TIAA CREF Investment Management LLC lowered its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 21.3% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 958,158 shares of the industrial products company’s stock after selling 259,358 shares during the period. TIAA CREF Investment Management LLC owned about 0.28% of Illinois Tool Works worth $126,927,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Kentucky Retirement Systems acquired a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $2,807,000. Bremer Trust National Association boosted its stake in shares of Illinois Tool Works by 1.7% in the first quarter. Bremer Trust National Association now owns 23,697 shares of the industrial products company’s stock valued at $3,139,000 after buying an additional 402 shares during the period. Elkhorn Investments LLC acquired a new stake in shares of Illinois Tool Works during the first quarter valued at approximately $1,284,000. Cutter & CO Brokerage Inc. boosted its stake in shares of Illinois Tool Works by 10.3% in the first quarter. Cutter & CO Brokerage Inc. now owns 9,340 shares of the industrial products company’s stock valued at $1,237,000 after buying an additional 874 shares during the period. Finally, Beacon Trust Co. boosted its stake in shares of Illinois Tool Works by 0.5% in the first quarter. Beacon Trust Co. now owns 76,593 shares of the industrial products company’s stock valued at $10,111,000 after buying an additional 360 shares during the period. Institutional investors and hedge funds own 74.77% of the company’s stock.
Illinois Tool Works Inc. (ITW) traded down 0.71% during midday trading on Monday, reaching $141.86. The company had a trading volume of 249,194 shares. The company’s 50-day moving average is $144.97 and its 200 day moving average is $136.73. Illinois Tool Works Inc. has a 52-week low of $111.50 and a 52-week high of $150.29. The company has a market cap of $48.90 billion, a PE ratio of 22.95 and a beta of 1.11.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Monday, July 24th. The industrial products company reported $1.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.63 by $0.03. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.61 billion. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The business’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the company earned $1.46 earnings per share. On average, equities research analysts forecast that Illinois Tool Works Inc. will post $6.45 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th will be given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.18%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.65. Illinois Tool Works’s dividend payout ratio (DPR) is presently 42.07%.
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A number of equities analysts recently weighed in on the company. Zacks Investment Research cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Morgan Stanley reissued an “equal weight” rating and issued a $140.00 price target (up previously from $136.00) on shares of Illinois Tool Works in a research note on Monday, July 10th. Barclays PLC lifted their price target on Illinois Tool Works from $123.00 to $130.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. Citigroup Inc. lifted their target price on Illinois Tool Works from $143.00 to $161.00 and gave the company a “buy” rating in a research note on Tuesday, April 25th. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $145.00 target price on shares of Illinois Tool Works in a research note on Thursday, April 20th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $152.67.
In related news, CEO Ernest Scott Santi sold 101,297 shares of Illinois Tool Works stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $138.03, for a total transaction of $13,982,024.91. Following the completion of the sale, the chief executive officer now directly owns 191,142 shares of the company’s stock, valued at approximately $26,383,330.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Michael M. Larsen sold 52,447 shares of Illinois Tool Works stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $140.62, for a total value of $7,375,097.14. Following the sale, the chief financial officer now directly owns 67,383 shares of the company’s stock, valued at $9,475,397.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 201,961 shares of company stock valued at $28,311,650. Insiders own 0.90% of the company’s stock.
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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