First National Trust Co. reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.1% during the second quarter, Holdings Channel reports. The firm owned 16,836 shares of the company’s stock after selling 22 shares during the period. First National Trust Co.’s holdings in Illinois Tool Works were worth $1,754,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Dubuque Bank & Trust Co. increased its stake in 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 bought a new stake in Illinois Tool Works during the second quarter valued at $128,000. Washington Trust Bank increased its stake in 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. bought a new stake in Illinois Tool Works during the second quarter valued at $206,000. Finally, Oakworth Capital Inc. increased its stake in 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. Hedge funds and other institutional investors own 74.90% of the company’s stock.
Illinois Tool Works Inc. (NYSE:ITW) traded up 0.67% during midday trading on Friday, hitting $119.84. 1,962,318 shares of the stock traded hands. The company’s 50-day moving average is $118.76 and its 200-day moving average is $109.44. The company has a market cap of $42.54 billion, a PE ratio of 22.32 and a beta of 1.15. Illinois Tool Works Inc. has a one year low of $79.15 and a one year high of $123.50.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, July 20th. The company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.06. The business had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.41 billion. Illinois Tool Works had a net margin of 14.65% and a return on equity of 38.15%. The company’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.30 earnings per share. Equities research analysts expect that Illinois Tool Works Inc. will post $5.63 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 6th. Investors of record on Friday, September 30th will be paid a dividend of $0.65 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.60 annualized dividend and a dividend yield of 2.17%. Illinois Tool Works’s dividend payout ratio is presently 48.42%.
ITW has been the subject of several research reports. Zacks Investment Research upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $120.00 target price for the company in a report on Tuesday, June 21st. Oppenheimer Holdings Inc. reiterated a “buy” rating on shares of Illinois Tool Works in a report on Tuesday, June 7th. Deutsche Bank AG lifted their target price on shares of Illinois Tool Works from $119.00 to $128.00 and gave the company a “buy” rating in a report on Friday, July 15th. 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 report on Thursday, July 21st. Finally, Robert W. Baird downgraded shares of Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 target price for the company. in a report on Thursday, June 23rd. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Illinois Tool Works currently has an average rating of “Buy” and a consensus target price of $108.43.
In related news, Vice Chairman David C. Parry sold 40,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 40,584 shares of the company’s stock, valued at $4,808,798.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ernest Scott Santi sold 74,077 shares of the company’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $114.24, for a total transaction of $8,462,556.48. Following the transaction, the chief executive officer now directly owns 75,926 shares of the company’s stock, valued at approximately $8,673,786.24. The disclosure for this sale can be found here. Corporate insiders own 0.80% of the company’s stock.
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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