Manitou Investment Management Ltd. Grows Position in Illinois Tool Works Inc. (NYSE:ITW)

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Manitou Investment Management Ltd. raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 11.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,720 shares of the industrial products company’s stock after purchasing an additional 370 shares during the quarter. Illinois Tool Works accounts for approximately 0.1% of Manitou Investment Management Ltd.’s portfolio, making the stock its 27th largest holding. Manitou Investment Management Ltd.’s holdings in Illinois Tool Works were worth $582,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Invesco Ltd. grew its stake in Illinois Tool Works by 179.7% during the 2nd quarter. Invesco Ltd. now owns 2,139,052 shares of the industrial products company’s stock valued at $322,590,000 after purchasing an additional 1,374,150 shares in the last quarter. Nuveen Asset Management LLC grew its stake in Illinois Tool Works by 6,875.2% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,237,183 shares of the industrial products company’s stock valued at $186,579,000 after purchasing an additional 1,219,446 shares in the last quarter. Vanguard Group Inc. grew its stake in Illinois Tool Works by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 26,095,477 shares of the industrial products company’s stock valued at $3,935,459,000 after purchasing an additional 659,248 shares in the last quarter. Thoroughbred Financial Services LLC grew its stake in Illinois Tool Works by 15,116.7% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 661,166 shares of the industrial products company’s stock valued at $66,117,000 after purchasing an additional 656,821 shares in the last quarter. Finally, BlackRock Inc. grew its stake in Illinois Tool Works by 3.0% during the 2nd quarter. BlackRock Inc. now owns 20,244,400 shares of the industrial products company’s stock valued at $3,053,058,000 after purchasing an additional 581,489 shares in the last quarter. Institutional investors and hedge funds own 78.17% of the company’s stock.

A number of brokerages have weighed in on ITW. Morgan Stanley raised their price objective on Illinois Tool Works from $136.00 to $142.00 and gave the company an “underweight” rating in a research note on Monday, October 28th. Citigroup lowered their price objective on Illinois Tool Works from $158.00 to $155.00 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. Wells Fargo & Co raised their price objective on Illinois Tool Works from $170.00 to $190.00 and gave the company an “outperform” rating in a research note on Monday, October 28th. Stifel Nicolaus set a $143.00 price objective on Illinois Tool Works and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Zacks Investment Research lowered Illinois Tool Works from a “hold” rating to a “sell” rating and set a $180.00 price objective for the company. in a research note on Monday, October 28th. Six equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. Illinois Tool Works currently has an average rating of “Hold” and an average price target of $150.57.

Shares of ITW traded down $0.10 during mid-day trading on Friday, hitting $176.41. The stock had a trading volume of 995,797 shares, compared to its average volume of 1,318,047. The company has a market cap of $56.63 billion, a PE ratio of 23.21, a PEG ratio of 2.99 and a beta of 1.22. The company’s fifty day simple moving average is $160.07 and its two-hundred day simple moving average is $153.13. The company has a quick ratio of 2.27, a current ratio of 2.81 and a debt-to-equity ratio of 2.57. Illinois Tool Works Inc. has a fifty-two week low of $117.75 and a fifty-two week high of $179.29.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Friday, October 25th. The industrial products company reported $2.04 EPS for the quarter, topping the consensus estimate of $1.94 by $0.10. The company had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.55 billion. Illinois Tool Works had a return on equity of 80.38% and a net margin of 17.49%. The business’s revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.76 EPS. Equities analysts expect that Illinois Tool Works Inc. will post 7.7 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $1.07 dividend. The ex-dividend date of this dividend is Monday, December 30th. This represents a $4.28 annualized dividend and a dividend yield of 2.43%. Illinois Tool Works’s payout ratio is 56.32%.

In other news, EVP Juan Valls sold 64,894 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $160.51, for a total value of $10,416,135.94. Following the completion of the transaction, the executive vice president now owns 67,047 shares in the company, valued at approximately $10,761,713.97. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Michael M. Larsen sold 35,617 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $159.61, for a total value of $5,684,829.37. Following the completion of the transaction, the chief financial officer now owns 38,726 shares of the company’s stock, valued at approximately $6,181,056.86. The disclosure for this sale can be found here. In the last quarter, insiders sold 346,180 shares of company stock valued at $57,725,646. Insiders own 0.87% of the company’s stock.

Illinois Tool Works Profile

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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