Harwood Advisory Group LLC lifted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 18.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,201 shares of the industrial products company’s stock after purchasing an additional 650 shares during the period. Harwood Advisory Group LLC’s holdings in Illinois Tool Works were worth $634,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Valeo Financial Advisors LLC grew its position in shares of Illinois Tool Works by 10.5% during the second quarter. Valeo Financial Advisors LLC now owns 788 shares of the industrial products company’s stock worth $119,000 after acquiring an additional 75 shares during the last quarter. ETF Managers Group LLC grew its holdings in shares of Illinois Tool Works by 8.9% during the 1st quarter. ETF Managers Group LLC now owns 926 shares of the industrial products company’s stock worth $133,000 after acquiring an additional 76 shares during the period. Trillium Asset Management LLC grew its holdings in shares of Illinois Tool Works by 0.7% during the 1st quarter. Trillium Asset Management LLC now owns 12,099 shares of the industrial products company’s stock worth $1,737,000 after acquiring an additional 79 shares during the period. Berman Capital Advisors LLC grew its holdings in shares of Illinois Tool Works by 23.5% during the 1st quarter. Berman Capital Advisors LLC now owns 431 shares of the industrial products company’s stock worth $61,000 after acquiring an additional 82 shares during the period. Finally, Grimes & Company Inc. grew its holdings in shares of Illinois Tool Works by 1.0% during the 2nd quarter. Grimes & Company Inc. now owns 8,003 shares of the industrial products company’s stock worth $1,207,000 after acquiring an additional 83 shares during the period. 77.73% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Michael R. Zimmerman sold 9,325 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $160.00, for a total transaction of $1,492,000.00. Following the transaction, the insider now directly owns 16,315 shares of the company’s stock, valued at approximately $2,610,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Steven L. Martindale sold 48,622 shares of the stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $155.88, for a total value of $7,579,197.36. Following the transaction, the executive vice president now directly owns 84,546 shares in the company, valued at $13,179,030.48. The disclosure for this sale can be found here. Insiders have sold a total of 72,878 shares of company stock worth $11,313,386 over the last three months. Insiders own 0.87% of the company’s stock.
A number of research firms have weighed in on ITW. Credit Suisse Group upped their target price on Illinois Tool Works from $124.00 to $152.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. Northcoast Research downgraded Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $121.00 target price on the stock. in a report on Wednesday, June 26th. Zacks Investment Research downgraded Illinois Tool Works from a “hold” rating to a “sell” rating and set a $154.00 price target on the stock. in a research note on Tuesday, July 9th. Stifel Nicolaus upped their price target on Illinois Tool Works from $143.00 to $154.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Finally, UBS Group upped their price target on Illinois Tool Works from $150.00 to $154.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company’s stock. Illinois Tool Works currently has an average rating of “Hold” and a consensus target price of $142.33.
Shares of NYSE ITW traded down $5.45 during midday trading on Friday, hitting $146.36. 1,230,595 shares of the stock traded hands, compared to its average volume of 1,336,703. The firm has a 50-day moving average of $151.06 and a two-hundred day moving average of $148.63. The firm has a market capitalization of $49.11 billion, a P/E ratio of 19.26, a PEG ratio of 2.55 and a beta of 1.23. The company has a debt-to-equity ratio of 2.52, a quick ratio of 2.30 and a current ratio of 2.87. Illinois Tool Works Inc. has a one year low of $117.75 and a one year high of $160.78.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Friday, July 26th. The industrial products company reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.97 by $0.03. The firm had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.73 billion. Illinois Tool Works had a return on equity of 76.17% and a net margin of 17.17%. The company’s revenue was down 5.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.97 EPS. Equities analysts forecast that Illinois Tool Works Inc. will post 7.74 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Stockholders of record on Monday, September 30th will be issued a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 2.92%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Friday, September 27th. Illinois Tool Works’s dividend payout ratio is presently 52.63%.
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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