Whittier Trust Co. of Nevada Inc. cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 4.8% during the second quarter, Holdings Channel reports. The firm owned 19,955 shares of the company’s stock after selling 1,012 shares during the period. Whittier Trust Co. of Nevada Inc.’s holdings in Illinois Tool Works were worth $2,078,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of ITW. Bank of Montreal Can acquired a new stake in shares of Illinois Tool Works during the second quarter valued at $106,575,000. Renaissance Technologies LLC acquired a new stake in shares of Illinois Tool Works during the first quarter valued at $55,010,000. Credit Agricole S A boosted its stake in shares of Illinois Tool Works by 181.0% in the first quarter. Credit Agricole S A now owns 546,890 shares of the company’s stock valued at $56,024,000 after buying an additional 352,273 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Illinois Tool Works by 1.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 8,872,362 shares of the company’s stock valued at $908,885,000 after buying an additional 152,580 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Illinois Tool Works by 5.4% in the first quarter. Geode Capital Management LLC now owns 2,680,001 shares of the company’s stock valued at $273,988,000 after buying an additional 136,475 shares during the period. Institutional investors and hedge funds own 74.90% of the company’s stock.
Illinois Tool Works Inc. (NYSE:ITW) traded up 0.25% during midday trading on Thursday, reaching $119.57. 848,280 shares of the company traded hands. 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 capitalization of $42.44 billion, a price-to-earnings ratio of 22.27 and a beta of 1.11. The stock’s 50 day moving average is $118.84 and its 200 day moving average is $110.10.
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, topping analysts’ consensus estimates of $1.40 by $0.06. Illinois Tool Works had a net margin of 14.65% and a return on equity of 38.15%. The firm had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the prior year, the firm posted $1.30 earnings per share. The company’s revenue for the quarter was down .1% on a year-over-year basis. On average, equities analysts anticipate that Illinois Tool Works Inc. will post $5.63 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 6th. Stockholders 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 dividend yield of 2.18%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend is Wednesday, September 28th. Illinois Tool Works’s dividend payout ratio is presently 48.42%.
ITW has been the subject of several analyst reports. Zacks Investment Research upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $120.00 price objective for the company in a research note on Tuesday, June 21st. Deutsche Bank AG reissued a “buy” rating and issued a $102.00 target price on shares of Illinois Tool Works in a report on Thursday, August 25th. Credit Suisse Group AG set a $114.00 target price on shares of Illinois Tool Works and gave the company a “hold” rating in a report on Thursday, July 21st. RBC Capital Markets reissued a “sector perform” rating and issued a $104.00 target price (up from $101.00) on shares of Illinois Tool Works in a report on Sunday, July 24th. Finally, Robert W. Baird lowered shares of Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 target price on the stock. in a report on Thursday, June 23rd. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $108.43.
In other news, EVP Sundaram Nagarajan sold 4,560 shares of the stock in a transaction dated Tuesday, July 12th. The shares were sold at an average price of $110.00, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman David C. Parry sold 40,000 shares of the stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $118.49, for a total transaction of $4,739,600.00. Following the completion of the sale, the insider now directly owns 40,584 shares in the company, valued at $4,808,798.16. The disclosure for this sale can be found here. 0.80% of the stock is currently owned by 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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