PNC Financial Services Group Inc. decreased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,871,404 shares of the industrial products company’s stock after selling 17,705 shares during the period. PNC Financial Services Group Inc. owned about 0.54% of Illinois Tool Works worth $247,906,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of ITW. Quadrature Capital Ltd purchased a new position in Illinois Tool Works during the fourth quarter worth about $2,027,000. Park National Corp OH raised its position in Illinois Tool Works by 1.2% in the first quarter. Park National Corp OH now owns 26,225 shares of the industrial products company’s stock worth $3,474,000 after buying an additional 309 shares during the last quarter. Liberty Capital Management Inc. raised its position in Illinois Tool Works by 2.6% in the first quarter. Liberty Capital Management Inc. now owns 30,737 shares of the industrial products company’s stock worth $4,072,000 after buying an additional 777 shares during the last quarter. Franklin Street Advisors Inc. NC raised its position in Illinois Tool Works by 2.3% in the first quarter. Franklin Street Advisors Inc. NC now owns 4,092 shares of the industrial products company’s stock worth $542,000 after buying an additional 92 shares during the last quarter. Finally, Woodstock Corp raised its position in Illinois Tool Works by 0.8% in the first quarter. Woodstock Corp now owns 50,718 shares of the industrial products company’s stock worth $6,719,000 after buying an additional 385 shares during the last quarter. 74.77% of the stock is owned by hedge funds and other institutional investors.
Illinois Tool Works Inc. (ITW) traded up 0.48% during mid-day trading on Friday, reaching $136.84. 388,218 shares of the company traded hands. The firm has a market cap of $47.09 billion, a PE ratio of 22.14 and a beta of 1.11. Illinois Tool Works Inc. has a one year low of $111.50 and a one year high of $150.29. The stock’s 50-day moving average price is $142.70 and its 200-day moving average price is $137.72.
Illinois Tool Works (NYSE:ITW) last issued its earnings results on Monday, July 24th. The industrial products company reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.03. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.61 billion. Illinois Tool Works had a net margin of 15.50% and a return on equity of 46.57%. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.46 EPS. Analysts forecast that Illinois Tool Works Inc. will post $6.46 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th will be paid a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend is Thursday, September 28th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.65. Illinois Tool Works’s dividend payout ratio (DPR) is 42.07%.
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A number of research analysts have issued reports on ITW shares. BMO Capital Markets reissued a “buy” rating and set a $145.00 target price on shares of Illinois Tool Works in a research note on Thursday, April 20th. Royal Bank Of Canada boosted their target price on shares of Illinois Tool Works from $125.00 to $141.00 and gave the company a “sector perform” rating in a research note on Tuesday, April 25th. Stifel Nicolaus reissued a “hold” rating and set a $144.00 target price (up from $140.00) on shares of Illinois Tool Works in a research note on Tuesday, April 25th. Barclays PLC boosted their target price on shares of Illinois Tool Works from $130.00 to $141.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 25th. Finally, Citigroup Inc. upped their price target on shares of Illinois Tool Works from $143.00 to $161.00 and gave the stock a “buy” rating in a research note on Tuesday, April 25th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $151.08.
In other news, Vice Chairman Christopher A. O’herlihy sold 36,467 shares of the firm’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $144.00, for a total value of $5,251,248.00. Following the transaction, the insider now owns 55,878 shares of the company’s stock, valued at approximately $8,046,432. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael M. Larsen sold 52,447 shares of the firm’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $140.62, for a total transaction of $7,375,097.14. Following the completion of the transaction, the chief financial officer now directly owns 67,383 shares in the company, valued at approximately $9,475,397.46. The disclosure for this sale can be found here. Insiders sold a total of 100,664 shares of company stock worth $14,329,625 in the last ninety days. 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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