Stock Yards Bank & Trust Co. continued to hold its stake in Illinois Tool Works Inc. (NYSE:ITW) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,022 shares of the industrial products company’s stock at the end of the second quarter. Stock Yards Bank & Trust Co.’s holdings in Illinois Tool Works were worth $2,009,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. FCM Investments TX acquired a new stake in Illinois Tool Works during the first quarter worth about $106,000. MCF Advisors LLC raised its stake in Illinois Tool Works by 32.0% in the first quarter. MCF Advisors LLC now owns 825 shares of the industrial products company’s stock worth $109,000 after buying an additional 200 shares during the period. TrimTabs Asset Management LLC raised its stake in 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 worth $118,000 after buying an additional 416 shares during the period. FNY Partners Fund LP acquired a new stake in Illinois Tool Works during the first quarter worth about $132,000. Finally, Hudock Capital Group LLC raised its stake in 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 worth $139,000 after buying an additional 6 shares during the period. 74.77% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Illinois Tool Works Inc. (NYSE:ITW) traded up 0.69% during mid-day trading on Friday, reaching $136.81. The company had a trading volume of 621,712 shares. The stock has a market capitalization of $47.08 billion, a P/E ratio of 22.14 and a beta of 1.11. Illinois Tool Works Inc. has a 12-month low of $111.50 and a 12-month high of $150.29. The firm’s 50 day moving average is $141.50 and its 200-day moving average is $138.11.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Monday, July 24th. The industrial products company reported $1.66 EPS for the quarter, beating analysts’ consensus estimates of $1.63 by $0.03. The firm had revenue of $3.60 billion during 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 business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.46 EPS. On average, analysts expect that Illinois Tool Works Inc. will post $6.46 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th will be given a dividend of $0.78 per share. 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 2.28%. The ex-dividend date is Thursday, September 28th. Illinois Tool Works’s payout ratio is 42.07%.
A number of analysts have issued reports on the company. BidaskClub lowered Illinois Tool Works from a “sell” rating to a “strong sell” rating in a report on Saturday. Robert W. Baird set a $145.00 price objective on Illinois Tool Works and gave the stock a “hold” rating in a report on Thursday. Stifel Nicolaus reissued a “hold” rating and set a $147.00 price objective on shares of Illinois Tool Works in a report on Wednesday, August 16th. Zacks Investment Research raised Illinois Tool Works from a “hold” rating to a “buy” rating and set a $163.00 price objective on the stock in a report on Wednesday, July 12th. Finally, J P Morgan Chase & Co lowered Illinois Tool Works from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $141.00 to $132.00 in a report on Thursday, August 17th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $150.64.
In other news, 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 transaction of $1,703,280.00. Following the completion of the transaction, the insider now directly owns 23,839 shares in the company, valued at approximately $3,455,701.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Christopher A. O’herlihy sold 36,467 shares of the business’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $144.00, for a total transaction of $5,251,248.00. Following the transaction, the insider now owns 55,878 shares of the company’s stock, valued at $8,046,432. The disclosure for this sale can be found here. 0.90% of the stock is owned by insiders.
About Illinois Tool Works
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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