Retirement Systems of Alabama lowered its stake in Illinois Tool Works Inc. (NYSE:ITW) by 0.9% during the second quarter, Holdings Channel reports. The fund owned 164,889 shares of the company’s stock after selling 1,532 shares during the period. Retirement Systems of Alabama’s holdings in Illinois Tool Works were worth $17,175,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Dubuque Bank & Trust Co. raised its stake in Illinois Tool Works by 7.7% in the first quarter. Dubuque Bank & Trust Co. now owns 1,148 shares of the company’s stock valued at $118,000 after buying an additional 82 shares during the last quarter. Acropolis Investment Management LLC purchased a new stake in Illinois Tool Works during the second quarter valued at approximately $128,000. Washington Trust Bank raised its stake in Illinois Tool Works by 1.8% in the second quarter. Washington Trust Bank now owns 1,391 shares of the company’s stock valued at $145,000 after buying an additional 25 shares during the last quarter. Eqis Capital Management Inc. purchased a new stake in Illinois Tool Works during the second quarter valued at approximately $206,000. Finally, Oakworth Capital Inc. raised its stake in Illinois Tool Works by 6.9% in the second quarter. Oakworth Capital Inc. now owns 1,994 shares of the company’s stock valued at $212,000 after buying an additional 129 shares during the last quarter. Institutional investors own 74.90% of the company’s stock.
Shares of Illinois Tool Works Inc. (NYSE:ITW) traded up 0.67% during midday trading on Friday, hitting $119.84. 1,962,318 shares of the stock were exchanged. The firm has a 50 day moving average of $118.79 and a 200-day moving average of $109.60. Illinois Tool Works Inc. has a one year low of $79.15 and a one year high of $123.50. The company has a market cap of $42.54 billion, a price-to-earnings ratio of 22.32 and a beta of 1.15.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, July 20th. The company reported $1.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.06. The firm earned $3.43 billion during the quarter, compared to the consensus estimate of $3.41 billion. Illinois Tool Works had a return on equity of 38.15% and a net margin of 14.65%. The firm’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.30 earnings per share. Equities analysts expect that Illinois Tool Works Inc. will post $5.63 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 6th. Investors of record on Friday, September 30th will be issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 2.17%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.55. The ex-dividend date is Wednesday, September 28th. Illinois Tool Works’s dividend payout ratio is 48.42%.
Several research firms have commented on ITW. Zacks Investment Research raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $128.00 price target for the company in a research report on Monday, July 25th. 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 report on Thursday, July 21st. Robert W. Baird lowered shares of Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 price target for the company. in a research report on Thursday, June 23rd. RBC Capital Markets reissued a “sector perform” rating and set a $104.00 price target (up from $101.00) on shares of Illinois Tool Works in a research report on Sunday, July 24th. Finally, Royal Bank Of Canada increased their price target on shares of Illinois Tool Works from $101.00 to $104.00 and gave the company a “sector perform” rating in a research report on Thursday, July 21st. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Illinois Tool Works has a consensus rating of “Buy” and a consensus price target of $108.43.
In related news, EVP Sundaram Nagarajan sold 4,560 shares of the company’s stock in a transaction that occurred on Tuesday, July 12th. The stock was sold at an average price of $110.00, for a total value of $501,600.00. Following the completion of the transaction, the executive vice president now directly owns 24,777 shares of the company’s stock, valued at $2,725,470. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman David C. Parry sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $118.49, for a total value of $4,739,600.00. Following the completion of the transaction, the insider now directly owns 40,584 shares of the company’s stock, valued at $4,808,798.16. The disclosure for this sale can be found here. 0.80% of the stock is owned by corporate 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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