Verity & Verity LLC raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 47.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,911 shares of the industrial products company’s stock after acquiring an additional 9,645 shares during the period. Verity & Verity LLC’s holdings in Illinois Tool Works were worth $4,294,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the business. Venturi Wealth Management LLC acquired a new stake in Illinois Tool Works during the 4th quarter worth $318,000. Pinnacle Bank acquired a new stake in shares of Illinois Tool Works in the 4th quarter valued at about $201,000. Massmutual Trust Co. FSB ADV raised its stake in shares of Illinois Tool Works by 35.7% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,845 shares of the industrial products company’s stock valued at $234,000 after purchasing an additional 485 shares during the period. Douglas Lane & Associates LLC raised its stake in shares of Illinois Tool Works by 1.8% in the 4th quarter. Douglas Lane & Associates LLC now owns 116,094 shares of the industrial products company’s stock valued at $14,708,000 after purchasing an additional 2,089 shares during the period. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Illinois Tool Works in the 1st quarter valued at about $1,071,000. 77.65% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE ITW traded down $0.57 during midday trading on Friday, reaching $145.72. The company’s stock had a trading volume of 1,023,915 shares, compared to its average volume of 1,379,435. The company has a current ratio of 1.53, a quick ratio of 1.19 and a debt-to-equity ratio of 1.87. Illinois Tool Works Inc. has a fifty-two week low of $117.75 and a fifty-two week high of $158.69. The company has a market cap of $47.88 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 2.47 and a beta of 1.21.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Thursday, April 25th. The industrial products company reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.01. Illinois Tool Works had a net margin of 17.21% and a return on equity of 72.74%. The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the previous year, the business earned $1.90 earnings per share. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. On average, equities research analysts forecast that Illinois Tool Works Inc. will post 7.94 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 10th. Shareholders of record on Friday, June 28th will be given a dividend of $1.00 per share. The ex-dividend date is Thursday, June 27th. This represents a $4.00 annualized dividend and a yield of 2.74%. Illinois Tool Works’s dividend payout ratio is currently 52.63%.
In other Illinois Tool Works news, EVP John R. Hartnett sold 14,323 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $153.55, for a total transaction of $2,199,296.65. Following the completion of the transaction, the executive vice president now directly owns 31,695 shares in the company, valued at $4,866,767.25. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Christopher A. O’herlihy sold 43,554 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $145.79, for a total transaction of $6,349,737.66. Following the transaction, the insider now owns 71,927 shares of the company’s stock, valued at $10,486,237.33. The disclosure for this sale can be found here. 0.87% of the stock is owned by insiders.
Several analysts have issued reports on the company. UBS Group lifted their price target on Illinois Tool Works from $137.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 10th. Stifel Nicolaus raised their price objective on Illinois Tool Works from $137.00 to $145.00 and gave the company a “hold” rating in a report on Tuesday, April 16th. Zacks Investment Research cut Illinois Tool Works from a “hold” rating to a “sell” rating in a report on Monday, April 8th. Argus raised their price objective on Illinois Tool Works from $145.00 to $165.00 and gave the company a “buy” rating in a report on Friday, April 26th. Finally, Citigroup set a $161.00 price objective on Illinois Tool Works and gave the company a “hold” rating in a report on Friday, April 26th. Five equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $142.59.
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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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