Public Employees Retirement System of Ohio cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 0.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 209,143 shares of the industrial products company’s stock after selling 1,041 shares during the period. Public Employees Retirement System of Ohio owned approximately 0.06% of Illinois Tool Works worth $30,945,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in Illinois Tool Works by 1,661.3% in the first quarter. BlackRock Inc. now owns 19,318,196 shares of the industrial products company’s stock valued at $2,559,083,000 after buying an additional 18,221,359 shares during the period. Janus Henderson Group PLC raised its holdings in Illinois Tool Works by 2,939.8% in the second quarter. Janus Henderson Group PLC now owns 3,752,155 shares of the industrial products company’s stock valued at $537,498,000 after buying an additional 3,628,722 shares during the period. Vaughan David Investments Inc. IL raised its holdings in Illinois Tool Works by 34,278.6% in the third quarter. Vaughan David Investments Inc. IL now owns 939,568 shares of the industrial products company’s stock valued at $35,779,000 after buying an additional 936,835 shares during the period. Koch Industries Inc. raised its holdings in Illinois Tool Works by 31,484.3% in the second quarter. Koch Industries Inc. now owns 768,131 shares of the industrial products company’s stock valued at $763,000 after buying an additional 765,699 shares during the period. Finally, Parametric Portfolio Associates LLC raised its holdings in Illinois Tool Works by 100.8% in the second quarter. Parametric Portfolio Associates LLC now owns 1,409,208 shares of the industrial products company’s stock valued at $201,869,000 after buying an additional 707,287 shares during the period. 74.83% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Steven L. Martindale sold 64,818 shares of the firm’s stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $157.19, for a total transaction of $10,188,741.42. Following the completion of the sale, the insider now owns 95,328 shares of the company’s stock, valued at $14,984,608.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Norman D. Jr. Finch purchased 4,986 shares of the firm’s stock in a transaction dated Wednesday, October 25th. The shares were bought at an average cost of $156.34 per share, with a total value of $779,511.24. Following the transaction, the vice president now directly owns 4,371 shares of the company’s stock, valued at approximately $683,362.14. The disclosure for this purchase can be found here. Insiders have sold 221,324 shares of company stock worth $35,645,914 in the last quarter. Insiders own 0.90% of the company’s stock.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Monday, October 23rd. The industrial products company reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.65 by $0.20. The company had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.57 billion. Illinois Tool Works had a net margin of 16.12% and a return on equity of 47.21%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.50 earnings per share. sell-side analysts forecast that Illinois Tool Works Inc. will post 6.7 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Friday, December 29th will be paid a dividend of $0.78 per share. The ex-dividend date is Thursday, December 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.89%. Illinois Tool Works’s dividend payout ratio is currently 47.78%.
Several research firms recently commented on ITW. Wells Fargo & Company set a $190.00 price target on shares of Illinois Tool Works and gave the company a “buy” rating in a report on Monday, December 4th. Bank of America began coverage on shares of Illinois Tool Works in a report on Monday, December 11th. They issued a “buy” rating and a $190.00 price target on the stock. BMO Capital Markets raised their price target on shares of Illinois Tool Works from $160.00 to $165.00 and gave the company an “outperform” rating in a report on Tuesday, October 24th. Morgan Stanley restated an “equal weight” rating and issued a $147.00 price target (up previously from $136.00) on shares of Illinois Tool Works in a report on Monday, October 2nd. Finally, Jefferies Group restated a “buy” rating and issued a $190.00 price target on shares of Illinois Tool Works in a report on Wednesday, November 29th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $164.38.
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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