Stack Financial Management Inc cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 125,362 shares of the industrial products company’s stock after selling 2,979 shares during the period. Illinois Tool Works accounts for approximately 1.8% of Stack Financial Management Inc’s investment portfolio, making the stock its 24th largest position. Stack Financial Management Inc’s holdings in Illinois Tool Works were worth $16,607,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Illinois Tool Works by 27.8% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,136 shares of the industrial products company’s stock worth $3,065,000 after buying an additional 5,027 shares during the period. Mosaic Family Wealth LLC raised its stake in Illinois Tool Works by 2.4% in the first quarter. Mosaic Family Wealth LLC now owns 1,390 shares of the industrial products company’s stock worth $184,000 after buying an additional 32 shares in the last quarter. TD Asset Management Inc. raised its stake in Illinois Tool Works by 1.0% in the first quarter. TD Asset Management Inc. now owns 261,228 shares of the industrial products company’s stock worth $34,605,000 after buying an additional 2,497 shares in the last quarter. Sei Investments Co. raised its stake in Illinois Tool Works by 24.3% in the first quarter. Sei Investments Co. now owns 130,366 shares of the industrial products company’s stock worth $17,270,000 after buying an additional 25,517 shares in the last quarter. Finally, Karp Capital Management Corp acquired a new stake in Illinois Tool Works during the first quarter worth approximately $27,275,000. Institutional investors and hedge funds own 75.90% of the company’s stock.
Shares of Illinois Tool Works Inc. (NYSE:ITW) opened at 145.78 on Friday. The company has a 50 day moving average price of $141.41 and a 200 day moving average price of $132.59. The company has a market capitalization of $50.36 billion, a PE ratio of 24.49 and a beta of 1.06. Illinois Tool Works Inc. has a 1-year low of $98.32 and a 1-year high of $150.29.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Monday, April 24th. The industrial products company reported $1.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.45 by $0.09. Illinois Tool Works had a net margin of 15.24% and a return on equity of 45.02%. The firm had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.40 billion. During the same period last year, the firm earned $1.29 earnings per share. The company’s quarterly revenue was up 6.0% on a year-over-year basis. Equities analysts predict that Illinois Tool Works Inc. will post $6.35 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 12th. Stockholders of record on Friday, June 30th will be paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.78%. Illinois Tool Works’s dividend payout ratio is presently 43.70%.
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A number of research analysts have weighed in on the company. BidaskClub downgraded Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Goldman Sachs Group, Inc. (The) upgraded Illinois Tool Works from a “sell” rating to a “buy” rating and boosted their price target for the company from $131.00 to $155.00 in a research note on Thursday, June 1st. Stifel Nicolaus reaffirmed a “hold” rating and issued a $144.00 price objective (up from $140.00) on shares of Illinois Tool Works in a report on Tuesday, April 25th. Royal Bank Of Canada lifted their price objective on Illinois Tool Works from $125.00 to $141.00 and gave the company a “sector perform” rating in a report on Tuesday, April 25th. Finally, Barclays PLC lifted their price objective on Illinois Tool Works from $130.00 to $141.00 and gave the company an “equal weight” rating in a report on Tuesday, April 25th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Illinois Tool Works presently has a consensus rating of “Buy” and an average target price of $150.91.
In other Illinois Tool Works news, Vice Chairman Christopher A. O’herlihy sold 36,467 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $144.00, for a total value of $5,251,248.00. Following the completion of the sale, the insider now directly owns 55,878 shares in the company, valued at $8,046,432. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Michael R. Zimmerman sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, April 24th. The shares were sold at an average price of $140.00, for a total transaction of $700,000.00. Following the completion of the sale, the insider now owns 7,626 shares of the company’s stock, valued at $1,067,640. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 220,850 shares of company stock worth $30,945,971. Insiders own 0.90% of the company’s stock.
About Illinois Tool Works
Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.
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