Tokio Marine Asset Management Co. Ltd. boosted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,447 shares of the company’s stock after buying an additional 92 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Illinois Tool Works were worth $984,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in ITW. Acropolis Investment Management LLC acquired a new position in shares of Illinois Tool Works during the second quarter worth approximately $128,000. Washington Trust Bank increased its position 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 worth $145,000 after buying an additional 25 shares during the period. Eqis Capital Management Inc. acquired a new position in shares of Illinois Tool Works during the second quarter worth approximately $206,000. Oakworth Capital Inc. increased its position 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 worth $212,000 after buying an additional 129 shares during the period. Finally, Financial Strategy Network LLC acquired a new position in shares of Illinois Tool Works during the first quarter worth approximately $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. 1,724,092 shares of the company’s stock traded hands. The company has a market capitalization of $42.26 billion, a PE ratio of 22.17 and a beta of 1.11. The firm’s 50 day moving average price is $118.81 and its 200-day moving average price is $110.03. Illinois Tool Works Inc. has a 1-year low of $79.15 and a 1-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 for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.06. Illinois Tool Works had a net margin of 14.65% and a return on equity of 38.15%. The business had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same period last year, the business earned $1.30 EPS. The company’s revenue was down .1% on a year-over-year basis. Equities analysts expect that Illinois Tool Works Inc. will post $5.63 EPS for the current year.
The company also recently disclosed 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 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. The ex-dividend date of this dividend is Wednesday, September 28th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 48.42%.
A number of equities analysts recently commented on ITW shares. Zacks Investment Research raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $120.00 price objective for the company in a research note on Tuesday, June 21st. Oppenheimer Holdings Inc. reissued a “buy” rating on shares of Illinois Tool Works in a research note on Tuesday, June 7th. Deutsche Bank AG boosted their price objective on shares of Illinois Tool Works from $119.00 to $128.00 and gave the stock a “buy” rating in a research note on Friday, July 15th. Credit Suisse Group AG set a $114.00 price target on Illinois Tool Works and gave the stock a “hold” rating in a research report on Thursday, July 21st. Finally, Robert W. Baird downgraded Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 price target on the stock. in a research report on Thursday, June 23rd. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $108.43.
In other news, CEO Ernest Scott Santi sold 74,077 shares of the firm’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $114.24, for a total value of $8,462,556.48. Following the sale, the chief executive officer now directly owns 75,926 shares in the company, valued at approximately $8,673,786.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sundaram Nagarajan sold 4,560 shares of the firm’s 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 completion of the sale, the executive vice president now owns 24,777 shares in the company, valued at $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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