinois Tool Works from $120.00 to $145.00 and gave the company an “outperform” rating in a research note on Tuesday, December 6th. Zacks Investment Research upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $138.00 price objective for the company in a research note on Thursday, January 19th. Barclays PLC restated a “hold” rating and set a $122.00 price objective on shares of Illinois Tool Works in a research note on Wednesday, January 18th. Goldman Sachs Group, Inc. (The) lowered shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and set a $123.00 price objective for the company. in a research note on Monday, November 21st. They noted that the move was a valuation call. Finally, Jefferies Group LLC restated a “buy” rating and set a $145.00 price objective (up from $135.00) on shares of Illinois Tool Works in a research note on Monday, December 5th. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $121.13.

In other news, Vice Chairman David C. Parry sold 31,037 shares of the company’s stock in a transaction dated Wednesday, November 16th. The shares were sold at an average price of $124.26, for a total transaction of $3,856,657.62. Following the transaction, the insider now owns 31,621 shares in the company, valued at $3,929,225.46. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michael R. Zimmerman sold 9,238 shares of the company’s stock in a transaction dated Tuesday, November 22nd. The shares were sold at an average price of $123.63, for a total transaction of $1,142,093.94. Following the transaction, the insider now owns 11,016 shares in the company, valued at approximately $1,361,908.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,300 shares of company stock worth $5,001,888. Corporate 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.

5 Day Chart for NYSE:ITW

Want to see what other hedge funds are holding ITW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Illinois Tool Works Inc. (NYSE:ITW).

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