Burke & Herbert Bank & Trust Co. reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 10.2% during the second quarter, Holdings Channel reports. The firm owned 1,985 shares of the company’s stock after selling 225 shares during the period. Burke & Herbert Bank & Trust Co.’s holdings in Illinois Tool Works were worth $207,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of the stock. Acadian Asset Management LLC bought a new stake in Illinois Tool Works during the first quarter worth about $548,000. Ngam Advisors L.P. raised its stake in Illinois Tool Works by 10.4% in the first quarter. Ngam Advisors L.P. now owns 165,932 shares of the company’s stock worth $16,998,000 after buying an additional 15,678 shares during the period. TIAA CREF Investment Management LLC raised its stake in Illinois Tool Works by 6.9% in the first quarter. TIAA CREF Investment Management LLC now owns 1,221,219 shares of the company’s stock worth $125,102,000 after buying an additional 78,726 shares during the period. Teachers Advisors Inc. raised its stake in Illinois Tool Works by 16.2% in the first quarter. Teachers Advisors Inc. now owns 929,991 shares of the company’s stock worth $95,268,000 after buying an additional 129,914 shares during the period. Finally, Prudential Financial Inc. raised its stake in Illinois Tool Works by 160.1% in the first quarter. Prudential Financial Inc. now owns 1,091,590 shares of the company’s stock worth $111,823,000 after buying an additional 671,870 shares during the period. Institutional investors and hedge funds own 74.90% of the company’s stock.
Illinois Tool Works Inc. (NYSE:ITW) traded down 0.69% during mid-day trading on Tuesday, reaching $119.06. The company’s stock had a trading volume of 1,724,092 shares. The stock has a market capitalization of $42.26 billion, a P/E ratio of 22.17 and a beta of 1.11. The stock’s 50 day moving average price is $118.82 and its 200 day moving average price is $109.90. Illinois Tool Works Inc. has a 1-year low of $79.15 and a 1-year high of $123.50.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $1.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.06. The company 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%. Illinois Tool Works’s revenue was down .1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.30 EPS. Analysts expect that Illinois Tool Works Inc. will post $5.63 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 6th. Shareholders of record on Friday, September 30th will be issued a $0.65 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.55. This represents a $2.60 annualized dividend and a yield of 2.18%. Illinois Tool Works’s payout ratio is 48.42%.
Several brokerages recently weighed in on ITW. Zacks Investment Research upgraded Illinois Tool Works from a “hold” rating to a “buy” rating and set a $131.00 price objective for the company in a research report on Friday, September 16th. Deutsche Bank AG reiterated a “buy” rating and issued a $102.00 price objective on shares of Illinois Tool Works in a research report on Thursday, August 25th. RBC Capital Markets reiterated a “sector perform” rating and issued a $104.00 price objective (up from $101.00) on shares of Illinois Tool Works in a research report on Sunday, July 24th. Credit Suisse Group AG set a $114.00 price objective on Illinois Tool Works and gave the stock a “hold” rating in a research report on Thursday, July 21st. Finally, Royal Bank Of Canada increased their price objective on Illinois Tool Works from $101.00 to $104.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 21st. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $108.43.
In other news, CEO Ernest Scott Santi sold 74,077 shares of the business’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $114.24, for a total transaction of $8,462,556.48. Following the completion of the sale, the chief executive officer now directly owns 75,926 shares of the company’s stock, valued at approximately $8,673,786.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sundaram Nagarajan sold 4,560 shares of the business’s stock in a transaction on Tuesday, July 12th. The shares were sold at an average price of $110.00, for a total transaction of $501,600.00. Following the sale, the executive vice president now directly owns 24,777 shares of the company’s stock, valued at $2,725,470. The disclosure for this sale can be found here. 0.80% of the stock is owned by company insiders.
Illinois Tool Works Company Profile
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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