Tocqueville Asset Management L.P. lowered its stake in Illinois Tool Works Inc. (NYSE:ITW) by 0.8% during the second quarter, Holdings Channel reports. The institutional investor owned 158,577 shares of the company’s stock after selling 1,258 shares during the period. Tocqueville Asset Management L.P.’s holdings in Illinois Tool Works were worth $16,517,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Renaissance Technologies LLC purchased a new stake in Illinois Tool Works during the first quarter valued at about $55,010,000. PGGM Investments boosted its stake in Illinois Tool Works by 10.0% in the second quarter. PGGM Investments now owns 293,306 shares of the company’s stock valued at $30,551,000 after buying an additional 26,733 shares in the last quarter. British Airways Pensions Investment Management Ltd boosted its stake in Illinois Tool Works by 20.2% in the second quarter. British Airways Pensions Investment Management Ltd now owns 349,270 shares of the company’s stock valued at $36,524,000 after buying an additional 58,630 shares in the last quarter. Silvercrest Asset Management Group LLC boosted its stake in Illinois Tool Works by 4.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 8,288 shares of the company’s stock valued at $849,000 after buying an additional 317 shares in the last quarter. Finally, Confluence Investment Management LLC boosted its stake in Illinois Tool Works by 1.1% in the second quarter. Confluence Investment Management LLC now owns 294,246 shares of the company’s stock valued at $30,649,000 after buying an additional 3,141 shares in the last quarter. 74.90% of the stock is currently owned by institutional investors.
Illinois Tool Works Inc. (NYSE:ITW) traded up 0.04% during mid-day trading on Friday, hitting $115.89. 1,195,287 shares of the stock were exchanged. The company has a 50-day moving average price of $118.29 and a 200-day moving average price of $110.72. Illinois Tool Works Inc. has a one year low of $79.15 and a one year high of $123.50. The company has a market cap of $41.14 billion, a P/E ratio of 21.58 and a beta of 1.11.
Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, July 20th. The company reported $1.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.06. Illinois Tool Works had a return on equity of 38.15% and a net margin of 14.65%. The company had revenue of $3.43 billion for the quarter, compared to analysts’ expectations of $3.41 billion. During the same quarter in the previous year, the business posted $1.30 EPS. The business’s revenue for the quarter was down .1% on a year-over-year basis. On average, analysts predict that Illinois Tool Works Inc. will post $5.62 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, October 6th. Shareholders of record on Friday, September 30th were paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 2.24%. The ex-dividend date was Wednesday, September 28th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.55. Illinois Tool Works’s payout ratio is 48.42%.
Several equities research analysts recently issued reports on the stock. Zacks Investment Research raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $131.00 target price on the stock in a research report on Friday, September 16th. Deutsche Bank AG reissued a “buy” rating and issued a $102.00 target price on shares of Illinois Tool Works in a research report on Thursday, August 25th. Jefferies Group raised their target price on shares of Illinois Tool Works from $128.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday, October 11th. Royal Bank Of Canada raised their target price on shares of Illinois Tool Works from $101.00 to $104.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 21st. Finally, RBC Capital Markets reissued a “sector perform” rating and issued a $104.00 target price (up from $101.00) on shares of Illinois Tool Works in a research report on Sunday, July 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $110.20.
In related news, CEO Ernest Scott Santi sold 74,077 shares of the business’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 value of $8,462,556.48. Following the completion of the sale, the chief executive officer now owns 75,926 shares of the company’s stock, valued at approximately $8,673,786.24. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Sundaram Nagarajan sold 4,560 shares of the business’s stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $119.50, for a total value of $544,920.00. Following the completion of the sale, the insider now directly owns 24,777 shares of the company’s stock, valued at approximately $2,960,851.50. The disclosure for this sale can be found here. Company 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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