Gamble Jones Investment Counsel lessened its stake in Illinois Tool Works Inc. (NYSE:ITW) by 3.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,168 shares of the industrial products company’s stock after selling 103 shares during the period. Gamble Jones Investment Counsel’s holdings in Illinois Tool Works were worth $496,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Hexavest Inc. acquired a new position in Illinois Tool Works during the 2nd quarter worth approximately $26,000. D Orazio & Associates Inc. acquired a new position in Illinois Tool Works during the 3rd quarter worth approximately $28,000. Asset Dedication LLC increased its position in Illinois Tool Works by 105.3% during the 2nd quarter. Asset Dedication LLC now owns 195 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 100 shares during the period. Strategic Blueprint LLC acquired a new position in Illinois Tool Works during the 3rd quarter worth approximately $31,000. Finally, Garrett Wealth Advisory Group LLC acquired a new position in Illinois Tool Works during the 3rd quarter worth approximately $33,000. Hedge funds and other institutional investors own 78.17% of the company’s stock.
In other news, EVP Andrew Mines sold 12,995 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $167.71, for a total transaction of $2,179,391.45. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Michael M. Larsen sold 35,617 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was 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 in the company, valued at approximately $6,181,056.86. The disclosure for this sale can be found here. Insiders have sold a total of 346,180 shares of company stock worth $57,725,646 in the last three months. Corporate insiders own 0.87% of the company’s stock.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Friday, October 25th. The industrial products company reported $2.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.94 by $0.10. The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.55 billion. Illinois Tool Works had a return on equity of 80.38% and a net margin of 17.49%. The company’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.76 EPS. Equities research analysts anticipate that Illinois Tool Works Inc. will post 7.7 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Monday, December 30th. Illinois Tool Works’s dividend payout ratio (DPR) is 56.32%.
Several research firms have issued reports on ITW. Credit Suisse Group boosted their target price on Illinois Tool Works from $144.00 to $152.00 and gave the stock a “neutral” rating in a research report on Monday, October 28th. Zacks Investment Research cut Illinois Tool Works from a “hold” rating to a “sell” rating and set a $180.00 target price on the stock. in a research report on Monday, October 28th. Morgan Stanley boosted their target price on Illinois Tool Works from $136.00 to $142.00 and gave the stock an “underweight” rating in a research report on Monday, October 28th. Wells Fargo & Co boosted their target price on Illinois Tool Works from $170.00 to $190.00 and gave the stock an “outperform” rating in a research report on Monday, October 28th. Finally, Argus set a $180.00 target price on Illinois Tool Works and gave the stock a “buy” rating in a research report on Friday, October 25th. Six analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $150.57.
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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