Concert Wealth Management Inc. raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 5.8% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 3,130 shares of the company’s stock after buying an additional 172 shares during the period. Concert Wealth Management Inc.’s holdings in Illinois Tool Works were worth $325,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Acropolis Investment Management LLC acquired a new position in shares of Illinois Tool Works during the second quarter worth approximately $128,000. Washington Trust Bank boosted its position in shares of Illinois Tool Works by 1.8% in the second quarter. Washington Trust Bank now owns 1,391 shares of the company’s stock worth $145,000 after buying an additional 25 shares during the last quarter. Quadrant Capital Group LLC boosted its position in shares of Illinois Tool Works by 4.2% in the second quarter. Quadrant Capital Group LLC now owns 1,505 shares of the company’s stock worth $151,000 after buying an additional 60 shares during the last quarter. Eqis Capital Management Inc. acquired a new position in shares of Illinois Tool Works during the second quarter worth approximately $206,000. Finally, Oakworth Capital Inc. boosted its position in shares of Illinois Tool Works by 6.9% in the second quarter. Oakworth Capital Inc. now owns 1,994 shares of the company’s stock worth $212,000 after buying an additional 129 shares during the last quarter. Institutional investors own 74.90% of the company’s stock.
Illinois Tool Works Inc. (NYSE:ITW) traded up 0.04% during midday trading on Friday, reaching $115.89. 1,195,287 shares of the company traded hands. The stock has a market capitalization of $41.14 billion, a P/E ratio of 21.58 and a beta of 1.11. Illinois Tool Works Inc. has a one year low of $79.15 and a one year high of $123.50. The company has a 50 day moving average price of $118.39 and a 200-day moving average price of $110.62.
Illinois Tool Works (NYSE:ITW) last announced its 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. Illinois Tool Works had a net margin of 14.65% and a return on equity of 38.15%. The business had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same quarter in the prior year, the firm posted $1.30 earnings per share. The business’s revenue for the quarter was down .1% on a year-over-year basis. Analysts forecast that Illinois Tool Works Inc. will post $5.62 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, October 6th. Stockholders of record on Friday, September 30th were paid a $0.65 dividend. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $2.60 annualized dividend and a dividend yield of 2.24%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.55. Illinois Tool Works’s dividend payout ratio is currently 48.42%.
A number of equities analysts recently commented on the stock. Zacks Investment Research cut shares of Illinois Tool Works from a “hold” rating to a “sell” rating in a research report on Monday, July 11th. Deutsche Bank AG lifted their target price on shares of Illinois Tool Works from $119.00 to $128.00 and gave the stock a “buy” rating in a research report on Friday, July 15th. Royal Bank Of Canada lifted their target price on shares of 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. Robert W. Baird cut shares of Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 price objective on the stock. in a research report on Thursday, June 23rd. Finally, RBC Capital Markets restated a “sector perform” rating and issued a $104.00 price objective (up previously from $101.00) on shares of Illinois Tool Works in a research report on Sunday, July 24th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company. Illinois Tool Works currently has an average rating of “Hold” and a consensus target price of $110.20.
In other news, insider Sundaram Nagarajan sold 4,560 shares of the stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $119.50, for a total value of $544,920.00. Following the sale, the insider now owns 24,777 shares of the company’s stock, valued at $2,960,851.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider John R. Hartnett sold 7,500 shares of the stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $114.08, for a total transaction of $855,600.00. Following the completion of the sale, the insider now directly owns 16,399 shares in the company, valued at approximately $1,870,797.92. 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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