Boston Financial Mangement LLC trimmed its stake in Illinois Tool Works Inc. (NYSE:ITW) by 9.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 65,055 shares of the industrial products company’s stock after selling 6,871 shares during the period. Boston Financial Mangement LLC’s holdings in Illinois Tool Works were worth $9,626,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Cetera Investment Advisers purchased a new stake in shares of Illinois Tool Works in the 2nd quarter worth about $601,000. Quantbot Technologies LP lifted its position in shares of Illinois Tool Works by 71.3% in the 2nd quarter. Quantbot Technologies LP now owns 25,132 shares of the industrial products company’s stock worth $3,600,000 after purchasing an additional 10,457 shares during the period. Ffcm LLC increased its stake in shares of Illinois Tool Works by 6.4% in the 2nd quarter. Ffcm LLC now owns 11,851 shares of the industrial products company’s stock worth $1,698,000 after acquiring an additional 714 shares in the last quarter. Oakmont Partners LLC increased its stake in shares of Illinois Tool Works by 51.1% in the 2nd quarter. Oakmont Partners LLC now owns 15,856 shares of the industrial products company’s stock worth $2,271,000 after acquiring an additional 5,362 shares in the last quarter. Finally, Sumitomo Life Insurance Co. increased its stake in shares of Illinois Tool Works by 4.4% in the 2nd quarter. Sumitomo Life Insurance Co. now owns 18,497 shares of the industrial products company’s stock worth $2,650,000 after acquiring an additional 786 shares in the last quarter. 75.03% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently issued reports on ITW. Argus reiterated a “buy” rating and issued a $180.00 price target (up from $160.00) on shares of Illinois Tool Works in a research note on Tuesday, October 24th. BidaskClub lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Morgan Stanley reiterated an “equal weight” rating and issued a $136.00 price target (down from $140.00) on shares of Illinois Tool Works in a research note on Tuesday, July 25th. Credit Suisse Group decreased their price target on shares of Illinois Tool Works from $142.00 to $140.00 and set a “neutral” rating for the company in a research note on Tuesday, October 24th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $155.00 price target (up from $143.00) on shares of Illinois Tool Works in a research note on Friday, October 20th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $157.27.
Illinois Tool Works Inc. (NYSE ITW) opened at $158.54 on Wednesday. The company has a quick ratio of 1.98, a current ratio of 2.41 and a debt-to-equity ratio of 1.48. The stock has a market cap of $53,997.03, a P/E ratio of 25.02, a P/E/G ratio of 2.35 and a beta of 1.16. Illinois Tool Works Inc. has a 1-year low of $120.06 and a 1-year high of $159.36.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Monday, October 23rd. The industrial products company reported $1.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.65 by $0.20. The company had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.57 billion. Illinois Tool Works had a net margin of 16.12% and a return on equity of 47.21%. The firm’s revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.50 earnings per share. analysts expect that Illinois Tool Works Inc. will post 6.7 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Friday, December 29th will be issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date of this dividend is Thursday, December 28th. Illinois Tool Works’s payout ratio is 47.78%.
In other Illinois Tool Works news, insider Steven L. Martindale sold 64,818 shares of Illinois Tool Works stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $157.19, for a total transaction of $10,188,741.42. Following the transaction, the insider now owns 95,328 shares of the company’s stock, valued at $14,984,608.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Norman D. Jr. Finch purchased 4,986 shares of the stock in a transaction on Wednesday, October 25th. The shares were purchased at an average cost of $156.34 per share, for a total transaction of $779,511.24. Following the acquisition, the vice president now directly owns 4,371 shares of the company’s stock, valued at $683,362.14. The disclosure for this purchase can be found here. In the last three months, insiders sold 126,506 shares of company stock worth $19,801,832. 0.90% of the stock is currently owned by insiders.
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About Illinois Tool Works
Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.
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