Alliancebernstein L.P. cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 6.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 577,970 shares of the industrial products company’s stock after selling 41,674 shares during the period. Alliancebernstein L.P.’s holdings in Illinois Tool Works were worth $76,564,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the stock. HPM Partners LLC acquired a new stake in Illinois Tool Works during the first quarter valued at about $95,987,000. Prudential Financial Inc. raised its stake in Illinois Tool Works by 58.5% in the first quarter. Prudential Financial Inc. now owns 1,218,246 shares of the industrial products company’s stock valued at $161,380,000 after buying an additional 449,430 shares during the last quarter. Wells Fargo & Company MN raised its stake in Illinois Tool Works by 3.6% in the first quarter. Wells Fargo & Company MN now owns 8,905,002 shares of the industrial products company’s stock valued at $1,179,646,000 after buying an additional 308,538 shares during the last quarter. Swiss National Bank raised its stake in Illinois Tool Works by 25.6% in the first quarter. Swiss National Bank now owns 1,119,306 shares of the industrial products company’s stock valued at $148,274,000 after buying an additional 228,400 shares during the last quarter. Finally, Karp Capital Management Corp acquired a new stake in Illinois Tool Works during the first quarter valued at about $27,275,000. 75.47% of the stock is owned by institutional investors and hedge funds.
Illinois Tool Works Inc. (NYSE:ITW) opened at 147.29 on Friday. The stock’s 50 day moving average is $145.53 and its 200 day moving average is $135.52. The company has a market cap of $50.88 billion, a P/E ratio of 24.74 and a beta of 1.12. Illinois Tool Works Inc. has a 12-month low of $111.50 and a 12-month high of $150.29.
Illinois Tool Works (NYSE:ITW) last posted its earnings results on Monday, April 24th. The industrial products company reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.09. The company had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $3.40 billion. Illinois Tool Works had a net margin of 15.24% and a return on equity of 45.02%. Illinois Tool Works’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.29 EPS. On average, equities analysts forecast that Illinois Tool Works Inc. will post $6.38 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 12th. Stockholders of record on Friday, June 30th were paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend was Wednesday, June 28th. Illinois Tool Works’s dividend payout ratio is presently 43.70%.
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ITW has been the subject of several analyst reports. Goldman Sachs Group, Inc. (The) raised shares of Illinois Tool Works from a “sell” rating to a “buy” rating and lifted their price objective for the company from $131.00 to $155.00 in a research note on Thursday, June 1st. Stifel Nicolaus lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating and boosted their target price for the stock from $135.00 to $140.00 in a research report on Monday, March 27th. Credit Suisse Group set a $135.00 target price on shares of Illinois Tool Works and gave the stock a “hold” rating in a research report on Wednesday, April 12th. Royal Bank Of Canada reissued a “hold” rating and set a $125.00 target price on shares of Illinois Tool Works in a research report on Friday, March 24th. Finally, Deutsche Bank AG reissued a “buy” rating and set a $160.00 target price (up previously from $140.00) on shares of Illinois Tool Works in a research report on Saturday, April 29th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Illinois Tool Works has an average rating of “Buy” and a consensus target price of $148.69.
In other news, insider Michael R. Zimmerman sold 5,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $1,067,640. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John R. Hartnett sold 11,750 shares of the firm’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $144.96, for a total transaction of $1,703,280.00. Following the sale, the insider now owns 23,839 shares of the company’s stock, valued at approximately $3,455,701.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 220,850 shares of company stock valued at $30,945,971. 0.90% of the stock is currently owned by corporate insiders.
Illinois Tool Works Company Profile
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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