Illinois Tool Works Inc. (ITW) Stake Increased by Raymond James & Associates

Raymond James & Associates raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 5.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 536,079 shares of the industrial products company’s stock after acquiring an additional 28,382 shares during the period. Raymond James & Associates’ holdings in Illinois Tool Works were worth $76,946,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Illinois Tool Works by 4.8% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 127,893 shares of the industrial products company’s stock valued at $18,356,000 after purchasing an additional 5,804 shares during the period. Trillium Asset Management LLC increased its holdings in Illinois Tool Works by 0.7% during the 1st quarter. Trillium Asset Management LLC now owns 12,099 shares of the industrial products company’s stock valued at $1,737,000 after acquiring an additional 79 shares in the last quarter. Heritage Wealth Advisors increased its holdings in Illinois Tool Works by 24.0% during the 1st quarter. Heritage Wealth Advisors now owns 4,719 shares of the industrial products company’s stock valued at $677,000 after acquiring an additional 913 shares in the last quarter. Loudon Investment Management LLC increased its holdings in Illinois Tool Works by 473.6% during the 1st quarter. Loudon Investment Management LLC now owns 104,924 shares of the industrial products company’s stock valued at $2,974,000 after acquiring an additional 86,633 shares in the last quarter. Finally, CIBC Asset Management Inc increased its holdings in Illinois Tool Works by 4.1% during the 1st quarter. CIBC Asset Management Inc now owns 29,763 shares of the industrial products company’s stock valued at $4,272,000 after acquiring an additional 1,175 shares in the last quarter. Institutional investors own 78.58% of the company’s stock.

In related news, Vice Chairman Christopher A. O’herlihy sold 43,554 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $145.79, for a total value of $6,349,737.66. Following the completion of the sale, the insider now directly owns 71,927 shares in the company, valued at $10,486,237.33. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP John R. Hartnett sold 14,323 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $153.55, for a total transaction of $2,199,296.65. Following the completion of the sale, the executive vice president now owns 31,695 shares of the company’s stock, valued at $4,866,767.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,142 shares of company stock valued at $15,992,093. Insiders own 0.87% of the company’s stock.

Several equities analysts have weighed in on ITW shares. BMO Capital Markets dropped their target price on shares of Illinois Tool Works from $145.00 to $140.00 and set a “market perform” rating for the company in a report on Monday, February 25th. Stifel Nicolaus raised their target price on shares of Illinois Tool Works from $137.00 to $145.00 and gave the company a “hold” rating in a report on Tuesday, April 16th. JPMorgan Chase & Co. upgraded shares of Illinois Tool Works from an “underweight” rating to a “neutral” rating and raised their target price for the company from $120.00 to $144.00 in a report on Friday, April 26th. Credit Suisse Group restated a “hold” rating and set a $124.00 target price on shares of Illinois Tool Works in a report on Tuesday, January 22nd. Finally, Bank of America downgraded shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $128.00 to $124.00 in a report on Tuesday, February 5th. Five analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have assigned a buy rating to the company’s stock. Illinois Tool Works presently has an average rating of “Hold” and a consensus price target of $142.59.

Shares of NYSE ITW traded up $3.49 during midday trading on Thursday, reaching $152.44. 126,886 shares of the stock were exchanged, compared to its average volume of 1,393,604. The company has a market cap of $49.69 billion, a PE ratio of 20.06, a price-to-earnings-growth ratio of 2.42 and a beta of 1.21. Illinois Tool Works Inc. has a 52-week low of $117.75 and a 52-week high of $158.69. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.53 and a quick ratio of 1.19.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.80 by $0.01. The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.64 billion. Illinois Tool Works had a net margin of 17.21% and a return on equity of 72.74%. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.90 earnings per share. On average, analysts anticipate that Illinois Tool Works Inc. will post 7.94 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 10th. Stockholders of record on Friday, June 28th will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.62%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 52.63%.

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Illinois Tool Works Company Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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