Hartford Investment Management Co. lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 67,687 shares of the industrial products company’s stock after selling 3,166 shares during the period. Hartford Investment Management Co.’s holdings in Illinois Tool Works were worth $9,696,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the stock. FCM Investments TX bought a new position in shares of Illinois Tool Works during the first quarter valued at approximately $106,000. MCF Advisors LLC increased its position in shares of Illinois Tool Works by 32.0% in the first quarter. MCF Advisors LLC now owns 825 shares of the industrial products company’s stock valued at $109,000 after buying an additional 200 shares during the period. TrimTabs Asset Management LLC increased its position in shares of Illinois Tool Works by 88.3% in the first quarter. TrimTabs Asset Management LLC now owns 887 shares of the industrial products company’s stock valued at $118,000 after buying an additional 416 shares during the period. FNY Partners Fund LP bought a new position in shares of Illinois Tool Works during the first quarter valued at approximately $132,000. Finally, Hudock Capital Group LLC increased its position in shares of Illinois Tool Works by 0.6% in the first quarter. Hudock Capital Group LLC now owns 1,054 shares of the industrial products company’s stock valued at $139,000 after buying an additional 6 shares during the period. Institutional investors own 74.77% of the company’s stock.
Illinois Tool Works Inc. (NYSE ITW) traded down 0.38% during midday trading on Friday, hitting $135.67. The stock had a trading volume of 1,123,747 shares. The firm has a market capitalization of $46.69 billion, a price-to-earnings ratio of 21.95 and a beta of 1.11. The firm has a 50-day moving average price of $142.53 and a 200-day moving average price of $137.77. Illinois Tool Works Inc. has a 1-year low of $111.50 and a 1-year high of $150.29.
Illinois Tool Works (NYSE:ITW) last posted its earnings results on Monday, July 24th. The industrial products company reported $1.66 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.03. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.61 billion. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.46 EPS. On average, equities research analysts anticipate that Illinois Tool Works Inc. will post $6.46 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be issued a dividend of $0.78 per share. 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. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.30%. Illinois Tool Works’s payout ratio is presently 42.07%.
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ITW has been the topic of several analyst reports. Zacks Investment Research upgraded Illinois Tool Works from a “hold” rating to a “buy” rating and set a $163.00 price target on the stock in a report on Wednesday, July 12th. BidaskClub downgraded Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 24th. Goldman Sachs Group, Inc. (The) upgraded Illinois Tool Works from a “sell” rating to a “buy” rating and increased their price target for the company from $131.00 to $155.00 in a report on Thursday, June 1st. Jefferies Group LLC reiterated a “buy” rating and set a $155.00 price target on shares of Illinois Tool Works in a report on Tuesday, May 16th. Finally, Deutsche Bank AG reiterated a “buy” rating and set a $160.00 price target (up previously from $140.00) on shares of Illinois Tool Works in a report on Saturday, April 29th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $151.08.
In related news, CFO Michael M. Larsen sold 52,447 shares of the business’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 67,383 shares in the company, valued at approximately $9,475,397.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John R. Hartnett sold 11,750 shares of the business’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $144.96, for a total value of $1,703,280.00. Following the completion of the sale, the insider now owns 23,839 shares of the company’s stock, valued at $3,455,701.44. The disclosure for this sale can be found here. Insiders have sold a total of 100,664 shares of company stock worth $14,329,625 over the last three months. 0.90% of the stock is owned by 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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