Berkshire Asset Management LLC PA Reduces Stake in Illinois Tool Works Inc. (ITW)

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Berkshire Asset Management LLC PA decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 9.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,476 shares of the industrial products company’s stock after selling 1,121 shares during the quarter. Berkshire Asset Management LLC PA’s holdings in Illinois Tool Works were worth $1,504,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in ITW. Farmers Trust Co. grew its holdings in shares of Illinois Tool Works by 4.0% in the first quarter. Farmers Trust Co. now owns 1,808 shares of the industrial products company’s stock valued at $260,000 after purchasing an additional 69 shares during the period. Kaizen Advisory LLC grew its holdings in shares of Illinois Tool Works by 9.5% in the fourth quarter. Kaizen Advisory LLC now owns 819 shares of the industrial products company’s stock valued at $104,000 after purchasing an additional 71 shares during the period. Exeter Financial LLC grew its holdings in shares of Illinois Tool Works by 1.0% in the first quarter. Exeter Financial LLC now owns 7,363 shares of the industrial products company’s stock valued at $1,057,000 after purchasing an additional 71 shares during the period. Valeo Financial Advisors LLC grew its holdings in shares of Illinois Tool Works by 11.8% in the first quarter. Valeo Financial Advisors LLC now owns 713 shares of the industrial products company’s stock valued at $102,000 after purchasing an additional 75 shares during the period. Finally, National Asset Management Inc. grew its holdings in shares of Illinois Tool Works by 3.5% in the fourth quarter. National Asset Management Inc. now owns 2,284 shares of the industrial products company’s stock valued at $290,000 after purchasing an additional 77 shares during the period. 78.66% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts recently issued reports on the stock. Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $137.00 to $145.00 and gave the company a “hold” rating in a report on Tuesday. Zacks Investment Research lowered shares of Illinois Tool Works from a “hold” rating to a “sell” rating in a report on Monday, April 8th. BMO Capital Markets dropped their price objective on shares of Illinois Tool Works from $145.00 to $140.00 and set a “market perform” rating for the company in a report on Monday, February 25th. Bank of America lowered shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $128.00 to $124.00 in a report on Tuesday, February 5th. Finally, Credit Suisse Group reissued a “hold” rating on shares of Illinois Tool Works in a report on Friday, February 1st. Six research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a buy rating to the stock. Illinois Tool Works presently has an average rating of “Hold” and an average target price of $136.60.

In other Illinois Tool Works news, Vice Chairman Christopher A. O’herlihy sold 43,554 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $145.79, for a total value of $6,349,737.66. Following the transaction, the insider now owns 71,927 shares of the company’s stock, valued at $10,486,237.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Juan Valls sold 52,265 shares of the company’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $142.41, for a total transaction of $7,443,058.65. Following the completion of the transaction, the executive vice president now directly owns 78,620 shares in the company, valued at approximately $11,196,274.20. The disclosure for this sale can be found here. Insiders sold 128,970 shares of company stock worth $18,348,472 in the last ninety days. 0.87% of the stock is currently owned by corporate insiders.

NYSE ITW opened at $157.75 on Wednesday. Illinois Tool Works Inc. has a 12 month low of $117.75 and a 12 month high of $160.21. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.26 and a current ratio of 1.63. The stock has a market capitalization of $51.13 billion, a price-to-earnings ratio of 20.76, a P/E/G ratio of 2.55 and a beta of 1.19.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Friday, February 1st. The industrial products company reported $1.83 EPS for the quarter, beating the Zacks’ consensus estimate of $1.82 by $0.01. Illinois Tool Works had a net margin of 17.35% and a return on equity of 69.48%. The company had revenue of $3.58 billion for the quarter, compared to analysts’ expectations of $3.61 billion. During the same quarter in the prior year, the company posted $1.70 earnings per share. Illinois Tool Works’s revenue for the quarter was down 1.4% compared to the same quarter last year. As a group, analysts predict that Illinois Tool Works Inc. will post 7.96 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 10th. Shareholders of record on Friday, March 29th were given a $1.00 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $4.00 dividend on an annualized basis and a yield of 2.54%. Illinois Tool Works’s payout ratio is currently 52.63%.

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About Illinois Tool Works

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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