DAVENPORT & Co LLC lessened its stake in Illinois Tool Works Inc. (NYSE:ITW) by 4.3% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,892 shares of the industrial products company’s stock after selling 1,034 shares during the quarter. DAVENPORT & Co LLC’s holdings in Illinois Tool Works were worth $4,423,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Coastal Capital Group Inc. bought a new position in shares of Illinois Tool Works in the third quarter valued at approximately $28,000. Rosenberg Matthew Hamilton bought a new stake in Illinois Tool Works during the second quarter worth $27,000. Old North State Trust LLC bought a new stake in Illinois Tool Works during the third quarter worth $37,000. Watson Rebecca bought a new stake in Illinois Tool Works during the second quarter worth $43,000. Finally, JJJ Advisors Inc. bought a new stake in Illinois Tool Works during the second quarter worth $46,000. Institutional investors own 78.12% of the company’s stock.
In other news, SVP Mary Katherine Lawler sold 14,356 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $185.72, for a total transaction of $2,666,196.32. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Vice Chairman Christopher A. O’herlihy sold 29,702 shares of the firm’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $194.58, for a total value of $5,779,415.16. Following the transaction, the insider now directly owns 63,300 shares in the company, valued at $12,316,914. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 143,879 shares of company stock valued at $27,240,677. 0.79% of the stock is owned by company insiders.
Illinois Tool Works (NYSE:ITW) last posted its earnings results on Friday, July 31st. The industrial products company reported $1.01 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.31. Illinois Tool Works had a return on equity of 81.80% and a net margin of 17.16%. The business had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same period in the previous year, the business earned $1.91 earnings per share. The firm’s revenue was down 29.0% on a year-over-year basis. On average, research analysts anticipate that Illinois Tool Works Inc. will post 5.78 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 14th. Investors of record on Wednesday, September 30th were given a dividend of $1.14 per share. This represents a $4.56 annualized dividend and a yield of 2.21%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.07. The ex-dividend date of this dividend was Tuesday, September 29th. Illinois Tool Works’s payout ratio is presently 58.84%.
ITW has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft lifted their price target on Illinois Tool Works from $168.00 to $173.00 and gave the stock a “hold” rating in a report on Tuesday, October 13th. Bank of America lifted their price target on Illinois Tool Works from $130.00 to $175.00 and gave the stock an “underperform” rating in a report on Monday, August 3rd. Credit Suisse Group raised their target price on Illinois Tool Works from $174.00 to $195.00 in a research report on Monday, August 3rd. Morgan Stanley raised their target price on Illinois Tool Works from $162.00 to $167.00 and gave the stock an “underweight” rating in a research report on Tuesday, October 13th. Finally, Barclays assumed coverage on Illinois Tool Works in a research report on Tuesday, August 25th. They issued an “equal weight” rating and a $197.00 target price for the company. Three equities research 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. The company has an average rating of “Hold” and an average price target of $173.69.
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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