Front Row Advisors LLC cut its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.8% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,394 shares of the industrial products company’s stock after selling 187 shares during the quarter. Illinois Tool Works accounts for 1.1% of Front Row Advisors LLC’s investment portfolio, making the stock its 26th biggest holding. Front Row Advisors LLC’s holdings in Illinois Tool Works were worth $1,578,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of ITW. Atria Investments LLC raised its holdings in shares of Illinois Tool Works by 17.9% in the second quarter. Atria Investments LLC now owns 5,012 shares of the industrial products company’s stock worth $745,000 after acquiring an additional 761 shares during the last quarter. Mackenzie Financial Corp acquired a new position in shares of Illinois Tool Works in the second quarter worth $250,000. RFG Advisory LLC raised its holdings in shares of Illinois Tool Works by 17.4% in the second quarter. RFG Advisory LLC now owns 2,295 shares of the industrial products company’s stock worth $346,000 after acquiring an additional 340 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Illinois Tool Works by 3.0% in the second quarter. BlackRock Inc. now owns 20,244,400 shares of the industrial products company’s stock worth $3,053,058,000 after acquiring an additional 581,489 shares during the last quarter. Finally, Natixis acquired a new position in shares of Illinois Tool Works in the second quarter worth $4,273,000. 77.46% of the stock is owned by hedge funds and other institutional investors.
In other Illinois Tool Works news, EVP Steven L. Martindale sold 48,622 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $155.88, for a total transaction of $7,579,197.36. Following the completion of the sale, the executive vice president now owns 84,546 shares of the company’s stock, valued at $13,179,030.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Michael M. Larsen sold 35,617 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $159.61, for a total value of $5,684,829.37. Following the sale, the chief financial officer now directly owns 38,726 shares of the company’s stock, valued at approximately $6,181,056.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 158,458 shares of company stock valued at $25,172,163. 0.87% of the stock is owned by company insiders.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Friday, July 26th. The industrial products company reported $2.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.97 by $0.03. Illinois Tool Works had a return on equity of 76.17% and a net margin of 17.17%. The firm had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter in the previous year, the business earned $1.97 earnings per share. The firm’s quarterly revenue was down 5.8% compared to the same quarter last year. On average, equities research analysts predict that Illinois Tool Works Inc. will post 7.69 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Monday, September 30th will be given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date is Friday, September 27th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.00. Illinois Tool Works’s payout ratio is 56.32%.
Several equities analysts recently commented on the company. Northcoast Research lowered Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $121.00 target price for the company. in a research note on Wednesday, June 26th. Goldman Sachs Group lowered Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $144.00 target price for the company. in a research note on Monday, September 23rd. They noted that the move was a valuation call. Zacks Investment Research lowered Illinois Tool Works from a “hold” rating to a “sell” rating and set a $154.00 target price for the company. in a research note on Tuesday, July 9th. Credit Suisse Group upped their target price on Illinois Tool Works from $124.00 to $152.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. Finally, UBS Group upped their target price on Illinois Tool Works from $150.00 to $154.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Six investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $142.44.
About Illinois Tool Works
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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