World Asset Management Inc boosted its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 0.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,526 shares of the industrial products company’s stock after purchasing an additional 116 shares during the period. World Asset Management Inc’s holdings in Illinois Tool Works were worth $3,995,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of ITW. Hexavest Inc. bought a new position in shares of Illinois Tool Works during the second quarter valued at about $26,000. Asset Dedication LLC raised its stake in Illinois Tool Works by 105.3% in the second quarter. Asset Dedication LLC now owns 195 shares of the industrial products company’s stock worth $30,000 after buying an additional 100 shares in the last quarter. Strategic Blueprint LLC bought a new position in Illinois Tool Works in the third quarter worth about $31,000. Garrett Wealth Advisory Group LLC bought a new position in Illinois Tool Works in the third quarter worth about $33,000. Finally, Golden State Wealth Management LLC raised its stake in Illinois Tool Works by 75.4% in the second quarter. Golden State Wealth Management LLC now owns 307 shares of the industrial products company’s stock worth $46,000 after buying an additional 132 shares in the last quarter. 77.57% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Steven L. Martindale sold 48,622 shares of the stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $155.88, for a total transaction of $7,579,197.36. Following the sale, the executive vice president now owns 84,546 shares in the company, valued at $13,179,030.48. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Juan Valls sold 64,894 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $160.51, for a total transaction of $10,416,135.94. Following the sale, the executive vice president now owns 67,047 shares in the company, valued at approximately $10,761,713.97. The disclosure for this sale can be found here. In the last quarter, insiders have sold 158,458 shares of company stock worth $25,172,163. Corporate insiders own 0.87% of the company’s stock.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Friday, July 26th. The industrial products company reported $2.00 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.97 by $0.03. Illinois Tool Works had a net margin of 17.17% and a return on equity of 76.17%. The business had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.73 billion. During the same quarter in the prior year, the company earned $1.97 earnings per share. The business’s revenue was down 5.8% compared to the same quarter last year. As a group, equities research analysts forecast that Illinois Tool Works Inc. will post 7.68 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, October 9th. Stockholders of record on Monday, September 30th were issued a dividend of $1.07 per share. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.00. The ex-dividend date was Friday, September 27th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.65%. Illinois Tool Works’s dividend payout ratio is presently 56.32%.
ITW has been the subject of a number of research reports. Morgan Stanley decreased their price target on shares of Illinois Tool Works from $140.00 to $136.00 and set an “underweight” rating for the company in a research note on Wednesday, October 16th. Stifel Nicolaus set a $143.00 price target on shares of Illinois Tool Works and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Northcoast Research downgraded shares of Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $121.00 price target for the company. in a research note on Wednesday, June 26th. Citigroup decreased their price target on shares of Illinois Tool Works from $158.00 to $155.00 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. Finally, Goldman Sachs Group downgraded shares of Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $144.00 price target for the company. in a research note on Monday, September 23rd. They noted that the move was a valuation call. Six research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $141.50.
Illinois Tool Works 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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