Conning Inc. raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,585 shares of the company’s stock after buying an additional 10 shares during the period. Conning Inc.’s holdings in Illinois Tool Works were worth $894,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Dubuque Bank & Trust Co. increased its stake in shares of Illinois Tool Works by 7.7% in the first quarter. Dubuque Bank & Trust Co. now owns 1,148 shares of the company’s stock valued at $118,000 after buying an additional 82 shares during the period. Acropolis Investment Management LLC purchased a new stake in shares of Illinois Tool Works during the second quarter valued at about $128,000. Washington Trust Bank increased its stake in shares of Illinois Tool Works by 1.8% in the second quarter. Washington Trust Bank now owns 1,391 shares of the company’s stock valued at $145,000 after buying an additional 25 shares during the period. Eqis Capital Management Inc. purchased a new stake in shares of Illinois Tool Works during the second quarter valued at about $206,000. Finally, Oakworth Capital Inc. increased its stake in shares of Illinois Tool Works by 6.9% in the second quarter. Oakworth Capital Inc. now owns 1,994 shares of the company’s stock valued at $212,000 after buying an additional 129 shares during the period. Institutional investors own 74.90% of the company’s stock.
Shares of Illinois Tool Works Inc. (NYSE:ITW) traded up 1.40% on Wednesday, hitting $120.01. 1,473,222 shares of the stock traded hands. Illinois Tool Works Inc. has a 52 week low of $79.15 and a 52 week high of $123.50. The stock has a 50 day moving average price of $118.73 and a 200-day moving average price of $109.38. The stock has a market cap of $42.60 billion, a price-to-earnings ratio of 22.35 and a beta of 1.15.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $1.46 EPS for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.06. The firm had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.41 billion. Illinois Tool Works had a net margin of 14.65% and a return on equity of 38.15%. The business’s revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.30 EPS. On average, equities research analysts forecast that Illinois Tool Works Inc. will post $5.63 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 6th. Stockholders of record on Friday, September 30th will be issued a $0.65 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.55. The ex-dividend date is Wednesday, September 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.17%. Illinois Tool Works’s dividend payout ratio is presently 40.97%.
Several brokerages recently issued reports on ITW. Deutsche Bank AG reiterated a “buy” rating and issued a $102.00 target price on shares of Illinois Tool Works in a research note on Thursday, August 25th. Zacks Investment Research upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $131.00 target price for the company in a research note on Friday, September 16th. RBC Capital Markets reiterated a “sector perform” rating and issued a $104.00 target price (up from $101.00) on shares of Illinois Tool Works in a research note on Sunday, July 24th. Credit Suisse Group AG set a $114.00 target price on shares of Illinois Tool Works and gave the company a “hold” rating in a research note on Thursday, July 21st. Finally, Royal Bank Of Canada raised their target price on shares of Illinois Tool Works from $101.00 to $104.00 and gave the company a “sector perform” rating in a research note on Thursday, July 21st. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $108.43.
In related news, Vice Chairman David C. Parry sold 40,000 shares of the stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $118.49, for a total transaction of $4,739,600.00. Following the transaction, the insider now owns 40,584 shares of the company’s stock, valued at approximately $4,808,798.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Sundaram Nagarajan sold 4,560 shares of the stock in a transaction on Tuesday, July 12th. The shares were sold at an average price of $110.00, for a total transaction of $501,600.00. Following the transaction, the executive vice president now directly owns 24,777 shares in the company, valued at approximately $2,725,470. The disclosure for this sale can be found here. 0.80% of the stock is currently owned by insiders.
Illinois Tool Works Company Profile
Illinois Tool Works Inc (ITW) is a manufacturer of a range of industrial products and equipment. The Company operates through seven segments: Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers & Fluids, Welding, Construction Products and Specialty Products. It produces components and fasteners for automotive-related applications; equipment, consumables and related software for testing and measuring of materials and structures, and equipment and consumables used in the production of electronic subassemblies and microelectronics; adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance; arc welding equipment, consumables and accessories for a range of industrial and commercial applications, and beverage packaging equipment and consumables, product coding and marking equipment, and consumables, and appliance components and fasteners.
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