Candriam Luxembourg S.C.A. reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 2.3% during the second quarter, Holdings Channel reports. The firm owned 16,532 shares of the company’s stock after selling 397 shares during the period. Candriam Luxembourg S.C.A.’s holdings in Illinois Tool Works were worth $1,722,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of ITW. Acropolis Investment Management LLC bought a new stake in Illinois Tool Works during the second quarter valued at about $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 last quarter. Eqis Capital Management Inc. bought a new stake in Illinois Tool Works during the second quarter valued at about $206,000. 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 last quarter. Finally, Financial Strategy Network LLC bought a new stake in Illinois Tool Works during the first quarter valued at about $253,000. Hedge funds and other institutional investors own 74.90% of the company’s stock.
Illinois Tool Works Inc. (NYSE:ITW) traded down 0.69% during midday trading on Tuesday, reaching $119.06. The company had a trading volume of 1,724,092 shares. The company has a market cap of $42.26 billion, a PE ratio of 22.17 and a beta of 1.11. Illinois Tool Works Inc. has a 52-week low of $79.15 and a 52-week high of $123.50. The company’s 50-day moving average is $118.81 and its 200 day moving average is $110.03.
Illinois Tool Works (NYSE:ITW) last released 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 company had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.41 billion. Illinois Tool Works had a return on equity of 38.15% and a net margin of 14.65%. Illinois Tool Works’s revenue was down .1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.30 earnings per share. On average, equities research analysts forecast that Illinois Tool Works Inc. will post $5.63 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 6th. Stockholders of record on Friday, September 30th will be given a dividend of $0.65 per share. The ex-dividend date is Wednesday, September 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.18%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.55. Illinois Tool Works’s dividend payout ratio (DPR) is currently 48.42%.
Several research firms have issued reports on ITW. Zacks Investment Research downgraded Illinois Tool Works from a “hold” rating to a “sell” rating in a report on Monday, July 11th. Deutsche Bank AG boosted their price objective on Illinois Tool Works from $119.00 to $128.00 and gave the stock a “buy” rating in a report on Friday, July 15th. Royal Bank Of Canada boosted their price objective on Illinois Tool Works from $101.00 to $104.00 and gave the stock a “sector perform” rating in a report on Thursday, July 21st. Robert W. Baird downgraded Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 price objective on the stock. in a report on Thursday, June 23rd. Finally, RBC Capital Markets restated a “sector perform” rating and set a $104.00 price objective (up previously from $101.00) on shares of Illinois Tool Works in a report on Sunday, July 24th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $108.43.
In other news, EVP Sundaram Nagarajan sold 4,560 shares of the firm’s stock in a transaction dated Tuesday, July 12th. The stock was sold at an average price of $110.00, for a total transaction of $501,600.00. Following the sale, the executive vice president now owns 24,777 shares of the company’s stock, valued at $2,725,470. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Vice Chairman David C. Parry sold 40,000 shares of the firm’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $118.49, for a total value of $4,739,600.00. Following the sale, the insider now directly owns 40,584 shares in the company, valued at approximately $4,808,798.16. The disclosure for this sale can be found here. Insiders own 0.80% of the company’s stock.
About Illinois Tool Works
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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